0001193125-21-315447.txt : 20211101 0001193125-21-315447.hdr.sgml : 20211101 20211101162324 ACCESSION NUMBER: 0001193125-21-315447 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20211101 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211101 DATE AS OF CHANGE: 20211101 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Addus HomeCare Corp CENTRAL INDEX KEY: 0001468328 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOME HEALTH CARE SERVICES [8082] IRS NUMBER: 205340172 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34504 FILM NUMBER: 211367487 BUSINESS ADDRESS: STREET 1: 6303 COWBOYS WAY STREET 2: SUITE 600 CITY: FRISCO STATE: TX ZIP: 75034 BUSINESS PHONE: 469-535-8200 MAIL ADDRESS: STREET 1: 6303 COWBOYS WAY STREET 2: SUITE 600 CITY: FRISCO STATE: TX ZIP: 75034 8-K 1 d251646d8k.htm 8-K 8-K
Addus HomeCare Corp false 0001468328 0001468328 2021-11-01 2021-11-01

 

 

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 AND EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): November 1, 2021

 

 

ADDUS HOMECARE CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-34504   20-5340172

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

 

6303 Cowboys Way, Suite 600,

Frisco, TX

   75034
(Address of principal executive offices)   (Zip Code)

(469) 535-8200

(Registrant’s telephone number, including area code)

Not Applicable

(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))

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

 

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange
on which registered

Common Stock, $0.001 par value   ADUS   The Nasdaq Global Market

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

Emerging growth company ☐

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

 

 

 

Item 2.02.

Results of Operations and Financial Condition

On November 1, 2021, Addus HomeCare Corporation (the “Company”) issued a press release (the “Press Release”) announcing, among other matters, the Company’s results of operations for the fiscal quarter ended September 30, 2021. A copy of the Press Release is furnished herewith as Exhibit 99.1 to this report and is incorporated herein by reference.

 

Item 7.01.

Regulation FD Disclosure

On November 1, 2021, the Company issued the Press Release, announcing, among other matters, its results of operations for the fiscal quarter ended September 30, 2021, the text of which is set forth as Exhibit 99.1.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits:

 

Exhibit No.

   

Description

99.1    Press Release of Addus HomeCare Corporation dated November 1, 2021.
104    Cover Page Interactive Data File (embedded within Inline XBRL document).

SIGNATURES

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

 

    ADDUS HOMECARE CORPORATION
Dated: November 1, 2021     By:  

/s/ Brian Poff

    Name:   Brian Poff
    Title:   Chief Financial Officer
 EX-99.1 2 d251646dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

Contacts:   
Brian W. Poff    Dru Anderson
Executive Vice President, Chief Financial Officer    CCI FINN Partners
Addus HomeCare Corporation    (615) 324-7346
(469) 535-8200    dru.anderson@finnpartners.com
investorrelations@addus.com   

ADDUS HOMECARE ANNOUNCES THIRD-QUARTER 2021 FINANCIAL RESULTS

Revenues Grow 11.7% to $216.7 Million

Net Income Increases 27.0% to $11.6 Million, or $0.72 per Diluted Share

Adjusted Earnings per Diluted Share Increases 19.7% to $0.91

Adjusted EBITDA Increases 27.4% to $24.9 Million

Frisco, Texas (November 1, 2021) – Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the third quarter and nine months ended September 30, 2021.

Net service revenues increased 11.7% for the third quarter to $216.7 million from $194.0 million for the third quarter of 2020. Net income increased 27.0% to $11.6 million for the third quarter of 2021 from $9.1 million for the third quarter last year, while net income per diluted share was $0.72 compared with $0.57 for the same period a year ago. Adjusted net income per diluted share was $0.91 for the third quarter of 2021 compared with $0.76 for the third quarter of 2020.

Adjusted net income for the third quarter of 2021 excludes acquisition and de novo expenses of $0.08 and stock-based compensation expense of $0.11. Adjusted EBITDA increased 27.4% to $24.9 million for the third quarter of 2021 from $19.5 million for the third quarter of 2020. (See page 8 for a reconciliation of all non-GAAP and GAAP financial measures in this news release.)

