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):  May 2, 2018

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, including Zip Code)

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

420 West Pinhook Rd., Suite A
Lafayette, LA 70503

(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))

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 May 2, 2018, the Company issued a press release announcing its financial results for the first quarter ended March 31, 2018.  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 9.01 Financial Statements and Exhibits.

(d)       Exhibits

The following exhibit is furnished with this Current Report on Form 8-K:

EXHIBIT NO.   DESCRIPTION
 

99.1

Press Release, dated May 2, 2018, announcing the Company’s financial results for the first quarter ended March 31, 2018.


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.


LHC GROUP, INC.

 

 

 

 

By:

/s/ Joshua L. Proffitt

Joshua L. Proffitt

Executive Vice President, Chief

Financial Officer and Treasurer

 
 

Dated:

May 2, 2018


INDEX TO EXHIBITS

EXHIBIT NO.   DESCRIPTION
 

99.1

Press Release, dated May 2, 2018, announcing the Company’s financial results for the first quarter ended March 31, 2018.

Exhibit 99.1

LHC Group Announces First Quarter 2018 Financial Results

Reports Diluted EPS of $0.28 and Adjusted Diluted EPS of $0.63

Affirms 2018 Guidance and Expected Double-Digit Accretion from Merger with Almost Family

LAFAYETTE, La.--(BUSINESS WIRE)--May 2, 2018--LHC Group, Inc. (NASDAQ: LHCG) announced its financial results for the three months ended March 31, 2018.

Financial Results for the First Quarter of 2018

(1) See “Reconciliation of Revenue After Adoption of ASU 2014-09” on page 9.
(2) See “Reconciliation of Non-GAAP Measures – Adjusted net income attributable to LHC Group” to GAAP results on page 9.


Operational and Strategic Highlights

Commenting on the results, Keith G. Myers, LHC Group’s chairman and Chief Executive Officer, said, “As the partner of choice for leading health systems and hospitals across the country, we are proud to continue our record of outstanding quality measures as we fulfill the critical needs of our communities and partners for in-home healthcare. The attention to detail we bring daily in a clinical setting is evident in our quality scores as well as the preparation and diligence we have demonstrated with the ongoing integration of over 780 locations across the country. We have only begun to tap into the true potential of a much larger national in-home healthcare platform, and I am confident we will continue to see much more in the way of execution, service delivery, the capturing of synergies and the scaling of relationships with our provider partners.”


Mr. Myers concluded, “Our acquisition and joint venture pipeline remains robust. Based on the early success with the Almost Family integration and the ability to seamlessly integrate other acquisitions, we remain laser-focused on M&A as a key component of our overall growth strategy. The value proposition enhanced by a full spectrum of post-acute care is an important differentiator we can offer prospective partners. We also expect to generate additional organic growth and expanded capabilities through co-locating our service lines in markets we serve and capitalizing on the relatively untapped potential of our healthcare innovations segment.”

Almost Family Merger

The merger of LHC Group and Almost Family was effective on April 1, 2018. Each share of Almost Family common stock was automatically converted into the right to receive 0.9150 of a share of LHC Group common stock, resulting in approximately 31.2 million total shares of common stock outstanding for the combined company. Over the course of the next 12 to 18 months, the approximately 30,000 employees of LHC Group will be integrated into one “house of brands” with a shared culture based on an aligned vision, collaboration and commitment to quality local healthcare.

Fiscal Year 2018 Guidance

The Company re-affirmed its guidance for fiscal year 2018 previously issued on April 2, 2018 in conjunction with completion of the merger and inclusion of Almost Family’s financial results for the final three quarters of 2018. The guidance now includes the recent adoption of ASU 2014-09 regarding revenue recognition, which has an impact of approximately $22 million to $30 million on previously projected net service revenues but no effect on earnings per share. Net service revenue is expected to be in a range of $1.81 billion to $1.86 billion, and adjusted earnings per diluted share is expected to be in a range of $3.45 to $3.55. The guidance assumes the following:

(1) The Company expects to achieve a total of $25 million in pre-tax synergies with $8 million to $12 million realized in 2018;
(2) An estimated effective tax rate of 28% to 29%, which reflects the positive impact from passage of the Tax Cuts and Jobs Act of 2017; and
(3) Weighted average diluted shares of approximately 28.0 million.

