Press Release

LHC Group Announces First Quarter 2019 Financial Results

Increases 2019 Guidance; Maintains Active M&A Pipeline

Company Release - 5/8/2019 4:30 PM ET

LAFAYETTE, La., May 08, 2019 (GLOBE NEWSWIRE) -- LHC Group, Inc. (NASDAQ: LHCG) announced its financial results for the quarter ended March 31, 2019. Unless otherwise noted, all results for the first quarter ended March 31, 2019 are compared with the first quarter ended March 31, 2018.

First Quarter of 2019 Financial Results – Strong Start to the Year

  • Net service revenue increased 72.7% to $502.6 million.
  • Net income attributable to LHC Group’s common stockholders increased 277.5% to $18.9 million. Earnings per diluted share attributable to LHC Group’s common stockholders increased 114.3% to $0.60 which includes a 72.9% increase in weighted average diluted shares outstanding and the effect of costs and expenses described within the adjusted results below.
  • Adjusted net income attributable to LHC Group’s common stockholders increased 171.5% to $30.7 million. Adjusted earnings per diluted share attributable to LHC Group’s common stockholders increased 55.6% to $0.98.
  • Adjusted results for the first quarter of 2019 exclude transaction and other transition related costs, expenses related to certain closures and relocations and a license change related impairment in the aggregate amount of $11.8 million after tax, or $0.38 per diluted share.
  • Total growth in home health admissions was 76.3%; organic growth was 5.7%.
  • Total growth in home health revenue was 77.4%; organic growth was 7.0%.
  • Total growth in hospice admissions was 13.1%; organic growth was 6.2%.

    A reconciliation of all non-GAAP financial results in this release appears on page 10.

Operational and Strategic Highlights

  • LHC Group quality and patient satisfaction scores continue to exceed the national average with 99% of its same store locations having CMS Quality Star ratings of four stars or greater when excluding recent acquisitions.
  • LHC Group realized a total of approximately $7.4 million in pre-tax synergies in the first quarter from its acquisition of Almost Family, which brings the cumulative amount to $21.6 million.
  • During the first quarter and to date in the second quarter, LHC Group also acquired or agreed to acquire 18 home health, hospice or home and community based services locations, all of which, are hospital joint ventures. These acquisitions represent approximately $44.0 million in annualized revenue.

Commenting on the results, Keith G. Myers, LHC Group’s Chairman and Chief Executive Officer, said, “We remain at the forefront of value-based initiatives to deliver better care, better outcomes and better value for patients and payors. As a clinically driven company, we have a long track record of tightly controlling non-patient expenses that enables us to reinvest in our people, technology and education. This commitment to reinvesting in those directly responsible for care has led to industry leading quality and patient satisfaction, long tenured and highly qualified clinicians and leaders and the lowest turnover in our history.

“We have outlined a number of growth opportunities for the next several years that build on our leadership position, expand our national in-home healthcare platform and enhance our relationships with hospitals and health systems as well as managed care providers. Early results in 2019 demonstrate strong progress on each one of our growth priorities and the increasing recognition that LHC Group is creating a model for the future in healthcare.”

Joint Venture Strategy – Accelerating Momentum after Record Year in 2018

On January 31, 2019, LHC Group and Unity Health finalized an equity partnership agreement to purchase and share ownership of two home health providers in Arkansas: Unity Health – White County Medical Center Home Health in Searcy and Unity Health – Harris Medical Center Home Health in Newport. These agencies, which serve their local communities and the Northeast Arkansas region, represent annualized revenue of approximately $4.0 million.

On February 26, 2019, LHC Group and Geisinger Home Health and Hospice, and AtlantiCare Home Health and Hospice entered into a definitive agreement for a joint venture partnership to enhance home health and hospice services at Geisinger locations in Pennsylvania and at AtlantiCare – a Member of Geisinger in Atlantic County, New Jersey. The joint venture for the Pennsylvania locations was completed on April 1, and the joint venture for the New Jersey locations, subject to customary closing conditions, is expected to close by June 1. These agencies, which serve their local communities in the states of Pennsylvania and New Jersey, represent annualized revenue of approximately $35.0 million.