For the first nine months of 2021, net service revenues increased 12.5% to $639.9 million from $568.8 million for the first nine months of 2020. Net income increased 29.9% to $32.1 million for the first nine months of 2021 from $24.7 million for the first nine months of last year, while net income per diluted share increased to $2.00 from $1.55. Adjusted net income per diluted share grew 15.9% to $2.62 for the first nine months of 2021 from $2.26 for the same period in 2020. Adjusted EBITDA increased 25.0% to $69.9 million for the first nine months of 2021 from $56.0 million for the first nine months of 2020.

Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “We had record results in the third quarter with overall revenue growth of 11.7% over the prior-year period and improved profitability. Our personal care service line, which accounted for 78.3% of total revenue, was up 4.0% on a same store basis, which is within our target range of 3-5% organic revenue growth, and we anticipate potential improvement enhanced by upcoming scheduled rate increases. Home health had another strong quarter, up 24.8% over the third quarter last year, reflecting significantly higher volumes. As expected, we are seeing continued improvement in our hospice business with sequential growth in admissions, average daily census, and median length of stay. Overall operating trends were positive, despite pressures related to the surge in the Delta variant of COVID-19 as well as a tightening labor market, which had some effect on our growth in certain markets.”

As of September 30, 2021, the Company had cash of $152.4 million and bank debt of $224.9 million, with capacity and availability under its revolving credit facility of $367.0 million and $123.8 million, respectively. Net cash provided by operating activities was $17.6 million for the third quarter of 2021.

 

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ADUS Announces Third-Quarter 2021 Financial Results

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November 1, 2021

 

On October 1, 2021, the Company completed its acquisition of Summit Home Health, LLC, (“Summit”) based in the Chicago metro area, the Company’s largest market for personal care services. Allison noted, “This acquisition is based on our strategy to add clinical services in geographic markets where we have a strong personal care presence and opportunities in value-based care. With the addition of Summit’s $7.0 million in annualized revenues, we have added $30 million in annualized revenues through acquisitions to date in 2021. We remain focused on pursuing acquisitions that are accretive to our business and complement our organic growth opportunities. Our pipeline remains solid and we have the financial flexibility to pursue additional strategic acquisitions and further strengthen our competitive position.”

Allison continued, “We are pleased with our results to date in 2021 and continue to benefit from a favorable environment for home-based care with strong demand trends and increased government recognition and support through state and federal funding. The pandemic has demonstrated the critical need for safe, quality, patient-centered care in the home, and Addus is well positioned to meet this demand across our operating segments. We have a proven operating model and a dedicated team of frontline caregivers and support staff who share our mission to provide essential home care services to the patients who count on Addus for safe and cost-effective care.”

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 acquisition and de novo expenses, stock-based compensation expense, restructure expenses, and other costs. The Company defines adjusted EBITDA as earnings before interest expense, taxes, depreciation, amortization, acquisition and de novo expenses, stock-based compensation expense, restructure expenses, and other costs. The Company defines adjusted diluted earnings per share as earnings per share, adjusted for acquisition and de novo expenses, stock compensation expense, restructure expenses, and other costs. The Company defined adjusted net income, adjusted EBITDA, adjusted diluted earnings per share to exclude net COVID expenses arising from the pandemic from the second quarter of 2020 to the first quarter of 2021. The Company defines adjusted net service revenues as revenue adjusted for the closure of certain sites. The Company has provided, in the financial statement tables included in this press release, a reconciliation of adjusted net income to net income, a reconciliation of adjusted EBITDA to net income, a reconciliation of adjusted diluted earnings per share to earnings per share, and a reconciliation of adjusted net service revenues to net service revenues, in each case, the most directly comparable GAAP measure. Management believes that adjusted net income, adjusted EBITDA, adjusted diluted earnings per share, and adjusted net service revenues are useful to investors, management and others in evaluating the Company’s operating performance, to provide investors with insight and consistency in the Company’s financial reporting and to present a basis for comparison of the Company’s business operations among periods, and to facilitate comparison with the results of the Company’s peers.

 

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ADUS Announces Third-Quarter 2021 Financial Results

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November 1, 2021

 

Conference Call

Addus will host a conference call on Tuesday, November 2, 2021, at 9:00 a.m. Eastern time. The toll-free dial-in number is (877) 930-8289 (international dial-in number is (253) 336-8714), passcode 6998238. A telephonic replay of the conference call will be available through midnight on November 9, 2021, by dialing (855) 859-2056 (international dial-in number is (404) 537-3406) and entering pass code 6998238.

