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): February 27, 2009 (February 26, 2009)

Commission File Number: 0-24260

Amedisys, Inc.

(Exact Name of Registrant as specified in Charter)

Delaware	11-3131700
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

5959 S. Sherwood Forest Blvd., Baton Rouge, LA 70816

(Address of principal executive offices including zip code)

(225) 292-2031 or (800) 467-2662

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

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))

Information to be included in the report

Section 7 — Regulation FD

Item 7.01. Regulation FD Disclosure

On February 26, 2009, representatives of Amedisys, Inc. (the “Company”) began making presentations at investor conferences using slides containing the information attached to this Current Report on Form 8-K as Exhibit 99.1. The Company expects to use these slides, in whole or in part, and possibly with modifications, in connection with presentations to investors, analysts and others during 2009.

By filing this report on Form 8-K and furnishing this information, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.

The investor presentation slides include financial information not prepared in accordance with generally accepted accounting principles (“Non-GAAP Financial Measures”).

A reconciliation of the Non-GAAP Financial Measures included in the slides to financial information prepared in accordance with generally accepted accounting principles (“GAAP”), as required by Regulation G, appears as Exhibit 99.2 to this Current Report on Form 8-K

The Company is providing disclosure of the reconciliation of reported Non-GAAP Financial Measures used in the investor presentation slides, among other places, to its comparable financial measures on a GAAP basis. The Company believes that the Non-GAAP Financial Measures provide investors the ability to evaluate financial performance in a way that is comparable to measures reported by other home nursing companies.

The information contained in the slides is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that it may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.

In accordance with General Instruction B.2 of this Current Report on Form 8-K, the information presented herein shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Exchange Act of 1933, as amended, except as previously set forth by specific reference in such a filing.

Use of our Website to Distribute Material Company Information

Our company website address is www.amedisys.com. We use our website as a channel of distribution for important company information. Important information, including press releases, analyst presentations and financial information regarding the Company is routinely posted on and accessible on the “Investor Relations” subpage of our website, which is accessible by clicking on the tab labeled “Investors” on our website home page. We will also use our website to expedite public access to time-critical information regarding the Company in advance of or in lieu of distributing a press release or a filing with the SEC disclosing the same information. In addition, we make available on the Investor Relations subpage of our website (under the link “SEC filings”) free of charge our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, ownership reports on Forms 3, 4 and 5 and any amendments to those reports as soon as practicable after we electronically file such reports with the SEC. Further, copies of our Certificate of Incorporation and Bylaws, our Code of Ethical Business Conduct and the charters for the Audit, Compensation and Nominating and Governance Committees of our Board are also available on the Investor Relations subpage of our website (under the link “Corporate Governance”).

Certain Forward-Looking Statements

When included in this Current Report on Form 8-K, words like “believes,” “belief,” “expects,” “plans,” “anticipates,” “intends,” “projects,” “estimates,” “may,” “might,” “would” and similar expressions are intended to identify forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a variety of risks and uncertainties that could cause actual results to differ materially from those projected therein. These risks and uncertainties include, but are not limited to: general economic and business conditions, changes in or failure to comply with existing regulations or the inability to comply with new government regulations on a timely basis, changes in Medicare and other medical reimbursement levels, our ability to complete acquisitions announced from time to time, and any financing related thereto, our ability to meet debt service requirements, our ability to comply with covenants in debt agreements, adverse changes in federal and state laws relating to the health care industry, demographic changes, availability and terms of capital, our ability to attract and retain qualified personnel, ongoing development and success of new start-ups, our ability to successfully integrate newly acquired agencies, our ability to effectively integrate, manage, keep secure and expand our information systems, changes in estimates and judgments associated with critical accounting policies, business disruption due to natural disasters or acts of terrorism, and various other matters, many of which are beyond our control.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on any forward-looking statement as a prediction of future events. We expressly disclaim any obligation or undertaking and we do not intend to release publicly any updates or changes in our expectations concerning the forward-looking statements included in this Current Report on Form 8-K or any changes in events, conditions or circumstances upon which any forward-looking statement may be based.

Section 9 — Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(a) Financial Statements of Business Acquired.

Not applicable

(b) Pro Forma Financial Information.

Not applicable

(c) Shell Company Transactions.

Not applicable

2

(d) Exhibits.

99.1	Investor Relations Slide Show in use beginning February 26, 2009
99.2	Reconciliations of Non-GAAP Financial Measures to GAAP Financial Measures

Signature

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.

	Amedisys, Inc.
Date: February 27, 2009	By:	/s/ Dale E. Redman
		Dale E. Redman Chief Financial Officer

3

Exhibit Index

Exhibit No.	Description
EX-99.1	Investor Relations Slide Show in use beginning February 26, 2009
EX-99.2	Reconciliations of Non-GAAP Financial Measures to GAAP Financial Measures

4

EX-99.1

Investor Day 2009

www.amedisys.com

NASDAQ: AMED

Exhibit 99.1

Forward-Looking Statements

This presentation may include forward-looking statements as defined by the

Private Securities Litigation Reform Act of 1995. These forward-looking

statements are based upon current expectations and assumptions about

our business that are subject to a variety of risks and uncertainties that

could cause actual results to differ materially from those described in this

presentation. You should not rely on forward-looking statements a

prediction of future events. Additional information regarding factors that

could cause actual results to differ materially from those discussed in any

forward-looking statements are described in reports and registration

statements we file with the SEC, including our Annual Report on Form

10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports

on Form 8-K, copies of which are available on the Amedisys internet

website http://www.amedisys.com

or by contacting the Amedisys Investor

Relations department at (800) 467-2662. We disclaim any obligation to

update any forward-looking statements or any changes in events, conditions

or circumstances upon which any forward-looking statement may be based.

