Addus HomeCare Announces Third Quarter 2024 Financial Results
Addus HomeCare reported strong Q3 2024 financial results with net service revenues increasing 7.0% to $289.8 million. Net income reached $20.2 million ($1.10 per diluted share), while adjusted EBITDA grew 11.1% to $34.3 million. The company's personal care segment, representing 74.3% of revenues, achieved 6.8% organic growth. Cash flow from operations was $48.5 million, and the company maintained strong liquidity with $222.9 million in cash. Addus announced plans to acquire Gentiva's personal care operations, expanding their service area to seven new states.
Addus HomeCare ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi netti da servizi che sono aumentati del 7,0%, raggiungendo i 289,8 milioni di dollari. L'utile netto ha toccato i 20,2 milioni di dollari (1,10 dollari per azione diluita), mentre l'EBITDA rettificato è cresciuto dell'11,1%, raggiungendo i 34,3 milioni di dollari. Il segmento di cura personale dell'azienda, che rappresenta il 74,3% dei ricavi, ha registrato una crescita organica del 6,8%. Il flusso di cassa dalle operazioni è stato di 48,5 milioni di dollari e l'azienda ha mantenuto una forte liquidità con 222,9 milioni di dollari in contante. Addus ha annunciato piani per acquisire le operazioni di cura personale di Gentiva, espandendo la propria area di servizio a sette nuovi stati.
Addus HomeCare reportó sólidos resultados financieros en el tercer trimestre de 2024, con ingresos netos por servicios que aumentaron un 7,0% hasta alcanzar los 289,8 millones de dólares. La renta neta alcanzó los 20,2 millones de dólares (1,10 dólares por acción diluida), mientras que el EBITDA ajustado creció un 11,1% hasta 34,3 millones de dólares. El segmento de cuidado personal de la empresa, que representa el 74,3% de los ingresos, logró un crecimiento orgánico del 6,8%. El flujo de caja de las operaciones fue de 48,5 millones de dólares, y la compañía mantuvo una sólida liquidez con 222,9 millones de dólares en efectivo. Addus anunció planes para adquirir las operaciones de cuidado personal de Gentiva, ampliando su área de servicio a siete nuevos estados.
Addus HomeCare는 2024년 3분기 재무 결과가 우수하다고 보고했으며, 서비스 수익이 7.0% 증가하여 2억 8980만 달러에 도달했습니다. 순이익은 2020만 달러(희석 주당 1.10달러)에 이르렀으며, 조정 EBITDA는 11.1% 성장하여 3430만 달러에 달했습니다. 회사의 개인 돌봄 부문은 수익의 74.3%를 차지하며, 6.8%의 유기적 성장을 달성했습니다. 운영에서의 현금 흐름은 4850만 달러였으며, 회사는 2억 2290만 달러의 현금을 보유하여 강력한 유동성을 유지했습니다. Addus는 Gentiva의 개인 돌봄 운영을 인수할 계획을 발표하여 서비스 공간을 7개의 새로운 주로 확대했습니다.
Addus HomeCare a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec des revenus nets de services en hausse de 7,0 %, atteignant 289,8 millions de dollars. Le revenu net a atteint 20,2 millions de dollars (1,10 dollar par action diluée), tandis que l'EBITDA ajusté a augmenté de 11,1 %, pour un total de 34,3 millions de dollars. Le segment de soins personnels de l'entreprise, représentant 74,3 % des revenus, a enregistré une croissance organique de 6,8 %. Le flux de trésorerie provenant des opérations s'élevait à 48,5 millions de dollars, et l'entreprise a maintenu une solide liquidité avec 222,9 millions de dollars en espèces. Addus a annoncé des plans pour acquérir les opérations de soins personnels de Gentiva, élargissant ainsi son espace de service à sept nouveaux États.
Addus HomeCare berichtete über starke finanzielle Ergebnisse im 3. Quartal 2024, mit einem Anstieg der Netto-Service-Einnahmen um 7,0 % auf 289,8 Millionen Dollar. Der Nettogewinn erreichte 20,2 Millionen Dollar (1,10 Dollar pro verwässerter Aktie), während das adjustierte EBITDA um 11,1 % auf 34,3 Millionen Dollar anwuchs. Der persönliche Pflegesektor des Unternehmens, der 74,3 % der Einnahmen ausmacht, verzeichnete ein organisches Wachstum von 6,8 %. Der Cashflow aus der Betriebstätigkeit betrug 48,5 Millionen Dollar, und das Unternehmen wies eine starke Liquidität von 222,9 Millionen Dollar in Barvermögen auf. Addus kündigte Pläne an, die persönlichen Pflegeoperationen von Gentiva zu übernehmen und somit ihr Servicegebiet auf sieben neue Bundesstaaten auszudehnen.