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, anticipated 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 future impact to our business operations, reimbursements and patient population due to the recent COVID-19 global pandemic, 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 March 1, 2021, 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 approximately 44,500 consumers through 207 locations across 22 states. For more information, please visit www.addus.com.

 

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ADUS Announces Third-Quarter 2021 Financial Results

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November 1, 2021

 

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
Ended September 30,		     For the Nine Months
Ended September 30,		  
     2021     2020     2021     2020  
                          

Net service revenues

    $ 216,662     $ 193,987     $ 639,857     $ 568,779  

Cost of service revenues

      149,616       137,686       442,804       401,646  
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      67,046       56,301       197,053       167,133  
     30.9 %      29.0 %      30.8 %      29.4 % 

General and administrative expenses

      46,280       40,806       139,865       125,189  

(Gain) loss on sale of assets

      —         (73 )      16       281  

Depreciation and amortization

      3,406       3,045       10,594       8,872  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      49,686       43,778       150,475       134,342  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      17,360       12,523       46,578       32,791  

Total interest expense, net

      1,577       593       4,002       1,733  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

      15,783       11,930       42,576       31,058  

Income tax expense

      4,206       2,811       10,508       6,374  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 11,577     $ 9,119     $ 32,068     $ 24,684  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss) per diluted share

    $ 0.72     $ 0.57     $ 2.00     $ 1.55  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average number of common shares outstanding:

         

Diluted

      16,030       15,957       16,060       15,934  

 

Cash Flow Information:    For the Three Months
Ended September 30,		     For the Nine Months
Ended September 30,		  
     2021     2020     2021     2020  
                          

Net cash provided by operating activities

    $ 17,608     $ 22,412     $ 14,287     $ 73,299  

Net cash (used in) investing activities

      (30,505 )      (12,542 )      (32,433 )      (17,507 ) 

Net cash provided by financing activities

      25,876       1,912       25,447       2,825  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net change in cash

      12,979       11,782       7,301       58,617  

Cash at the beginning of the period

      139,400       158,549       145,078       111,714  
  

 

 

    

 

 

    

 

 

    

 

 

  

Cash at the end of the period

    $ 152,379     $ 170,331     $ 152,379     $ 170,331  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

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November 1, 2021

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

 

     September 30,  
     2021      2020  
               
Assets      

Current assets

      

Cash

    $ 152,379      $ 170,331  

Accounts receivable, net

      133,814        118,623  

Prepaid expenses and other current assets

      13,514        10,426  
  

 

 

     

 

 

  

Total current assets

      299,707        299,380  
  

 

 

     

 

 

  

Property and equipment, net

      18,614        19,305  
  

 

 

     

 

 

  

Other assets

      

Goodwill

      497,919        286,552  

Intangible assets, net

      66,332        52,873  

Deferred tax assets, net

      5,919        1,479  

Operating lease assets

      36,424        35,842  
  

 

 

     

 

 

  

Total other assets

      606,594        376,746  
  

 

 

     

 

 

  

Total assets

    $ 924,915      $ 695,431  
  

 

 

     

 

 

  

Liabilities and stockholders’ equity

      

Current liabilities

      

Accounts payable

    $ 23,167      $ 17,270  

Accrued payroll

      31,626        26,315  

Accrued expenses

      35,780        26,254  

Government stimulus advance

      7,674        7,141  

Accrued workers compensation

      14,286        14,668  

Current portion of long-term debt, net of debt issuance costs

      —          2,095  
  

 

 

     

 

 

  

Total current liabilities

      112,533        93,743  

Long-term debt, less current portion, net of debt issuance costs

      220,707        59,561  

Long-term lease liability, less current portion

      33,509        33,977  

Other long-term liabilities

      115        550  
  

 

 

     

 

 

  

Total long-term liabilities

      254,331        94,088  
  

 

 

     

 

 

  

Total liabilities

      366,864        187,831  
  

 

 

     

 

 

  

Total stockholders’ equity

      558,051        507,600  
  

 

 

     

 

 

  

Total liabilities and stockholders’ equity

    $ 924,915      $ 695,431  
  

 

 

     

 

 

  

 

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November 1, 2021

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Net Service Revenues by Segment

(Amounts in thousands)

(Unaudited)

 

     For the Three Months      For the Nine Months  
     Ended September 30,      Ended September 30,  
               
     2021      2020      2021      2020  
               

Net Service Revenues by Segment

            