Important Website Information

We encourage everyone to visit the Investors Section of our

website at www.amedisys.com, where we have posted additional

important information such as press releases, profiles concerning

our business and clinical operations and control processes, and

SEC filings. We intend to use our website to expedite public access

to time-critical information regarding the Company in advance of or

in lieu of distributing a press release or a filing with the SEC

disclosing the same information.

Overview/Vision

William Borne

Founder/Chairman/

Chief Executive Officer

Financial Highlights

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

2003

2004

2005

2006

2007

2008

$142,473

$227,089

$381,558

$541,148

$697,934

$1,187,415

Revenue

$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000

2003

2004

2005

2006

2007

2008

$8,407

$20,504

$30,102

$38,255

$65,113

$86,682

Net Income

Industry Growth Drivers

Trend from inpatient to home-based care

Patient preference

Payor

incentives

Technology advancements

Demographics –

aging population

8,000 Americans will become Medicare eligible each day

beginning in 2011 and by 2030, 57.8 million baby boomers will

be eligible for Medicare benefits

1

Increased prevalence of chronic and co-morbid conditions

1

Source: United States Census Bureau

2008 Medicare Benefit

Outlays by Service

Source: Winter 2007 -

KPMG’s Washington Healthcare Update

Projected Savings

25% of beneficiaries account for approximately 85% of

Medicare spending

12% of beneficiaries account for approximately 69% of

Medicare spending

5% of beneficiaries account for approximately 43% of Medicare

spending

These chronically ill beneficiaries see 14 physicians a year, fill

an average of 50 different prescriptions, account for 76% of all

hospital admissions, account for 88% of all prescriptions filled

and

72%

of

physicians

visits

The least expensive 50% of Medicare beneficiaries account for

only

4%

of

spending

1

Holtz-Eakin

D. High-cost Medicare beneficiaries. Congressional Budget Office, pp. 1-12 (May 2005) http://www.cbo.gov/ftpdocs/63xx/doc6332/05-03-

MediSpending.pdf; CBO Budget Options, Health Care, p. 77 (Dec. 2008)

2

Testimony

of

Gerard

F.

Anderson,

Ph.D.,

Johns

Hopkins

Bloomberg

School

of

Public

Health,

Health

Policy

and

Management

,

before

the

Senate

Special

Committee on Aging, “The Future of Medicare: Recognizing the Need for Chronic Care Coordination, Serial No. 110-7, pp. 19-20 (May 9, 2007); CBO Budget

Options, Health Care, p. 77 (Dec. 2008)

3

“

High

Cost

Medicare

Beneficiaries,”

Congressional

Budget

Office,

p.

4

(May

2005)

Medicare Beneficiary Recipients

1

1

2

3

Public

Referral sources

Fiscal intermediaries

Administrative

CMS

MedPac

GAO

Policy makers

Influences

Seen as commodity based with downward pricing pressure

Size

Technology

Performance Metrics

Financial strength

Move to a value-added company that improves the healthcare

system

Add value

•

New medical model

•

Policy changes

Commodity Based To Value Added

Old Medical Model

New Medical Model

Why needed?

Potential solutions

Home care infrastructure

Amedisys information and communication technology

capabilities

New model of care

Future of health care

Comprehensive, Continuous Chronic

Care Management in the Home

The Alliance is a national consortium of home health care

organizations and providers that raises awareness about home

health care and its proven ability to deliver quality, cost-

effective, patient-centered care for patients.

Members:

Almost Family, Inc.

Amedisys, Inc.

Bayada Nurses

Gentiva Health Services, Inc.

HCR ManorCare

Interim Healthcare

LHC Group, Inc.

Liberty Home Care

NAHC (National Association for Home Care & Hospice)

VNAA (Visiting Nurse Associations of America)

Alliance For Home Health

Quality and Innovation

Finalizing legislative messaging

Awareness campaign

Revitalizing Congressional Home Health Working Group

Research

Launched research project with Avalere (results expected early

April 2009) to demonstrate home health value proposition in

avoiding re-hospitalization

Quality working groups

Close partnership with CMS, AHQA and NQF on numerous quality

demonstration initiatives

Alliance Recent Developments

Collateral Legislation

Home health legislation

Independence at Home

Medical Home

Operations

Larry Graham

President/

Chief Operating Officer

Business Strategy

Three pronged business strategy

Grow

–

Internally

–

Acquisitions

–

Start-ups

Operationally efficient

Quality outcomes

0

100

200

300

400

500

600

3/31/06

6/30/2006

9/30/2006

12/31/2006

3/31/2007

6/30/2007

9/30/2007

12/31/2007

3/31/2008

6/30/2008

9/30/2008

12/31/2008

12

12

13

14

17

17

27

29

38

44

44

48

229

235

249

261

273

296

311

325

442

454

461

480

241

247

262

275

290

313

338

354

480

498

505

528

Home health agencies

Hospice agencies

Home Health and Hospice Agencies

Growth

Growth -

Internal

2008 internal revenue growth of 28%

Internal revenue growth targeting to be 15% through 2009

Internal revenue comprised volume (internal admissions &

internal recertifications) and rate variance

(1) Internal episodic-based revenue growth is the percent increase in our base/start-up episodic-based revenue for the period as a percent of the total episodic-based revenue of the prior period.

(2) Internal episodic-based admission growth is the percent increase in our base/start-up episodic-based admissions for the period as a percent of the total episodic-based admissions of the prior period.

(3) Internal episodic-based recertification growth is the percent increase in our base/start-up episodic-based recertifications for the period as a percent of the total episodic-based recertifications of

the prior period.