On May 2, 2019, LHC Group and Capital Regional Medical Center (CRMC) entered into a definitive agreement for a joint venture to purchase from SSM Health the assets of three home health and hospice locations in Jefferson City and Mexico, Missouri. The purchase agreement is expected to be completed by June 1, subject to customary closing conditions, at which time the partnership will assume management responsibility. These agencies, which serve their local communities in the state of Missouri, represent annualized revenue of approximately $5.0 million.

Full Year 2019 Guidance Increased – 21.1% Year-over-Year Adjusted Earnings Growth at the Midpoint is Expected to be Fueled by Strong Organic Growth and Acquisition Accretion

Based on strong organic growth, a lower estimated effective tax rate, and an intense focus on achieving non-patient care cost efficiencies and growth synergies, the Company increased its guidance for full year 2019 of net service revenue to a range of $2.09 billion to $2.14 billion from a range of $2.08 billion to $2.13 billion; increased adjusted earnings per diluted share to a range of $4.25 to $4.35 from $4.15 to $4.25; and increased Adjusted EBITDA, less non-controlling interest, to a range of $214 million to $220 million from $212 million to $218 million. The guidance assumes the following:

  • The Company expects to achieve a total of $12 million to $17 million in pre-tax cost synergies in 2019 in connection with the Almost Family transaction, of which $7.4 million have been realized in the first quarter. The 2019 synergies would bring the total run-rate cost synergies by the second half of 2019 to a range of $25 million to $30 million; 
  • An estimated effective tax rate of 27.5% to 28.5%; and
  • Weighted average diluted shares of approximately 31.3 million for the full year of 2019.

The Company’s guidance ranges do not take into account the impact of future reimbursement changes, if any, future acquisitions, if made, de novo locations, if opened, location closures, if any, or future legal expenses, if necessary. The adjusted earnings guidance for 2019 is presented on a non-GAAP basis, as it does not include the impact of transaction related costs, integration related expenses or other expenses related to the acquisition of Almost Family or other acquisitions. Given the difficulty in predicting the future amount and timing of these expenses, the Company cannot reasonably provide a full reconciliation of its fiscal year 2019 adjusted earnings per share guidance to GAAP earnings per share.

Conference Call

LHC Group will host a conference call on Thursday, May 9, 2019, at 9:00 a.m. Eastern time to discuss its first quarter 2019 results. The toll-free number to call for this interactive teleconference is (866) 393‑1608 (international callers: (973) 890-8327). A telephonic replay of the conference call will be available through midnight on May 16, 2019, by dialing (855) 859‑2056 (international callers: (404) 537-3406) and entering confirmation number 4068459. The Company posted supplemental financial information on the first 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, providing quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. LHC Group’s services cover a wide range of healthcare needs for patients and families dealing with illness, injury, or chronic conditions. The company’s 32,000 employees deliver home health, hospice, home and community based services, and facility-based care in 35 states and the District of Columbia – reaching 60 percent of the U.S. population aged 65 and older. LHC Group is the preferred in-home healthcare partner for 350 leading hospitals around the country.

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 2019 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)
 