Commenting on the 2018 outlook, Joshua L. Proffitt, LHC Group’s Chief Financial Officer, added, “Our strong start to the year, with solid organic growth and 19% adjusted earnings growth, is a direct result of a company-wide commitment to delivering the highest quality service to our patients, families and communities we are privileged to serve. We are squarely on pace to achieve the accelerated growth projected for 2018 and the double-digit accretion from our merger with Almost Family.”

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, or future legal expenses, if necessary. The adjusted earnings guidance for 2018 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 merger or other acquisitions. Given the difficulty in predicting the future amount and timing of merger related expenses, the Company cannot reasonably provide a full reconciliation of its fiscal year 2018 adjusted earnings per share guidance to GAAP earnings per share.

Conference Call

LHC Group will host a conference call on Thursday, May 3, 2018, at 11:00 a.m. Eastern time to discuss its first quarter 2018 results. The toll-free number to call for this interactive teleconference is (866) 393-1608 (international callers should call (973) 890-8327). A telephonic replay of the conference call will be available through midnight on May 10, 2018, by dialing (855) 859-2056 (international callers should call (404) 537-3406) and entering confirmation number 8398673.

A live broadcast 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 an 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 approximately 30,000 employees deliver home health, hospice, personal care services, and facility-based services from more than 780 locations in communities in 37 states. Through its healthcare innovations business, LHC Group drives increased utilization of home healthcare and enhances patient and caregiver engagement. LHC Group is the preferred in-home healthcare partner for 76 health systems, consisting of 336 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 2018 revenue and earnings guidance, statements about the benefits of the merger, 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 merger, 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; the risk that costs associated with the integration of the businesses are higher than anticipated; and litigation risks related to the transaction. 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)

 
        Mar. 31,

2018

    Dec. 31,

2017

(Unaudited)
ASSETS
Current assets:
Cash $ 9,345 $ 2,849
Receivables:
Patient accounts receivable 168,079 161,898
Other receivables 4,377 3,163
Amounts due from governmental entities   830     830  

Total receivables

173,286 165,891
Prepaid income taxes 4,548 7,006
Prepaid expenses 12,868 13,042
Other current assets   8,302     12,177  
Total current assets 208,349 200,965
Property, building and equipment, net of accumulated depreciation of $46,195 and $43,565, respectively 46,249 46,453
Goodwill 396,642 392,601
Intangible assets, net of accumulated amortization of $13,482 and $13,041, respectively 134,842 134,610
Other assets   19,241     19,073  
Total assets $ 805,323   $ 793,702  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and other accrued liabilities $ 51,803 $ 39,750
Salaries, wages, and benefits payable 56,497 44,747
Self-insurance reserve 13,598 12,450
Current portion of long-term debt 222 286
Amounts due to governmental entities   4,008     5,019  
Total current liabilities 126,128 102,252
Deferred income taxes 25,540 27,466
Revolving credit facility   125,000     144,000  
Total liabilities 276,668 273,718
Noncontrolling interest – redeemable 13,888 13,393
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; 40,000,000 shares authorized; 22,820,431 and 22,640,046 shares issued in 2018 and 2017, respectively 228 226
Treasury stock – 4,947,276 and 4,890,504 shares at cost, respectively (45,716 ) (42,249 )
Additional paid-in capital 126,348 126,490
Retained earnings   369,396     364,401  
Total LHC Group, Inc. stockholders’ equity 450,256 448,868
Noncontrolling interest – non-redeemable   64,511     57,723  
Total equity   514,767     506,591  
Total liabilities and equity $ 805,323   $ 793,702  

 
 
 
 

LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except share and per share data)
(Unaudited)

 
        Three Months Ended

March 31,

2018     2017
 
Net service revenue $ 291,054 $ 244,249
Cost of service revenue   188,618     154,370  
Gross margin 102,436 89,879
General and administrative expenses   92,031     72,011  
Operating income 10,405 17,868
Interest expense   (1,450 )   (780 )
Income before income taxes and

noncontrolling interest

8,955 17,088
Income tax expense   977     5,173  
Net income 7,978 11,915

Less net income attributable to noncontrolling interests

  2,983     2,448  
Net income attributable to LHC Group, Inc.’s common stockholders $ 4,995   $ 9,467  
 