- Net service revenues increased 7.0% YoY to $289.8 million
- Net income grew 31.2% YoY to $20.2 million
- Adjusted EBITDA increased 11.1% to $34.3 million
- Personal care segment achieved 6.8% organic growth
- Strong cash position of $222.9 million
- Hospice revenues up 3.5% on same-store basis
- Share dilution due to public offering of 1,725,000 shares in June 2024
Insights
The Q3 2024 results demonstrate robust financial performance with
The company's balance sheet remains solid with
The strategic focus on personal care services, comprising
The steady improvement in hospice business with
Third Quarter 2024 Highlights:
-
Net Service Revenues Increase
7.0% to$289.8 Million -
Net Income of
, or$20.2 Million per Diluted Share$1.10 -
Adjusted Net Income per Diluted Share Increases
13.0% to$1.30 -
Adjusted EBITDA Increases
11.1% to$34.3 Million -
Cash Flow from Operations of
$48.5 Million
Overview
Net service revenues were
For the first nine months of 2024, net service revenues increased
Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Addus delivered another strong financial and operating performance for the third quarter of 2024, highlighted by
“Our personal care business continued to perform well, accounting for
“On the clinical side, our results included the operations of Tennessee Quality Care, a provider of home health, hospice, and private duty nursing services, acquired by Addus on August 1, 2023. We continued to see steady improvement in our hospice business with revenues up
Cash and Liquidity
As of September 30, 2024, the Company had cash of
Looking Ahead
Allison added, “We will continue to maintain a conservative balance sheet and pursue a capital allocation strategy that brings additional value to our shareholders. Acquisitions represent a significant use of capital for Addus, and we will continue to target operations that are aligned with our overall growth strategy to add clinical services where we have a strong personal care presence. We will also seek opportunities to add operations in select personal care markets where we can enter at scale. In line with this strategy, during the second quarter, we announced a definitive agreement to acquire the personal care operations of Gentiva. These operations deliver personal care services to over 16,000 patients per day in a seven-state service area, including
“As we continue to expand our operations, we are proud of the leadership role we are playing in meeting the critical need for home-based care. We commend the work of our dedicated caregivers across our operations who make this possible for more patients and their families. We are excited about the opportunities ahead to build on our momentum, and we look forward to another successful year for Addus in 2024,” added Allison.
Non-GAAP Financial Measures
The information provided in this release includes adjusted net income, adjusted EBITDA, and adjusted net income per diluted share, which are non-GAAP financial measures. The Company defines adjusted net income as net income before gain or loss on sale of assets, impact of retroactive
Conference Call
Addus will host a conference call on Tuesday, November 5, 2024, at 9:00 a.m. Eastern time. To access the live call, dial (833) 629-0620 (international dial-in number is (412) 317-1805) and ask to join the Addus HomeCare earnings call. A telephonic replay of the conference call will be available through midnight on November 12, 2024, by dialing (877) 344-7529 (international dial-in number is (412) 317-0088) and entering pass code 4366280.
A live broadcast of Addus HomeCare’s conference call will be available under the Investor Relations section of the Company’s website: www.addus.com. An online replay will also be available on the Company’s website for one month, beginning approximately two hours following the conclusion of the live broadcast.
Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “preliminary,” “continue,” “expect,” and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including discretionary determinations by government officials, the consummation and integration of acquisitions, transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare’s relationships with referral sources, increased competition for Addus HomeCare’s services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize, any security breaches, cyber-attacks, loss of data or cybersecurity threats or incidents, and other risks set forth in the Risk Factors section in Addus HomeCare’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2024, which is available at www.sec.gov. The financial information described herein and the periods to which they relate are preliminary estimates that are subject to change and finalization. There is no assurance that the final amounts and adjustments will not differ materially from the amounts described above, or that additional adjustments will not be identified, the impact of which may be material. Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties, and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized. (Unaudited tables and notes follow).