 March 31,
2019
 December 31,
2018
 (Unaudited)  
ASSETS   
Current assets:   
Cash$38,520  $49,363 
Receivables:   
Patient accounts receivable268,559  252,592 
Other receivables5,517  6,658 
Amounts due from governmental entities1,010  830 
Total receivables275,086  260,080 
Prepaid income taxes7,690  11,788 
Prepaid expenses25,604  24,775 
Other current assets19,422  20,899 
Total current assets366,322  366,905 
Property, building and equipment, net of accumulated depreciation of $58,932 and $55,253, respectively83,040  79,563 
Goodwill1,164,999  1,161,717 
Intangible assets, net of accumulated amortization of $15,549 and $15,176, respectively291,954  297,379 
Assets held for sale2,500  2,850 
Operating lease right of use asset84,805   
Other assets20,237  20,301 
Total assets$2,013,857  $1,928,715 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Current liabilities:   
Accounts payable and other accrued liabilities$70,698  $77,135 
Salaries, wages, and benefits payable102,500  84,254 
Self-insurance reserves31,899  32,776 
Current operating lease liabilities24,454   
Current portion of long-term debt  7,773 
Amounts due to governmental entities4,475  4,174 
Total current liabilities234,026  206,112 
Deferred income taxes43,676  43,306 
Income taxes payable4,481  4,297 
Revolving credit facility239,000  235,000 
Long term notes payable  930 
Operating lease payable61,985   
Total liabilities583,168  489,645 
Noncontrolling interest — redeemable15,060  14,596 
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 in 2019 and 2018; 35,816,333 and 35,636,414 shares issued in 2019 and 2018, respectively358  356 
Treasury stock — 5,044,230 and 4,958,721shares at cost, respectively(56,951) (49,374)
Additional paid-in capital940,135  937,968 
Retained earnings446,831  427,975 
Total LHC Group, Inc. stockholders’ equity1,330,373  1,316,925 
Noncontrolling interest — non-redeemable85,256  107,549 
Total equity1,415,629  1,424,474 
Total liabilities and equity$2,013,857  $1,928,715 


LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share data)
(Unaudited)
 
 Three Months Ended
March 31,
 2019 2018
Net service revenue$502,585  $291,054 
Cost of service revenue320,992  188,618 
Gross margin181,593  102,436 
General and administrative expenses145,221  92,031 
Other intangible impairment charge6,319   
Operating income30,053  10,405 
Interest expense(3,052) (1,450)
Income before income taxes and noncontrolling interest27,001  8,955 
Income tax expense3,600  977 
Net income23,401  7,978 
Less net income attributable to noncontrolling interests4,545  2,983 
Net income attributable to LHC Group, Inc.’s common stockholders$18,856  $4,995 
    
Earnings per share attributable to LHC Group, Inc.’s common stockholders:   
Basic$0.61  $0.28 
Diluted$0.60  $0.28 
Weighted average shares outstanding:   
Basic30,837  17,790 
Diluted31,187  18,039 


LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, Unaudited)
 
 Three Months Ended
March 31,
 2019 2018
Operating activities:   
Net income$23,401  $7,978 
Adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation and amortization expense4,202  3,293 
Amortization of operating lease right of use asset7,399   
Stock-based compensation expense1,804  1,601 
Deferred income taxes1,578  (1,926)
(Gain) loss on disposal of assets56  (187)
Impairment of intangibles and other6,319   
Changes in operating assets and liabilities, net of acquisitions:   
Receivables(16,284) (7,111)
Prepaid expenses and other assets470  3,881 
Prepaid income taxes1,883  2,458 
Accounts payable and accrued expenses471  24,859 
Income taxes payable184   
Net amounts due to/from governmental entities(55) (1,011)
Net cash provided by operating activities31,428  33,835 
Investing activities:   
Purchases of property, building and equipment(2,801) (2,551)
Cash payments for business combinations(1,413) (2,770)
Net cash used in investing activities(4,214) (5,321)
Financing activities:   
Proceeds from line of credit17,000  13,000 
Payments on line of credit(13,000) (32,000)
Proceeds from employee stock purchase plan478  332 
Payments on debt(7,650) (64)
Noncontrolling interest distributions(9,194) (3,086)
Withholding taxes paid on stock-based compensation(7,577) (3,467)
Purchase of additional controlling interest(18,000) (55)
Proceeds from exercise of options(114)  
Sale of noncontrolling interest  3,322 
Net cash provided by (used in) financing activities(38,057) (22,018)
Change in cash(10,843) 6,496 
Cash at beginning of period49,363  2,849 
Cash at end of period$38,520  $9,345 
Supplemental disclosures of cash flow information:   
Interest paid$2,855  $1,397 
Income taxes paid$318  $792 
 

Non-cash operating activity: The Company recorded $91.2 million in operating lease right of use assets in exchange for lease obligations.

Non-cash financing activity: The Company accrued $4.6 million for capital expenditures primarily related to the home office expansion project during the three months ended March 31, 2019.