Earnings per share attributable to LHC Group, Inc.’s common stockholders:
Basic $ 0.28   $ 0.54  
Diluted $ 0.28   $ 0.53  
 
Weighted average shares outstanding:
Basic 17,789,863 17,643,463
Diluted 18,039,345 17,817,880

 
 
 
 

LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)

 
        Three Months Ended

March 31,

2018     2017
 
Operating activities:
Net income $ 7,978 $ 11,915
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense 3,293 3,190
Stock-based compensation expense 1,601 1,581
Deferred income taxes (1,926 ) 475
(Loss) gain on disposal of assets (187 ) 152
Changes in operating assets and liabilities, net of acquisitions:
Receivables (7,111 ) 2,028
Prepaid expenses and other assets 3,881 (2,413 )
Prepaid income taxes 2,458
Accounts payable and accrued expenses 24,859 18,524
Income taxes payable 164
Net amounts due to/from governmental entities   (1,011 )   (985 )
Net cash provided by operating activities 33,835 34,631
 
Investing activities:
Advanced payments on acquisitions (4,487 )
Purchases of property, building and equipment (2,551 ) (2,523 )
Cash paid for acquisitions, primarily goodwill and intangible assets   (2,770 )   (449 )
Net cash used in investing activities (5,321 ) (7,459 )
 
Financing activities:
Proceeds from line of credit 13,000 5,000
Payments on line of credit (32,000 ) (14,000 )
Proceeds from employee stock purchase plan 332 256
Payments on debt (64 ) (65 )
Noncontrolling interest distributions (3,086 ) (2,391 )
Withholding taxes paid on stock-based compensation (3,467 ) (2,569 )
Purchase of additional controlling interest (55 )
Sale of noncontrolling interest   3,322     114  
Net cash (used in) provided by financing activities   (22,018 )   (13,655 )
Change in cash 6,496 13,517
Cash at beginning of period   2,849     3,264  
Cash at end of period $ 9,345   $ 16,781  
 
Supplemental disclosures of cash flow information:
Interest paid $ 1,397   $ 721  
Income taxes paid $ 792   $ 4,580  

 
 
 
 

LHC GROUP, INC. AND SUBSIDIARIES
SEGMENT INFORMATION
(Amounts in thousands)
(Unaudited)

 
        Three Months Ended March 31, 2018

Home

Health

Services

   

Hospice

Services

   

Community-

Based

Services

   

Facility-

Based

Services

    Total
Net service revenue $ 204,187 $ 42,626 $ 14,091 $ 30,150 $ 291,054
Cost of service revenue 130,161 28,018 10,790 19,649 188,618
General and administrative expenses   66,289     13,298     3,298     9,146     92,031  
Operating income 7,737 1,310 3 1,355 10,405
Interest expense   (1,088 )   (218 )   (72 )   (72 )   (1,450 )
Income (loss) before income taxes and noncontrolling interest 6,649 1,092 (69 ) 1,283 8,955
Income tax expense (benefit)   722     111     (15 )   159     977  
Net income (loss) 5,927 981 (54 ) 1,124 7,978
Less net income attributable to noncontrolling interests   2,236     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  
 
 
 
Three Months Ended March 31, 2017
 

Home

Health

Services

Hospice

Services

Community-

Based

Services

Facility-

Based

Services

Total
Net service revenue $ 180,658 $ 35,948 $ 10,541 $ 17,102 $ 244,249
Cost of service revenue 112,086 23,273 7,948 11,063 154,370
General and administrative expenses   53,922     10,406     2,311     5,372     72,011  
Operating income 14,650 2,269 282 667 17,868
Interest expense   (585 )   (117 )   (39 )   (39 )   (780 )
Income from continuing operations before income taxes and noncontrolling interest 14,065 2,152 243 628 17,088
Income tax expense   4,253     659     83     178     5,173  
Net income 9,812 1,493 160 450 11,915
Less net income attributable to noncontrolling interests   2,028     286     8     126     2,448  