Personal Care

    $ 169,609      $ 165,916      $ 510,744      $ 482,849  

Hospice

      39,095        23,986        112,098        73,723  

Home Health

      7,958        4,085        17,015        12,207  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Revenue

    $ 216,662      $ 193,987      $ 639,857      $ 568,779  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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ADUS Announces Third-Quarter 2021 Financial Results

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November 1, 2021

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Key Statistical and Financial Data (Unaudited)

 

     For the Three Months     For the Nine Months  
     Ended September 30,     Ended September 30,  
              
     2021     2020     2021     2020  
              

General

         

Personal Care

         

States served at period end

      —         —         22       24  

Locations at period end

      —         —         162       153  

Average billable census - same store

      37,270       38,589       37,534       38,443  

Average billable census - acquisitions (1)

      709       —         732       —    

Average billable census total (2)

      37,979       38,589       38,266       38,443  

Billable hours (in thousands)

      7,537       7,778       22,712       22,825  

Average billable hours per census per month

      65.8       66.9       65.7       65.6  

Billable hours per business day

      114,195       117,841       116,472       116,454  

Revenues per billable hour

    $ 22.47     $ 21.29     $ 22.45     $ 21.11  

Organic growth

         

- Revenue (3)

      4.0 %      4.8 %      6.6 %      8.8 % 

Hospice

         

Locations served at period end

      —         —         34       30  

Admissions

      2,565       1,399       7,211       4,393  

Average daily census

      2,629       1,681       2,523       1,762  

Average discharge length of stay

      95.2       108.6       95.4       103.4  

Patient days

      240,692       154,609       680,600       482,765  

Revenue per patient day

    $ 162.43     $ 155.14     $ 164.71     $ 152.71  

Organic growth

         

- Revenue

      (4.8 )%      (5.6 )%      (7.2 )%      0.0 % 

- Average daily census

      (7.6 )%      (6.2 )%      (24.6 )%      3.9 % 

Home Health

         

Locations served at period end

      —         —         11       10  

New Admissions

      2,608       1,096       4,962       3,186  

Recertifications

      1,081       607       2,476       2,006  

Total Volume

      3,689       1,703       7,438       5,192  

Visits

      55,963       28,073       115,210       91,580  

Organic growth

         

- Revenue

      24.8 %      (8.9 )%      15.9 %      (0.6 )% 

- New Admissions

      27.9 %      42.6 %      23.8 %      23.0 % 

Percentage of Revenues by Payor:

         

Personal Care

         

State, local and other governmental programs

      49.5 %      51.5 %      49.5 %      50.3 % 

Managed care organizations

      45.3       43.2       45.3       44.1  

Private duty

      2.9       3.1       2.9       3.2  

Commercial

      1.4       1.5       1.5       1.5  

Other

      0.9 %      0.7 %      0.8 %      0.9 % 

Hospice

         

Medicare

      92.8 %      93.4 %      93.4 %      92.8 % 

Managed care organizations

      3.9       4.7       3.9       5.0  

Other

      3.3 %      1.9 %      2.7 %      2.2 % 

Home Health

         

Medicare

      80.1 %      78.0 %      80.5 %      79.2 % 

Managed care organizations

      15.3       20.3       16.7       19.0  

Other

      4.6 %      1.7 %      2.8 %      1.8 % 

(1)   The average billable census in acquisitions of 811 and 893 for the three and nine months ended September 30, 2020 was reclassified to average billable census - same stores for comparability purposes. The average billable census for the three and nine months ended September 30, 2021 was prorated for the date of the acquisition.

    

(2)   Exited sites would have reduced same store census for the three and nine months ended September 30, 2020 by 768 and 766, respectively.

    

(3)   Management has suspended materially all of its new patient admissions under the New York consumer self-directed program based on program uncertainty and therefore excludes associated revenues from the calculation.