Growth –

Internal Episodic Volume

16%

21%

27%

27%

28%

26%

28%

28%

30%

13%

15%

13%

11%

10%

7%

13%

14%

11%

37%

34%

32%

32%

35%

32%

26%

23%

20%

0%

5%

10%

15%

20%

25%

30%

35%

40%

December 31, 2006

March 31, 2007

June 30, 2007

September30,

2007

December31,

2007

March 31, 2008

June 30, 2008

September30,

2008

December31,

2008

Revenue growth (1)

Admission growth (2)

Recertification growth (3)

28,019

31,599

31,376

32,672

34,002

38,859

53,561

53,203

53,748

22,726

24,300

27,032

29,441

31,839

34,464

46,236

48,367

49,773

46,716

48,974

53,958

55,983

60,940

65,295

94,203

94,986

98,592

-

20,000

40,000

60,000

80,000

100,000

120,000

December 31, 2006

March 31, 2007

June 30, 2007

September 30, 2007

December 31, 2007

March 31, 2008

June 30, 2008

September 30, 2008

December 31, 2008

Admissions (1)

Recertifications (2)

Completed episodes (3)

Episodic-Based Growth -

Volume

(1)

Episodic-based

admissions

are

defined

as

the

number

of

patients

admitted

to

our

agencies

during

the

period

for

the

first

60-day

episode

of

care

where

payors

reimburse

us

for

services

provided

on

an

episodic-basis,

which

include

Medicare

and

other

insurance

carriers,

including

Medicare

Advantage

programs.

(2)

Episodic-based

recertifications

are

defined

as

the

number

of

patients

recertified

to

our

agencies

during

the

period

for

an

additional

60-day

episode

of

care

where

payors

reimburse

us

for

services

provided

on

an

episodic-basis,

which

include

Medicare

and

other

insurance

carriers,

including

Medicare

Advantage

programs.

(3)

Episodic-based

completed

episodes

are

defined

as

the

number

of

patients

that

have

either

reached

the

end

of

their

60-day

eligibility

period

or

terminated

their

service

before

the

60-day

eligibility

period

has

lapsed

where

payors

reimburse

us

for

services

provided

on

an

episodic-basis,

which

include

Medicare

and

other

insurance

carriers,

including

Medicare

Advantage

programs.

Case mix weight

Wage index adjustment

–

Acquisitions can cause adjustments

Acuity impacts case mix

Episodic-Based Growth –

Rate Growth

$2,264

$2,339

$2,339

$2,339

$2,339

$2,270

$2,270

$2,270

$2,270

$2,612

$2,644

$2,671

$2,679

$2,666

$2,680

$2,852

$2,879

$2,981

$1,700

$1,900

$2,100

$2,300

$2,500

$2,700

$2,900

$3,100

12/31/2006

3/31/2007

6/30/2007

9/30/2007

12/31/2007

3/31/2008

6/30/2008

9/30/2008

12/31/2008

Revenue Per Episode

CMS Base Rate(1)

AMED Avg. Medicare-Based Revenue(2)

Average Medicare Revenue per Completed Episode

(1)

Medicare

program

base

episodic

rates

are

set

through

Federal

legislation.

The

actual

base

episode

payment

rate

paid

by

Medicare,

vary

depending

on

the

home

health

resource

groups

(“HHRGs”)

to

which

Medicare

patients

are

assigned.;

the

per

episode

payment

is

typically

reduced

or

increased

by

such

factors

as

our

patient’s

clinical,

functional,

and

services

utilization

characteristics.

(2) Amedisys

average episodic-based revenue per completed episode is the average episodic-based revenue earned for each episodic-based completed episode of care.

Growth –

Rate Growth

43%

41%

58%

27%

0%

10%

20%

30%

40%

50%

60%

70%

Hospital Referral

Physician Referral

Referral Source

Amedisys

National Norm

Source: OCS Corporate Comparative Report

Period: 1/1/08 –

9/30/08

Professional Sales Force

Over 800 sales force for home health

Target both the doctor and discharge planners

More than 70 Clinical Tracks

Care Management

Reported Purchase Price

Number of Deals

$148.6m

8

$17.8m

9

$120.5m

10

$478.1m

6

92

17

49

145

Growth -

Acquisitions

Prospect/LOI

Due Diligence

Integration Planning

Documents

Agency Conversion

-IT Infrastructure

-Point of Care

-Processes

Staffing Model

Pay Per Visit

Clinical Tracks

Mercury Doc

Care

Management

Programs

45-60 Days

30 –

180 Days

30 Days

180 + Days

Closing Day

Growth -

Acquisitions

Home health start-ups

typically generate $1.5 -

$2.0

million in run-rate revenue in

its second year of operation

~ 18 months to recoup the

$250,000 -

$350,000

investment

35 home health and 5

hospice start-ups completed

in 2008

Project 40 home health and 5

hospice start-ups for 2009

Yearly Start-Ups

Growth –

Start-ups

Automated mileage

Paperless

Targeted discipline

LPN vs. RN

Therapist Assistant vs. Therapist

Quality Care Coordinator -

QCC

Regional based

Efficiencies

Exceeded or met 10 out of 12 outcomes versus national

outcome average

Recorded improved or consistent scores in 11 of 12 categories

on a sequential basis

Outcomes –

June 2008

Amedisys vs. Nation

1

Lower % is better

Source: www.medicare.gov

High Quality Outcomes

Approximately $69 million in revenue in 2008

48 owned locations at December 31, 2008

Intend to open five new locations through startups in 2009

Occasional stand alone hospice acquisitions

Hospice

Clinical Operations

Alice Ann Schwartz

Chief Information Officer/

Senior Vice President of

Clinical Operations

Overview

Overview of patients served/clinical trends

How we deliver care (clinical platform)

Clinical regulatory results

Care management programs

Competitive advantages

Future clinical direction

Patients Served/Clinical Trends

Average Patient Age

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

# of Patients

Age Distribution

65 and Older

-

2008

-

10%             14%

18%            

23%

21%

11%

3%

Guideline

–

As poly pharmacy

needs increase, co-morbidities

and complexities increase.

As clinical complexities

increase, service levels

naturally increase.