 
LHC GROUP, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in thousands, Unaudited)
 
 Three Months Ended March 31, 2019
 Home health
services
 Hospice
services
 Home and
community-
based
services
 Facility-
based
services
 HCI Total
Net service revenue$363,035  $51,736  $51,785  $27,701  $8,328  $502,585 
Cost of service revenue226,123  33,176  39,855  17,732  4,106  320,992 
General and administrative expenses104,839  14,853  10,982  9,177  5,370  145,221 
Other intangible impairment charge6,318  1        6,319 
Operating income (loss)25,755  3,706  948  792  (1,148) 30,053 
Interest expense(2,138) (343) (301) (180) (90) (3,052)
Income (loss) before income taxes and noncontrolling interest23,617  3,363  647  612  (1,238) 27,001 
Income tax expense (benefit)3,208  446  151  5  (210) 3,600 
Net income (loss)20,409  2,917  496  607  (1,028) 23,401 
Less net income (loss) attributable to noncontrolling interests3,780  601  (310) 481  (7) 4,545 
Net income (loss) attributable to LHC Group, Inc.’s common stockholders$16,629  $2,316  $806  $126  $(1,021) $18,856 
Total assets$1,421,000  $220,347  $226,991  $79,257  $66,262  $2,013,857 


 Three Months Ended March 31, 2018
 Home health
services
 Hospice
services
 Home and
community-
based
services
 Facility-
based
services
 HCI Total
Net service revenue$204,187  $42,626  $14,091  $30,150  $  $291,054 
Cost of service revenue130,161  28,018  10,790  19,649    188,618 
General and administrative expenses66,289  13,298  3,298  9,146    92,031 
Operating income7,737  1,310  3  1,355    10,405 
Interest expense(1,088) (218) (72) (72)   (1,450)
Income (loss) before income taxes and noncontrolling interest6,649  1,092  (69) 1,283    8,955 
Income tax expense722  111  (15) 159    977 
Net income (loss)5,927  981  (54) 1,124    7,978 
Less net income attributable to noncontrolling interests2,236  417  21  309    2,983 
Net income (loss) attributable to LHC Group, Inc.’s common stockholders$3,691  $564  $(75) $815  $  $4,995 
Total assets$530,197  $157,338  $47,819  $69,969  $  $805,323 


LHC GROUP, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED KEY STATISTICAL AND FINANCIAL DATA
(Unaudited)
 
 Three Months Ended
 March 31,
  2019   2018 
Key Data:   
Home-Health Services:   
Locations 540   319 
Acquired 3   1 
De novo     
Divested/Consolidated (6)  (1)
Total new admissions 93,674   53,123 
Medicare new admissions 57,456   33,028 
Average daily census 75,675   45,156 
Average Medicare daily census 49,411   30,362 
Medicare completed and billed episodes 90,971   54,320 
Average Medicare case mix for completed and billed Medicare episodes 1.08   1.09 
Average reimbursement per completed and billed Medicare episodes$3,038  $2,811 
Total visits 2,521,009   1,495,118 
Total Medicare visits 1,666,907   1,009,425 
Average visits per completed and billed Medicare episodes 18.3   18.6 
Organic growth:(1)   
Net revenue 7.0%  9.0%
Net Medicare revenue 1.7%  4.8%
Total new admissions 5.7%  6.7%
Medicare new admissions 0.2%  4.3%
Average daily census 3.6%  3.4%
Average Medicare daily census -1.8%  -0.6%
Medicare completed and billed episodes -0.7%  -0.2%
    
Home and Community-Based Services:   
Locations 80   16 
Acquired     
De novo    4 
Divested/Consolidated (1)   
Average daily census 14,692   2,102 
Billable hours 2,271,894   478,952 
Revenue per billable hour$23.43  $29.87 
    
Hospice-Based Services:   
Locations 103   91 
Acquired     
De novo     
Divested/Consolidated (1)   
Admissions 4,587   4,054 
Average daily census 3,752   3,144 
Patient days 337,649   282,993 
Average revenue per patient day$156.51  $153.25 
    
Facility-Based Services:   
Long-term Acute Care    
Locations 12   14 
Acquired     
Divested/Consolidated     
Patient days 19,636   22,560 
Average revenue per patient day$1,287  $1,248 
Occupancy rate 70.4%  80.9%
    
(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.