Net income attributable to LHC Group, Inc.’s common stockholders

$ 7,784   $ 1,207   $ 152   $ 324   $ 9,467  
Total assets $ 447,807   $ 126,068   $ 32,961   $ 35,889   $ 642,725  

 
 
 
 

LHC GROUP, INC. AND SUBSIDIARIES
SELECT CONSOLIDATED KEY STATISTICAL AND FINANCIAL DATA
(Unaudited)

 
    Three Months Ended

March 31,

2018   2017
Key Data:
Home-Health Services:

Home Health

Locations 319 305
Acquired 1 22
De novo
Divested/Consolidated (1 )
Total new admissions 53,123 47,285
Medicare new admissions 33,028 29,819
Average daily census 45,156 41,650
Average Medicare daily census 30,362 29,057
Medicare completed and billed episodes 54,320 51,761
Average Medicare case mix for completed and billed Medicare episodes 1.09 1.07
Average reimbursement per completed and billed Medicare episodes $ 2,852 $ 2,722
Total visits 1,495,118 1,360,088
Total Medicare visits 1,009,425 950,303
Average visits per completed and billed Medicare episodes 18.0 17.2
Organic growth:(1)
Net revenue 9.0 % 8.0 %
Net Medicare revenue 4.8 % 4.7 %
Total new admissions 6.7 % 11.7 %
Medicare new admissions 4.3 % 7.5 %
Average daily census 3.4 % 4.0 %
Average Medicare daily census -0.6 % -1.1 %
Medicare completed and billed episodes -0.2 % 1.5 %
 
Community-Based Services:
Locations 16 11
Acquired
De novo 4
Divested/Consolidated
Average daily census 2,102 1,678
Billable hours 478,952 371,673
Revenue per billable hour $ 29.87 $ 29.10
 
Hospice-Based Services:
Locations 91 73
Acquired 8
De novo
Divested/Consolidated
Admissions 4,054 3,052
Average daily census 3,136 2,821
Patient days 282,220 253,918
Average revenue per patient day $ 154 $ 144
 
Facility-Based Services:

Long-term Acute Care

Locations 14 8
Acquired
Patient days 22,560 13,732
Average revenue per patient day $ 1,248 $ 1,087
Occupancy rate 77.6 % 81.2 %
 

(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,

2018   2017
Net Service Revenue, pre-adoption $ 295,980 $ 246,618
Less: Implicit price concession(1)   4,926   2,369
Net Service Revenue, post-adoption $ 291,054 $ 244,249
 
 
 

RECONCILIATION OF ADJUSTED NET INCOME
ATTRIBUTABLE TO LHC GROUP, INC.
(Amounts in thousands, Unaudited)

 

Three Months Ended

March 31,

2018 2017
Net income attributable to LHC Group, Inc.’s common stockholders $ 4,995 $ 9,467
Add (net of tax):
AFAM merger/acquisition expenses(2)   6,311

Adjusted net income attributable to LHC Group, Inc.’s common stockholders

$ 11,306 $ 9,467
 
 
 

RECONCILIATION OF ADJUSTED NET INCOME
ATTRIBUTABLE TO LHC GROUP, INC. PER DILUTED SHARE
(Unaudited)

 

Three Months Ended

March 31,

2018 2017
Net income attributable to LHC Group, Inc.’s common stockholders $ 0.28 $ 0.53
Add (net of tax):
AFAM merger/acquisition expenses(2)   0.35

Adjusted net income attributable to LHC Group, Inc.’s common stockholders

$ 0.63 $ 0.53
 

(1) All amounts previously classified as provision for bad debts are now classified as implicit price concessions in determining the transaction price of the Company's net service revenue.

 

(2) Expenses associated with the merger between LHC Group and Almost Family and other prior acquisitions and joint ventures.

 

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 merger/acquisition costs. We define adjusted net income attributable to LHC Group per diluted share as net income attributable to LHC Group adjusted for the AFAM merger/acquisition 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:
LHC Group, Inc.
Eric Elliott, 337-233-1307
Senior Vice President of Finance
eric.elliott@lhcgroup.com