Our average patient

medications have

increased year over year

Poly Pharmacy Trends

Predictive Stratification of High

Hospitalization Risk Patients

Amedisys

National

Diff

Very High

10%

6%

4%

High

41%

28%

13%

Moderate

39%

43%

(4%)

Low

9%

20%

(11%)

Very Low

1%

3%

(2%)

Very High

10%

High

41%

Moderate

39%

Low

9%

Very Low

1%

Amedisys

Functional Trends

The organization’s profile is one of increasing poly pharmacy needs,

increased hospitalization risk and increased functional debility.

Functional Trends Graph

Diagnosis Trend

Medicare Average Episodes per Patient (1)

(1)

Medicare average episodes per patient is calculated by dividing the total number of completed Medicare episodes in the period by

the total number of Medicare patients

who completed episodes in the period.

(2)

Medicare average episode per patient for this period does not include TLC agencies that were not converted to Amedisys's operating platforms as of the reporting period.

As comorbidities

and complexities increase,

service levels are impacted

Average Episode/Patient

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

1-60

61-120

121-180

181-240

241-300

301-360

361-420

421-480

481-540

541-600

129,411

33,808

12,828

6,691

3,815

2,426

1,657

1,190

853

599

2008 Patients by Service Days

•

85% receive care/

discharged within 2

episodes

•

10% received care within

4 episodes

•

5% -

Chronic Subset

Days

Patients

Percentage

1-60

129,411

66.96%

61-120

33,808

17.49%

121-180

12,828

6.64%

181-240

6,691

3.46%

241-300

3,815

1.97%

301-360

2,426

1.25%

361-420

1,657

0.86%

421-480

1,190

0.62%

481-540

853

0.44%

541-600

599

0.31%

Total

193,278

100.00%

Patient Length of Stay

0%

10%

20%

30%

40%

50%

60%

70%

1-60

61-120

121-180

181-240

241-300

301-360

361-420

421-480

481-540

541-600

2008

2007

Patient Length of Stay –

2008 vs. 2007

Standardized Outcome Index

Standardized Outcome Index

Outcomes –

June 2008

Amedisys vs. Nation

1

Lower % is better

Source: www.medicare.gov

Outcomes

Advanced age

Complex poly pharmacy needs

Higher hospitalization risk

Increasing functional trends

Organizational change in diagnostic subsets serviced

Trend of improving quality

Clinical Summary

Point of Care

Point of Care

Encore

Encore

•

Standardizing the

assessment

•

Identifying acute

exacerbations in the

community

•

Outcome based care

Linking at home clinical events

to physician oversight

Integrated DM

outreach services

Mercury Doc

Care Delivery Model

Level

Action

Review

State

Local regulatory audits are

conducted by state surveyors to

ensure compliance with

Medicare regulations

If an agency has a condition

level survey where issues are

not resolved by the return

survey, the site’s provider

number could be terminated

Intermediary

(Payment Processor)

Intermediaries conduct annual

pre and post payment reviews to

ensure compliance with Billing

Regulations

Providers placed on a payment

edit will have episodes reviewed

for a quarterly period. If the

payment denial rate is <15% the

provider is removed from the

edit. If they demonstrate >15%,

the edit will go into the next

quarter.

>4-5

quarters

–

potential

for

statistical sampling.

Federal

•

Cost Report Reviews

•

RAC Audit Recoveries

•

Whistle Blower

•

Federal Investigations

All Federal level inquiries could

result in monies paid back to the

government. Sanctions, reduced

market capitalization caused by

compliance concern.

Three Levels of Review for a

Medicare Provider

State Survey Level

Three types of survey citations:

Deficiency Free (perfect)

Standard Level

Condition Level

Our clinical strategy:

Mine all deficiencies

Root cause analysis

Embed advanced care protocols

57

50

100

150

200

250

2005

2006

2007

2008

Surveys by Outside Regulators

•

2005 –

Averaged 5 surveys/month

State Survey Level

•

2005 –

Averaged 5 surveys/month

State Survey Level

•

2005 –

Averaged 5 surveys/month

State Survey Level

•

2005 –

Averaged 5 surveys/month

•

2008 –

Averaged 16 surveys/month by regulators

State Survey Level

State Survey Level

A commitment to ongoing improvement of Clinical Practice

Internal Clinical Audits

•

2005 –

Perfect surveys averaged approx. 1 quarter of all

monthly surveys

State Survey Level –

Perfect

Surveys

•

2005 –

Perfect surveys averaged approx. 1 quarter of all

monthly surveys

State Survey Level –

Perfect

Surveys

•

2005 –

Perfect surveys averaged approx. 1 quarter of all

monthly surveys

State Survey Level –

Perfect

Surveys

•

2005 –

Perfect surveys averaged approx. 1 quarter of all

monthly surveys

•

2008 –

Perfect surveys represent almost half of all monthly

surveys conducted by outside regulators

State Survey Level –

Perfect

Surveys

•

As a system, average 2-11 provider edits annually

•

No trend of concerning pre or post payment denials

•

No provider number has ever extended into a 4th

quarter edit

•

No provider in the history of Amedisys has ever had a statistical

sampling applied to recoup monies

Intermediary Level

No Known:

Cost report impropriety inquires

RAC audits

Whistleblower allegations

Active federal investigations

Federal Level

Care Management Programs

14 care management programs

Evidenced based standards of care

Process of identification

Clinical credentialing

Growth/outcome tracking

Center of Clinical Excellence recognition

Category

Clinician

Count

Advanced Diabetes

4,639

Advanced Cardiac

4,973

Advanced Stroke

2,999

Advanced Wound

2,146

Total

14,757

Clinical Credentialing Achieved

Category

Units

Awarded

Diabetes

20,876

Cardiac

17,406

Stroke

8,997

Wound

10,730

Total

58,009

Continuing Education Units

2008 Summary

•

Credentialing Awarded –

14,757

•

CEUs Awarded –

58,009

Clinician Credentialing –

2008

Competitive Advantage

Industry leader in clinical outcomes

Year

over

year

trend

–

improved

quality

and

reduced

survey

risk

A commitment to embedding research based practice into our

care protocols

Engrained clinical competencies/credentialing infrastructure

Advanced care management platform

Successful at servicing the high acuity patient with complex

co-morbid needs

Next 24 –

36 Months

Continued clinical outcome improvements

Continued growth of deficiency-free surveys/reduced

regulatory risk

Continued reduction of the Hospitalization Rate

Continued

migration

of

our

technical

platform

–

CCM

Predictive, stratified, patient-centered care

Our Clinical Future

Future Clinical Delivery Models

A nationwide standardized care delivery model that

predicatively stratifies all patients and delivers a higher

level of advanced treatments based upon patient

centered need

Our Clinical Future

Compliance

Jeffrey D. Jeter

Chief Compliance Officer

Data

Consistency

Edits

RETROSPECTIVE

CLAIMS REVIEWS

PRE-BILLING

COMPLIANCE COMMITTEE

Bill Borne –

Chief Executive Officer

Beth Boulet—Sr. VP-Internal Audit

Larry Graham –President/Chief Operating Officer

Jeffrey Jeter—Chief Compliance Officer

Cindy Philips—Sr. VP-Human Resources

Dale Redman—Chief Financial Officer

Paula Scarton—Vice President-Compliance

Alice Ann Schwartz—Chief Information Officer

Point

Of Care

Pre-Billing

Audits

Compliance

Oversight

Audits

Special/

Workplan

Audits

ENFORCEMENT

-

Zero Tolerance Policy

Complaint

Audits

COMPLIANCE

REPORTING

-

Compliance Hotline

-

HIPAA Hotline

-

SOX Hotline

-

Employee Exit Interviews

-

Monthly Compliance Polling

COMPLIANCE

TRAINING

-

New Hire online

Compliance Training

-

New Employee Orientation

-

Business Development

Training (Anti-Kickback)

-

Billing Compliance Training

-

Annual Employee

Compliance Training

-

HIPAA Compliance Training

SCREENING

-

OIG Exclusion Database

-

Criminal Background Checks

-

DMV Record Check

Quality

Care

Coord.

HIPAA

Records

Mgt

Physician

Consultant

Program

BOARD OF

DIRECTORS

CHIEF

COMPLIANCE

OFFICER

COMPLIANCE

DEPT. STAFF

Compliance Infrastructure

Tiered and Targeted Compliance Training

All employees receive General Compliance Training upon hire

and annually

New employees participate in special compliance training as part

of New Employee Orientation

Employees involved in the billing process are required to

complete additional compliance training annually

Employees working in Business Development roles receive

additional training specific to their function

Compliance Training

Compliance Training

Point of Care

All employees receive General Compliance Training upon hire

and annually

Improves accuracy and completeness of documentation

Significant

compliance

controls

–

such

as

automated

mileage

calculation, electronic patient signatures, time/date stamping

Enhances data consistency

Enables centralized monitoring and data aggregation

Compliance Technology

Compliance Scorecard

Risk-based auditing format—focusing on conditions that are

suggestive of potential

compliance problems

Integrates specific risk measures from across various internal

vantage points

Utilizes peer aberrance analysis, which is a comparative

methodology similar to that undertaken by the fiscal intermediary

and the government

Compliance Technology

Compliance Technology /

Compliance Scorecard

Consolidated Compliance Scorecard—Company-wide

Compliance Technology

Physician Consultant Payment Tracking

Monitors payments to Medical Directors

Tracks contract status and payments and will not allow

payments to be issued that are not consistent with Anti-

Kickback and Stark Safe Harbors

Oversight of all physician contracts and payments is maintained

by the Compliance Department

Compliance Technology / PCPT

Compliance Audit Process

Types of Compliance Audits:

1.

Compliance Oversight Audits

•

Scorecard Audits

2.

Complaint Audits

•

Compliance Hotline

•

Exit Interviews

•

Internal Polling

3.

Special Audits / Work Plan Audits

•

Florida Outlier Audit

•

Balanced for Life Audit

•

HIPAA Security Audits

4.

Referral Audits

•

Quality Care Coordinator Requests

•

Operational Leadership Requests

Compliance Audit Protocols

Audit Process:

Agencies are selected by Compliance Department based on

risk factors

Sample size is determined by the agency’s average census

Charts are reviewed by Clinical Audit Managers, who issue a

report containing their clinical findings, as well as

recommendations for remedial actions

Agencies with unacceptable audit results are placed in queue for

follow-up audit 6 months post-remediation

Compliance Oversight Audits

Evolution Of Compliance Oversight Audit Process

February of 2005—Compliance Oversight Audit Process

commences

Initially focused on high-impact revenue events:

(1) High Therapy

(2) Low LUPAs

(3) High Case Mix

-

Emphasis on agencies performing better than

Company norms

2008—Compliance Dashboard expands risk measures;

automation and scorecards launched

Change in

Leadership

SOX

Complaints

HIPAA

Hotline

Acquisition

Status

Start-Up

Status

Clinical

Oversight Risk

Stratification

Rookie DOO

Compliance

Hotline

Employee

Polling

Exit

Interviews

Case Mix

Marginal

Visits

Billing without

Orders

Standardized

Frequencies

FMR

Status

ADR Status

High Risk

Clinical Events

Reverse

Surveys

Trended

Surveys

State Surveys

Patient Satisf.