LHC GROUP, INC. AND SUBSIDIARIES
RECONCILIATION OF REVENUE AFTER ADOPTION OF ASU 2014-09
(Amounts in thousands, Unaudited)
    
 Three Months Ended
 March 31,
  2019   2018 
Net Service Revenue, pre-adoption$510,937  $295,980 
Less: Implicit price concession (1) 8,352   4,926 
Net Service Revenue, post-adoption$502,585  $291,054 
    
 
RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE TO LHC GROUP, INC.
(Amounts in thousands, Unaudited)
    
 Three Months Ended
 March 31,
  2019   2018 
Net income attributable to LHC Group, Inc.’s common stockholders$18,856  $4,995 
Add (net of tax):   
AFAM and other acquisition expenses (2) 5,268   6,311 
Closures/relocations/consolidations (3) 2,244   
Provider moratorium impairment (4) 4,332   
Adjusted net income attributable to LHC Group, Inc.'s common stockholders$30,700  $11,306 
    
 
RECONCILIATION OF ADJUSTED NET INCOME ATTRIBUTABLE
 TO LHC GROUP, INC. PER DILUTED SHARE
(Unaudited)
    
 Three Months Ended
 March 31,
  2019   2018 
Diluted earnings per share attributable to LHC Group, Inc.’s common stockholders$0.60  $0.28 
Add (net of tax):   
AFAM and other acquisition expenses (2) 0.17   0.35 
Closures/relocations/consolidations (3) 0.07   
Provider moratorium impairment (4) 0.14   
Adjusted diluted earnings per share attributable to LHC Group, Inc.’s common stockholders$0.98  $0.63 
    
(1) Provision for bad debts are classified as implicit price concessions in determining the transaction price of the Company's net service revenue.
(2) Transition, integration and Homecare Homebase conversion expenses and other costs associated with the acquisition of Almost Family and other recently announced or completed acquisitions. ($7.3 million pre-tax in the three months ended March 31, 2019).
(3) Expenses and impairments associated with the closure or consolidation of 8 locations in the first quarter of 2019 along with residual costs and expenses in connection with the closures in the fourth quarter of 2018. ($3.1 million pre-tax in the three months ended March 31, 2019).
(4) During the first quarter of 2019, the Company recorded $6.0 million of moratoria fair value impairment as a result of the Centers for Medicare and Medicaid Services (“CMS”) action to remove all federal moratoria with regard to Medicare provider enrollment. In assigning fair value acquired in acquisitions as required by ASC 805, Business Combinations, the Company had assigned fair value to Certificates of need or license moratoria, as applicable, in certain states.
 

We have included certain financial measures in this press release, including adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share, which are “non-GAAP financial measures” as defined under the rules and regulations promulgated by the SEC. We define adjusted net income attributable to LHC Group as net income attributable to LHC Group adjusted for the AFAM acquisition and other closure costs. We define adjusted net income attributable to LHC Group per diluted share as net income attributable to LHC Group adjusted for the AFAM acquisition and other closure costs divided by weighted average diluted shares outstanding.

Adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). Adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share are not measures of our financial performance under GAAP and should not be considered as alternatives to net income attributable to LHC Group, net income attributable to LHC Group per diluted share or any other performance measures derived in accordance with GAAP. Our measurements of adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share may not be comparable to similarly titled measures of other companies. We have included information concerning adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share in this press release because we believe that such information is used by certain investors as measures of a company’s historical performance. We believe these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of issuers of equity securities, many of which present adjusted net income and adjusted net income per diluted share when reporting their results. Our presentation of adjusted net income attributable to LHC Group and adjusted net income attributable to LHC Group per diluted share should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

   
Contact: Eric Elliott
  Senior Vice President of Finance
  (337) 233-1307
  [email protected]
   

LHC Group

Source: LHC Group