About Addus HomeCare
Addus HomeCare is a provider of home care services that primarily include personal care services that assist with activities of daily living, as well as hospice and home health services. Addus HomeCare’s consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus HomeCare’s payor clients include federal, state, and local governmental agencies, managed care organizations, commercial insurers, and private individuals. Addus HomeCare currently provides home care services to over 48,500 consumers through 214 locations across 22 states. For more information, please visit www.addus.com.
ADDUS HOMECARE CORPORATION AND SUBSIDIARIES |
|||||||||||||||
Condensed Consolidated Statements of Income |
|||||||||||||||
(amounts and shares in thousands, except per share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
Income Statement Information: |
For the Three Months
|
|
For the Nine Months
|
||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Net service revenues | $ |
289,787 |
|
$ |
270,721 |
|
$ |
857,455 |
|
$ |
782,300 |
|
|||
Cost of service revenues |
|
197,583 |
|
|
183,991 |
|
|
583,916 |
|
|
534,837 |
|
|||
Gross profit |
|
92,204 |
|
|
86,730 |
|
|
273,539 |
|
|
247,463 |
|
|||
|
31.8 |
% |
|
32.0 |
% |
|
31.9 |
% |
|
31.6 |
% |
||||
General and administrative expenses |
|
62,805 |
|
|
60,271 |
|
|
187,444 |
|
|
174,028 |
|
|||
Depreciation and amortization |
|
3,446 |
|
|
3,620 |
|
|
10,316 |
|
|
10,449 |
|
|||
Total operating expenses |
|
66,251 |
|
|
63,891 |
|
|
197,760 |
|
|
184,477 |
|
|||
Operating income |
|
25,953 |
|
|
22,839 |
|
|
75,779 |
|
|
62,986 |
|
|||
Total interest expense, net |
|
(1,335 |
) |
|
2,619 |
|
|
2,640 |
|
|
7,014 |
|
|||
Income before income taxes |
|
27,288 |
|
|
20,220 |
|
|
73,139 |
|
|
55,972 |
|
|||
Income tax expense |
|
7,125 |
|
|
4,809 |
|
|
19,067 |
|
|
13,034 |
|
|||
Net income | $ |
20,163 |
|
$ |
15,411 |
|
$ |
54,072 |
|
$ |
42,938 |
|
|||
Net income per diluted share: | $ |
1.10 |
|
$ |
0.95 |
|
$ |
3.17 |
|
$ |
2.63 |
|
|||
Weighted average number of common shares outstanding: | |||||||||||||||
Diluted |
|
18,255 |
|
|
16,286 |
|
|
17,065 |
|
|
16,307 |
|
|||
Cash Flow Information: |
For the Three Months
|
|
For the Nine Months
|
||||||||||||
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Net cash provided by operating activities | $ |
48,525 |
|
$ |
21,785 |
|
$ |
106,016 |
|
$ |
82,198 |
|
|||
Net cash (used in) investing activities |
|
(1,922 |
) |
|
(111,223 |
) |
|
(124 |
) |
|
(113,934 |
) |
|||
Net cash provided by financing activities |
|
2,944 |
|
|
85,000 |
|
|
52,169 |
|
|
31,525 |
|
|||
Net change in cash |
|
49,547 |
|
|
(4,438 |
) |
|
158,061 |
|
|
(211 |
) |
|||
Cash at the beginning of the period |
|
173,305 |
|
|
84,188 |
|
|
64,791 |
|
|
79,961 |
|
|||
Cash at the end of the period | $ |
222,852 |
|
$ |
79,750 |
|
$ |
222,852 |
|
$ |
79,750 |
|
|||
ADDUS HOMECARE CORPORATION AND SUBSIDIARIES |
|||||
Condensed Consolidated Balance Sheets |
|||||
(Amounts in thousands) |
|||||
(Unaudited) |
|||||
|
|
|
|
||
|
September 30, |
||||
|
2024 |
|
2023 |
||
Assets | |||||
Current assets | |||||
Cash | $ |
222,852 |
$ |
79,750 |
|
Accounts receivable, net |
|
96,600 |