Surveys

Average Visits/

Episode

Eee/Contractor

Ratio

Total

Turnover

High Internal

Growth

High Revenue

Programs

Clinical

Oversight Audit

Results

Low

LUPAs

Trended

High Therapy

COP Audit

Results

Timely DC &

Past Due

Recerts

SYS Holds

Late OASIS

Locks

Unmet Weekly

Frequency

Outstanding

Orders

PI Audit

Results

High Therapy I

(14-19 visits)

High Therapy II

(20+ visits)

Missed Visits/

Homebound

Status

Questionable

Recertifications

Trended Low

LUPAs

High Gross

Margin

Comprehensive Compliance Risk Criteria:

Compliance Oversight Audits

Consolidated

Compliance Risk

100%

Roll-Up

#

Company

Average

Up to

2

Standard

Deviations

$

2

Standard

Deviations

Operational

Risks

#

Company

Average

Up to

2

Standard

Deviations

$

2

Standard

Deviations

Clinical Risks

#

Company

Average

Up to

2

Standard

Deviations

$

2

Standard

Deviations

Revenue Risks

#

Company

Average

Up to

2

Standard

Deviations

$

2

Standard

Deviations

Complaint Risks

#

Company

Average

Up to

2

Standard

Deviations

$

2

Standard

Deviations

Regulatory Risks

#

Company

Average

Up to

2

Standard

Deviations

$

2

Standard

Deviations

Environmental Risks

#

Company

Average

Up to

2

Standard

Deviations

$

2

Standard

Deviations

Compliance Scorecard

Compliance Scorecard:

Revenue Risks Subgroup

Gross Margin

Percentage

Homebound

Missed

Visits

Low LUPA

High Case Mix

Trended Low

LUPAs

Questionable

Recerts

High Revenue

Programs (BFL)

High Case

Mix

Billing without

Orders

High Therapy 1

(14-19 visits)

High Therapy 2

(20+ visits)

Trended High

Therapy

Compliance Scorecard:

Compliance Scorecard:

Clinical Risks Subgroup

Clinical Risks Subgroup

Standardized

Frequencies

PI Audit

Results

Clinical

Oversight Risk

Stratification

High Risk

Clinical

Events

ADR

Status

FMR

Status

COP Audit

Results

Patient

Satisfaction

Surveys

Compliance Scorecard:

Compliance Scorecard:

Operational Risks Subgroup

Operational Risks Subgroup

Timely DC &

Past Due

Recerts

Late OASIS

Locks

Outstanding

Orders

SYS Holds

Average Visits

Per Episode

Weekly

Frequency

Not Met

Compliance Scorecard:

Compliance Scorecard:

Environmental Risks Subgroup

Environmental Risks Subgroup

Start-Up Status

High Internal

Growth

Employee-to-

Contractor

Ratio

Acquisition

Status

Change in

Leadership

Total

Turnover

Rookie

DOO

Compliance Scorecard:

Compliance Scorecard:

Complaint Risk Subgroup

Complaint Risk Subgroup

HIPAA

Hotline

SOX

Complaints

Employee

Polling

Exit

Interviews

Compliance

Hotline

Compliance Scorecard:

Compliance Scorecard:

Regulatory Risk Subgroup

Regulatory Risk Subgroup

Trended

Survey

Deficiencies

Deficiency-Free

Survey ( -

)

State Survey

Deficiencies

Compliance Scorecard:

Drill-Down Capabilities

Consolidated

Compliance Risk

Risk Subgroup

Individual Metric

or

or

By Agency

By Agency

Corporate

Compliance

Audits

Clinical

Oversight

Audits

Quality

Management

Audits

Internal

Audit

Quality Care

Coordinator

Reviews

Sarbanes

Oxley

Audits

External

Auditor

(KPMG) Audits

State

Surveys

Fiscal

Intermediary

Review

Comprehensive Audit Universe

Compliance Enforcement

Amedisys Corporate Compliance Plan

Based on OIG Model Compliance Plans for

home health and hospice

Basic “Zero Tolerance Policy”

Because of the risks posed to the Company

and its shareholders by fraudulent behavior,

Amedisys will take a zero tolerance policy relative

to fraud, abuse and waste involving federal health

care programs

Expanded “Zero Tolerance Policy”

Certain conduct –

such as an employee

circumventing anti-fraud controls –

while not per

se fraud, is regarded as a violation of the

Compliance Plan resulting in disciplinary action

Toll-Free Hotlines

Compliance Hotline

SOX Whistleblower Hotline

HIPAA Privacy Hotline

Toll Free, Available 24 hours/day, 7 days/week

Confidential, anonymous, non-retaliation policy

Exit Surveys

Given to all employees leaving Amedisys

Specific

compliance-related questions

Follow-up audits launched where necessary

Monthly Compliance Polling

90 active employees contacted monthly

Voluntary telephone questionnaire with CCO

Home health and hospice-specific questions

Follow-up audits launched where necessary

Compliance Reporting

Summary

Tiered and targeted training

Compliance-centric technology

Risk-based auditing

Zero tolerance

Varied reporting mechanisms

Financials

Dale Redman

Chief Financial Officer

Strong revenue growth

EPS growth of greater than 20% for six consecutive years

Stable margins

Low leverage

High cash flow

Financial Highlights

Financial Highlights

($ millions, except per share data)

Summary Financial Results

2006

2007

2008

Net revenue

$541.1

$697.9

$1,187.4

Period-over-period growth

41.8%

29.0%

70.1%

Gross margin

288.9

368.9

624.8

Margin

53.4%

52.9%

52.6%

CFFO

43.0

93.1

150.7

Adjusted EBITDA

1

75.7

109.8

181.4

Margin

14.0%

15.7%

15.3%

Adjusted fully-diluted EPS

2

$1.72

$2.32

$3.31

1

Adjusted EBITDA is defined as net income before provision for income taxes, net interest expense, and depreciation and amortization plus certain TLC integration costs and less the Alliance gain. Adjusted EBITDA should not be

considered

as

an

alternative

to,

or

more

meaningful

than,

income

before

income

taxes,

cash

flow

from

operating

activities,

or

other

traditional

indicators

of

operating

performance.