    

 

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ADUS Announces Third-Quarter 2021 Financial Results

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November 1, 2021

 

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  
     Ended September 30,     Ended September 30,  
              
     2021      2020     2021     2020  
              

Reconciliation of Adjusted EBITDA to Net Income: (2)

          

Net income

    $ 11,577      $ 9,119     $ 32,068     $ 24,684  

Interest expense, net

      1,577        593       4,002       1,733  

(Gain) loss on sale of assets

      —          (73 )      16       281  

Income tax expense

      4,206        2,811       10,508       6,374  

Depreciation and amortization

      3,406        3,045       10,594       8,872  

COVID-19 expense, net

      —          702       (591 )      1,228  

Acquisition and de novo expenses

      1,663        338       5,383       3,883  

Stock-based compensation expense

      2,341        1,462       7,105       3,987  

Restructure expenses and other costs

      103        1,529       857       4,921  
  

 

 

     

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 24,873      $ 19,526     $ 69,942     $ 55,963  
  

 

 

     

 

 

    

 

 

    

 

 

  

Reconciliation of Adjusted Net Income to Net Income: (3)

          

Net income

    $ 11,577      $ 9,119     $ 32,068     $ 24,684  

(Gain) loss on sale of assets, net of tax

      —          (56 )      12       223  

COVID-19 expense, net of tax

      —          537       (479 )      976  

Acquisition and de novo expenses, net of tax

      1,220        258       4,361       3,047  

Stock-based compensation expense, net of tax

      1,716        1,119       5,370       3,153  

Restructuring expenses and other costs, net of tax

      76        1,169       647       3,897  
  

 

 

     

 

 

    

 

 

    

 

 

  

Adjusted Net Income

    $ 14,589        $ 41,979     $ 35,980  
  

 

 

     

 

 

    

 

 

    

 

 

  

Reconciliation of Net Income per Diluted Share to Adjusted Net Income per Diluted Share: (4)

 

    

Net income per diluted share

    $ 0.72      $ 0.57     $ 2.00     $ 1.55  

Loss on sale of assets per diluted share

      —          —         —         0.01  

COVID-19 expense per diluted share

      —          0.02       (0.02 )      0.06  

Acquisition and de novo expenses per diluted share

      0.08        0.02       0.27       0.19  

Restructure expenses and other costs per diluted share

      —          0.08       0.04       0.25  

Stock-based compensation expense per diluted share

      0.11        0.07       0.33       0.20  
  

 

 

     

 

 

    

 

 

    

 

 

  

Adjusted net income per diluted share

    $ 0.91      $ 0.76     $ 2.62     $ 2.26  
  

 

 

     

 

 

    

 

 

    

 

 

  

Reconciliation of Net Service Revenues to Adjusted Net Service Revenues: (5)

 

    

Net service revenues

    $ 216,662      $ 193,987     $ 639,857     $ 568,779  

Revenues associated with the closure of certain sites

      —          (2,369 )      2       (7,133 ) 
  

 

 

     

 

 

    

 

 

    

 

 

  

Adjusted net service revenues

    $ 216,662      $ 191,618     $ 639,859     $ 561,646  
  

 

 

     

 

 

    

 

 

    

 

 

  

 

(1)

The Company defined adjusted net income, adjusted EBITDA, and adjusted diluted earnings per share to exclude net COVID expenses arising from the pandemic from the second quarter of 2020 to the first quarter of 2021.

(2)

We define Adjusted EBITDA as earnings before interest expense, interest income from the state of Illinois, other non-operating income, taxes, depreciation, amortization, acquisition and de novo expenses, stock-based compensation expense, restructure expenses and other costs and loss on the sale of assets associated with Hospice Partners of Kansas. Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(3)

We define Adjusted Net Income as net income before interest income from the state of Illinois, acquisition and de novo expenses, stock-based compensation expense, restructure expenses and other costs and loss on the sale of assets associated with Hospice Partners of Kansas. Adjusted Net Income is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(4)

We define Adjusted diluted earnings per share as earnings per share, adjusted for interest income from the state of Illinois, acquisition and de novo expenses, stock-based compensation expense and restructure expense, and other costs and loss on the sale of assets associated with Hospice Partners of Kansas. Adjusted diluted earnings per share is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(5)

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 the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

 

-END-

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Document and Entity Information
Nov. 01, 2021
Cover [Abstract]  
Entity Registrant Name Addus HomeCare Corp
Amendment Flag false
Entity Central Index Key 0001468328
Document Type 8-K
Document Period End Date Nov. 01, 2021
Entity Incorporation State Country Code DE
Entity File Number 001-34504
Entity Tax Identification Number 20-5340172
Entity Address, Address Line One 6303 Cowboys Way
Entity Address, Address Line Two Suite 600
Entity Address, City or Town Frisco
Entity Address, State or Province TX
Entity Address, Postal Zip Code 75034
City Area Code (469)
Local Phone Number 535-8200
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.001 par value
Trading Symbol ADUS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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