|
121,112 |
|
Prepaid expenses and other current assets |
|
13,362 |
|
10,387 |
|
Total current assets |
|
332,814 |
|
211,249 |
|
Property and equipment, net |
|
23,716 |
|
20,516 |
|
Other assets | |||||
Goodwill |
|
663,614 |
|
662,981 |
|
Intangible assets, net |
|
86,606 |
|
93,799 |
|
Operating lease assets |
|
44,535 |
|
47,183 |
|
Other long-term assets |
|
1,616 |
|
- |
|
Total other assets |
|
796,371 |
|
803,963 |
|
Total assets | $ |
1,152,901 |
$ |
1,035,728 |
|
Liabilities and stockholders' equity | |||||
Current liabilities | |||||
Accounts payable | $ |
27,726 |
$ |
21,375 |
|
Accrued payroll |
|
57,982 |
|
51,774 |
|
Accrued expenses |
|
34,257 |
|
34,952 |
|
Operating lease liabilities - current portion |
|
11,155 |
|
11,434 |
|
Government stimulus advance |
|
13,655 |
|
7,836 |
|
Accrued workers compensation |
|
13,043 |
|
12,268 |
|
Total current liabilities |
|
157,818 |
|
139,639 |
|
Long-term debt, less current portion, net of debt issuance costs |
|
- |
|
163,917 |
|
Long-term lease liability, less current portion |
|
38,608 |
|
41,632 |
|
Other long-term liabilities |
|
8,841 |
|
6,206 |
|
Total long-term liabilities |
|
47,449 |
|
211,755 |
|
Total liabilities |
|
205,267 |
|
351,394 |
|
Total stockholders' equity |
|
947,634 |
|
684,334 |
|
Total liabilities and stockholders' equity | $ |
1,152,901 |
$ |
1,035,728 |
|
ADDUS HOMECARE CORPORATION AND SUBSIDIARIES |
|||||||||||
Net Service Revenue by Segment |
|||||||||||
(Amounts in thousands) |
|||||||||||
(Unaudited) |
|||||||||||
|
|
|
|
|
|
|
|
||||
|
For the Three Months
|
|
For the Nine Months
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Net Service Revenues by Segment | |||||||||||
Personal Care | $ |
215,433 |
$ |
201,882 |
$ |
636,253 |
$ |
590,227 |
|||
Hospice |
|
57,309 |
|
53,121 |
|
169,202 |
|
152,414 |
|||
Home Health |
|
17,045 |
|
15,718 |
|
52,000 |
|
39,659 |
|||
Total Revenue | $ |
289,787 |
$ |
270,721 |
$ |
857,455 |
$ |
782,300 |
|||
ADDUS HOMECARE CORPORATION AND SUBSIDIARIES |
||||||||||||||||
Key Statistical and Financial Data (Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
For the Three Months
|
|
For the Nine Months
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Personal Care | ||||||||||||||||
States served at period end |
|
- |
|
|
- |
|
|
21 |
|
|
21 |
|
||||
Locations at period end |
|
- |
|
|
- |
|
|
153 |
|
|
156 |
|
||||
Average billable census total |
|
37,701 |
|
|
38,590 |
|
|
37,803 |
|
|
38,668 |
|
||||
Billable hours (in thousands) |
|
7,776 |
|
|
7,690 |
|
|
23,098 |
|
|
22,964 |
|
||||
Average billable hours per census per month |
|
68.7 |
|
|
66.3 |
|
|
67.8 |
|
|
65.8 |
|
||||
Billable hours per business day |
|
117,822 |
|
|
118,314 |
|
|
117,849 |
|
|
117,765 |
|
||||
Revenues per billable hour | $ |
27.66 |
|
$ |
26.18 |
|
$ |
27.49 |
|
$ |
25.58 |
|
||||
Organic growth | ||||||||||||||||
- Revenue |
|
6.8 |
% |
|
13.9 |
% |
|
8.4 |
% |
|
12.5 |
|
||||
Hospice | ||||||||||||||||
Locations served at period end |
|
- |
|
|
- |
|
|
38 |
|
|
40 |
|
||||
Admissions |
|
3,105 |
|
|
3,176 |
|
|
9,771 |
|
|
9,576 |
|
||||
Average daily census |
|
3,534 |
|
|
3,453 |
|
|
3,457 |
|
|
3,426 |
|
||||