This

calculation

of

Adjusted

EBITDA

may

not

be

comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

2

Adjusted diluted earnings per share is defined as diluted earnings per share plus the earnings per share effect of certain TLC acquisition costs and less the earnings per share effect of the Alliance gain. Adjusted diluted earnings per

share should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of Adjusted diluted

earnings per share may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same  manner

2007

2008

2006

Agencies at period end

Period-over-period growth

Episodic-Based Completed Episodes

Period-over-period growth

Episodic-Based Admissions

Period-over-period growth

Episodic-Based Revenue per Episode

Period-over-period growth

Total Visits

Period-over-period growth

354

30.9%

4,302,830 

25.2%

129,649

19.9%

219,855

27.1%

$2,660

1.0%

275

24.4% 

3,437,881

45.4%

108,140

32.7%

172,930

42.9%

$2,634

2.6%

Summary Performance Results

528

48.3%

7,004,200

62.8%

199,371

53.8%

353,076

60.6%

$2,854

7.3%

Summary Balance Sheet

($ in millions)

Dec. 31, 2007

Assets

Cash

Accounts Receivable, Net

Property and Equipment

Goodwill

Other

Total Assets

Liabilities and Stockholders’

Equity

Debt

All Other Liabilities

Stockholders’

Equity

Total

Liabilities

and

Stockholders’

Equity

Leverage Ratio

$ 2.8

175.7

79.3

733.9

78.5

$ 1,070.2

$ 328.6

180.3

561.3

$ 1,070.2

1.6x

$ 56.2

96.3

68.3

332.5

33.8

$ 587.1

$ 24.0

116.1

447.0

$ 587.1

0.2x

Dec. 31, 2008

$ 25.2

144.1

75.4

734.2

58.8

$ 1,037.7

$ 417.4

151.9

468.4

$ 1,037.7

2.4x

Mar. 31, 2008

Days Revenue Outstanding (DSO)

(1)

For the three-month period ended March 31, 2008, our calculation of days revenue excludes the patient accounts receivable assumed in the TLC Health Care Services, Inc. (“TLC”) and Family Home

Health Care, Inc. and Comprehensive Home Healthcare Services, Inc. (“HMA”) acquisitions at March 31, 2008 by our average daily net patient revenue, excluding the results of TLC and HMA for the three-

month period ended March 31, 2008.

(2) 

Our calculation of days revenue outstanding (gross) is derived by dividing our period ending gross patient accounts receivable (defined as the summation of our Medicare patient accounts receivable, net of

estimated revenue adjustments and our other outstanding patients

accounts receivable, before considering the allowance for doubtful accounts) at December 31, 2008, 2007 and 2006 by our average

daily

net patient revenue for the three-month periods ended December 31, 2008, 2007 and 2006, respectively.

(3) )

Our calculation of days revenue outstanding (net) is derived by dividing our ending net patient accounts receivable (i.e. net of

estimated revenue adjustments and allowance for doubtful accounts) at

December 31, 2008, 2007 and 2006 by our average daily net patient revenue for the three-month periods ended December 31, 2008 and 2007, respectively.

December 31, 2007

December 31, 2008

Medicare

78,502

$                  

136,869

$                

Estimated revenue adjustments

(3,622)

(7,220)

Medicare patient accounts receivable, net

74,880

129,649

Non-Medicare

34,397

73,101

Allowance for doubtful accounts

(12,968)

(27,052)

Non-Medicare patient accounts receivable, net

21,429

46,049

Patient accounts receivable, net

96,309

$                  

175,698

$                

Accounts Receivable

Note:

On average we collect over 99% of our Medicare revenue.

On average we collect approximately 87% of our non-Medicare revenue

Combined we collect approximately 97.5% of all revenue

December 31, 2007

December 31, 2008

Medicare ERA + Non Medicare ADA

$17.1

$30.4

% of Revenue

2.5%

2.6%

($ in thousands)

($ in millions)

Liquidity

Available line of credit (LOC): 12/31/08

=

$160m

2009 Estimated CFFO -

Cap Ex -

Required Debt Pay   =

$140m

• Earnings before interest, taxes, depreciation and amortization ("EBITDA") and Adjusted EBITDA

2006

2007

2008

Net income

38,255

$                         

65,113

$                       

86,682

$                     

Add:

Provision for income taxes

23,642

38,298

54,714

Interest expense (income), net

3,710

(3,150)

15,600

Depreciation and amortization

10,106

13,749

20,406

EBITDA (1)

75,713

114,010

$                     

177,402

Add:

   Certain TLC acquisition costs (2)

-

-

3,991

Less:

   Alliance (3)

-

(4,212)

-

Adjusted EBITDA (4)

75,713

$                         

109,798

$                     

181,393

$                   

• Adjusted Net Income Reconciliation

2006

2007

2008

Net income

38,255

$                         

65,113

$                       

86,682

$                     

Add:

Certain TLC acquisition costs (2)

-

-

2,446

Less:

   Alliance (3)

-

(4,212)

-

Adjusted net income (5)

38,255

$                         

60,901

$                       

89,128

$                     

• Adjusted Diluted Earnings Per Share Reconciliation

2006

2007

2008

Diluted earnings per share

1.72

$                             

2.48

$                           

3.22

$                         

Add:

Certain TLC acquisition costs (2)

-

-

0.09

Less:

   Alliance (3)

-

(0.16)

-

Adjusted diluted earnings per share (6)

1.72

$                             

2.32

$                           

3.31

$                         

Reconciliation of Non-GAAP Financial

Measures to GAAP Financial Statements

(1)

EBITDA

is

defined

as

net

income

before

provision

for

income

taxes,

net

interest

expense,

and

depreciation

and

amortization.

EBITDA

should

not

be

considered

as

an

alternative

to,

or

more

meaningful

than,

income

before

income

taxes,

cash

flow

from

operating

activities,

or

other

traditional

indicators

of

operating

performance.

This

calculation

of

EBITDA

may

not

be

comparable

to

a

similarly

titled

measure

reported

by

other

companies,

since

not

all

companies

calculate

this

non-GAAP

financial

measure

in

the

same

manner.

(2)

Certain

TLC

integration

costs

incurred

primarily

for

the

payment

of

severances

for

TLC

employees

and

for

the

conversion

of

the

acquired

TLC

agencies

to

our

operating

systems

including

our

Point

of

Care

network.