Average discharge length of stay |
|
96.3 |
|
|
97.5 |
|
|
92.8 |
|
|
93.2 |
|
||||
Patient days |
|
325,160 |
|
|
311,454 |
|
|
947,241 |
|
|
892,507 |
|
||||
Revenue per patient day | $ |
176.25 |
|
$ |
175.19 |
|
$ |
179.43 |
|
$ |
175.23 |
|
||||
Organic growth | ||||||||||||||||
- Revenue |
|
3.5 |
% |
|
3.1 |
% |
|
5.2 |
% |
|
1.5 |
|
||||
- Average daily census |
|
2.1 |
% |
|
(0.9 |
)% |
|
0.8 |
% |
|
0.8 |
|
||||
Home Health | ||||||||||||||||
Locations served at period end |
|
- |
|
|
- |
|
|
23 |
|
|
24 |
|
||||
New Admissions |
|
4,437 |
|
|
4,265 |
|
|
14,257 |
|
|
11,597 |
|
||||
Recertifications |
|
3,353 |
|
|
2,672 |
|
|
9,798 |
|
|
5,816 |
|
||||
Total Volume |
|
7,790 |
|
|
6,937 |
|
|
24,055 |
|
|
17,413 |
|
||||
Visits |
|
104,730 |
|
|
94,637 |
|
|
322,713 |
|
|
240,758 |
|
||||
Organic growth | ||||||||||||||||
- Revenue |
|
(1.7 |
)% |
|
(8.8 |
)% |
|
(5.4 |
)% |
|
(2.5 |
) |
||||
- New admissions |
|
(5.7 |
)% |
|
(18.9 |
)% |
|
(0.3 |
)% |
|
(13.5 |
) |
||||
- Volume |
|
(3.7 |
)% |
|
(14.3 |
)% |
|
(0.4 |
)% |
|
(9.3 |
) |
||||
Percentage of Revenues by Payor: | ||||||||||||||||
Personal Care | ||||||||||||||||
State, local and other governmental programs |
|
54.2 |
% |
|
50.4 |
% |
|
53.0 |
% |
|
50.4 |
|
||||
Managed care organizations |
|
43.3 |
|
|
46.4 |
|
|
44.3 |
|
|
46.2 |
|
||||
Private duty |
|
1.7 |
|
|
2.0 |
|
|
1.8 |
|
|
2.1 |
|
||||
Commercial |
|
0.7 |
|
|
0.8 |
|
|
0.7 |
|
|
0.8 |
|
||||
Other |
|
0.1 |
% |
|
0.4 |
% |
|
0.2 |
% |
|
0.5 |
|
||||
Hospice | ||||||||||||||||
Medicare |
|
91.5 |
% |
|
89.1 |
% |
|
91.1 |
% |
|
90.2 |
|
||||
Commercial |
|
5.0 |
|
|
6.8 |
|
|
5.2 |
|
|
5.8 |
|
||||
Managed care organizations |
|
3.2 |
|
|
3.4 |
|
|
3.3 |
|
|
3.3 |
|
||||
Other |
|
0.3 |
% |
|
0.7 |
% |
|
0.4 |
% |
|
0.7 |
|
||||
Home Health | ||||||||||||||||
Medicare |
|
70.6 |
% |
|
72.1 |
% |
|
69.6 |
% |
|
73.9 |
|
||||
Managed care organizations |
|
24.7 |
|
|
21.9 |
|
|
25.6 |
|
|
20.8 |
|
||||
Commercial |
|
4.5 |
|
|
4.2 |
|
|
4.2 |
|
|
4.3 |
|
||||
Other |
|
0.2 |
% |
|
1.8 |
% |
|
0.6 |
% |
|
1.0 |
|
||||
ADDUS HOMECARE CORPORATION AND SUBSIDIARIES |
||||||||||||||||
Reconciliation of Non-GAAP Financial Measures |
||||||||||||||||
(Amounts in thousands, except per share data) |
||||||||||||||||
(Unaudited) (1) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
For the Three Months
|
|
For the Nine Months
|
|||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
Reconciliation of Adjusted EBITDA to Net Income: (1) | ||||||||||||||||
Net income | $ |
20,163 |
|
$ |
15,411 |
|
$ |
54,072 |
|
$ |
42,938 |
|
||||
Interest expense, net |
|
(1,335 |
) |
|
2,619 |
|
|
2,640 |
|
|
7,014 |
|
||||
(Gain) Loss on sale of assets |
|
(8 |
) |
|
(1 |
) |
|
(13 |
) |
|
(5 |
) |
||||
Income tax expense |
|
7,125 |
|
|
4,809 |
|
|
19,067 |
|
|
13,034 |
|
||||
Depreciation and amortization |
|
3,446 |
|
|
3,620 |
|
|
10,316 |
|
|
10,449 |
|
||||
Impact of retroactive |
|
- |
|
|
- |
|
|
- |
|
|
(868 |
) |
||||
Acquisition expenses |
|
2,072 |
|
|
1,763 |
|
|
7,647 |
|
|
4,792 |
|
||||
Stock-based compensation expense |
|
2,833 |
|
|
2,572 |
|
|
8,307 |
|
|
7,831 |
|
||||
Restructure and other non-recurring costs |
|
- |
|
|
72 |
|
|
- |
|
|
242 |
|
||||
Adjusted EBITDA | $ |
34,296 |
|
$ |
30,865 |
|
$ |
102,036 |
|
$ |
85,427 |
|
||||
Reconciliation of Adjusted Net Income to Net Income: (2) | ||||||||||||||||
Net income | $ |
20,163 |
|
$ |
15,411 |
|
$ |
54,072 |
|
$ |
42,938 |
|
||||
(Gain) Loss on sale of assets |
|
(8 |
) |
|
(1 |
) |
|
(13 |
) |
|
(5 |
) |
||||
Impact of retroactive |
|
- |
|
|
- |
|
|
- |
|
|
(868 |
) |
||||
Acquisition expenses |
|
2,072 |
|
|
1,763 |
|
|
7,647 |
|
|
4,792 |
|
||||
Stock-based compensation expense |
|
2,833 |
|
|
2,572 |
|
|
8,307 |
|
|
7,831 |
|
||||
Restructure and other non-recurring costs |
|
- |
|
|
72 |
|
|
- |
|
|
242 |
|
||||
Tax Effect |
|
(1,280 |
) |
|
(1,048 |
) |
|
(4,156 |
) |
|
(2,793 |
) |
||||
Adjusted Net Income | $ |
23,780 |
|
$ |
18,769 |
|
$ |
65,857 |
|
$ |
52,137 |
|
||||
Reconciliation of Net Income per Diluted Share to Adjusted Net Income per Diluted Share: (3) | ||||||||||||||||
Net income per diluted share | $ |
1.10 |
|
$ |
0.95 |
|
$ |
3.17 |
|
$ |
2.63 |
|
||||
Impact of retroactive |
|
- |
|
|
- |
|
|
- |
|
|
(0.04 |
) |
||||
Acquisition expenses per diluted share |
|
0.08 |
|
|
0.08 |
|
|
0.33 |
|
|
0.23 |
|
||||
Restructure and other non-recurring costs per diluted share |
|
- |
|
|
- |
|
|
- |
|
|
0.01 |
|
||||
Stock-based compensation expense per diluted share |
|
0.12 |
|
|
0.12 |
|
|
0.36 |
|
|
0.37 |
|
||||
Adjusted net income per diluted share | $ |
1.30 |
|
$ |
1.15 |
|
$ |
3.86 |
|
$ |
3.20 |
|
||||
Reconciliation of Net Service Revenues to Adjusted Net Service Revenues: (4) | ||||||||||||||||
Net service revenues | $ |
289,787 |
|
$ |
270,721 |
|
$ |
857,455 |
|
$ |
782,300 |
|
||||
Revenues associated with the closure of certain sites |
|
- |
|
|
(259 |
) |
|
- |
|
|
(1,833 |
) |
||||
Adjusted net service revenues | $ |
289,787 |
|
$ |
270,462 |
|
$ |
857,455 |
|
$ |
780,467 |
|
||||
Footnotes | ||||||||||||||||
(1) We define Adjusted EBITDA as earnings before net interest expense, income tax expense, depreciation and amortization, acquisition expenses, stock-based compensation expense, restructure expenses and other non-recurring costs, gain on the sale of assets, and retroactive rate increases from |
||||||||||||||||
(2) We define Adjusted Net Income as net income before acquisition expenses, stock-based compensation expense, restructure and other non-recurring costs, gain on the sale of assets, and retroactive rate increases from |
||||||||||||||||
(3) We define Adjusted diluted earnings per share as earnings per share, adjusted for acquisition expenses, stock-based compensation expense and restructure and other non-recurring costs, gain on the sale of assets, and retroactive rate increases from |
||||||||||||||||
(4) We define Adjusted net service revenues as revenue adjusted for the closure of certain sites. Adjusted net service revenues is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104677875/en/
Brian W. Poff
Executive Vice President, Chief Financial Officer
Addus HomeCare Corporation
(469) 535-8200
investorrelations@addus.com
Dru Anderson
FINN Partners
(615) 324-7346
dru.anderson@finnpartners.com
Source: Addus HomeCare Corporation
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