(3)

Alliance

Home

Health,

Inc.

(“Alliance”),

a

wholly

owned

subsidiary

of

ours,

filed

for

Chapter

7

federal

bankruptcy

proceedings

in

September

2000.

That

case

is

now

concluded.

As

a

result,

the

remaining

$4.2

million

liabilities

of

Alliance

were

extinguished

and

we

are

not

liable

for

any

of

these

obligations.

The

discharge

of

the

liabilities

resulted

in

a

non-taxable

event.

(4)

Adjusted

EBITDA

is

defined

as

net

income

before

provision

for

income

taxes,

net

interest

expense,

and

depreciation

and

amortization

plus

certain

TLC

integration

costs

and

less

the

Alliance

gain.

Adjusted

EBITDA

should

not

be

considered

as

an

alternative

to,

or

more

meaningful

than,

income

before

income

taxes,

cash

flow

from

operating

activities,

or

other

traditional

indicators

of

operating

performance.

This

calculation

of

Adjusted

EBITDA

may

not

be

comparable

to

a

similarly

titled

measure

reported

by

other

companies,

since

not

all

companies

calculate

this

non-GAAP

financial

measure

in

the

same

manner.

(5)

Adjusted

net

income

is

defined

as

net

income

plus

certain

TLC

acquisition

costs

and

less

the

Alliance

gain.

Adjusted

net

income

should

not

be

considered

as

an

alternative

to,

or

more

meaningful

than,

income

before

income

taxes,

cash

flow

from

operating

activities,

or

other

traditional

indicators

of

operating

performance.

This

calculation

of

Adjusted

net

income

may

not

be

comparable

to

a

similarly

titled

measure

reported

by

other

companies,

since

not

all

companies

calculate

this

non-GAAP

financial

measure

in

the

same

manner.

(6)

Adjusted

diluted

earnings

per

share

is

defined

as

diluted

earnings

per

share

plus

the

earnings

per

share

effect

of

certain

TLC

acquisition

costs

and

less

the

earnings

per

share

effect

of

the

Alliance

gain.

Adjusted

diluted

earnings

per

share

should

not

be

considered

as

an

alternative

to,

or

more

meaningful

than,

income

before

income

taxes,

cash

flow

from

operating

activities,

or

other

traditional

indicators

of

operating

performance.

This

calculation

of

Adjusted

diluted

earnings

per

share

may

not

be

comparable

to

a

similarly

titled

measure

reported

by

other

companies,

since

not

all

companies

calculate

this

non-GAAP

financial

measure

in

the

same

manner.

Summary

Strong revenue growth

EPS growth of greater than 20% for six consecutive years

Stable margins

Low leverage

High cash flow

Guidance

1

1

Guidance excludes the effects of future acquisitions, if they are made.

2

Provided as of the date of our Form 8-K filed with the Securities and Exchange Commission on January 6, 2009 and reaffirmed on February 17, 2009

earnings call.

Calendar

Year

2009

2

Net revenue:

$1.425 -

$1.475 billion

EPS:

$4.10 -

$4.30

Diluted shares:

27.5

million

Q & A

EX-99.2

Exhibit 99.2

AMEDISYS, INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE TO GAAP FINANCIAL STATEMENTS

(Amounts in thousands)

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA
	2006		2007			2008
Net income	$	38,255	$	65,113		$	86,682
Add:
Provision for income taxes		23,642		38,298			54,714
Interest expense (income), net		3,710		(3,150	)		15,600
Depreciation and amortization		10,106		13,749			20,406
EBITDA (1)		75,713	$	114,010			177,402
Add:
Certain TLC acquisition costs (2)		—		—			3,991
Less:
Alliance (3)		—		(4,212	)		—
Adjusted EBITDA (4)	$	75,713	$	109,798		$	181,393
Adjusted Net Income Reconciliation
	2006		2007			2008
Net income	$	38,255	$	65,113		$	86,682
Add:
Certain TLC acquisition costs (2)		—		—			2,446
Less:
Alliance (3)		—		(4,212	)		—
Adjusted net income (5)	$	38,255	$	60,901		$	89,128
Adjusted Diluted Earnings Per Share Reconciliation
	2006		2007			2008
Diluted earnings per share	$	1.72	$	2.48		$	3.22
Add:
Certain TLC acquisition costs (2)		—		—			0.09
Less:
Alliance (3)		—		(0.16	)		—
Adjusted diluted earnings per share (6)	$	1.72	$	2.32		$	3.31

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

(2) Certain TLC integration costs incurred primarily for the payment of severances for TLC employees and for the conversion of the acquired TLC agencies to our operating systems including our Point of Care network.

(3) Alliance Home Health, Inc. (“Alliance”), a wholly owned subsidiary of ours, filed for Chapter 7 federal bankruptcy proceedings in September 2000. That case is now concluded. As a result, the remaining $4.2 million liabilities of Alliance were extinguished and we are not liable for any of these obligations. The discharge of the liabilities resulted in a non-taxable event.

(4) Adjusted EBITDA is defined as net income before provision for income taxes, net interest expense, and depreciation and amortization plus certain TLC integration costs and less the Alliance gain. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of Adjusted EBITDA may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

(5) Adjusted net income is defined as net income plus certain TLC acquisition costs and less the Alliance gain. Adjusted net income should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of Adjusted net income may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.

(6) Adjusted diluted earnings per share is defined as diluted earnings per share plus the earnings per share effect of certain TLC acquisition costs and less the earnings per share effect of the Alliance gain. Adjusted diluted earnings per share should not be considered as an alternative to, or more meaningful than, income before income taxes, cash flow from operating activities, or other traditional indicators of operating performance. This calculation of Adjusted diluted earnings per share may not be comparable to a similarly titled measure reported by other companies, since not all companies calculate this non-GAAP financial measure in the same manner.