0001193125-23-266181.txt : 20231030 0001193125-23-266181.hdr.sgml : 20231030 20231030161430 ACCESSION NUMBER: 0001193125-23-266181 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231030 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231030 DATE AS OF CHANGE: 20231030 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: 231360388 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 d503415d8k.htm 8-K 8-K
Addus HomeCare Corp false 0001468328 0001468328 2023-10-30 2023-10-30

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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): October 30, 2023

 

 

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, Texas

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

(469) 535-8200

(Registrant’s telephone number, including area code)

N/A

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

 

 

Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

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 per share   ADUS   The Nasdaq Stock Market, LLC

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 October 30, 2023, 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, 2023. 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 October 30, 2023, the Company issued the Press Release, announcing, among other matters, its results of operations for the fiscal quarter ended September 30, 2023, 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 October 30, 2023.
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
Date: October 30, 2023     By:  

/s/ Brian Poff

      Brian Poff
      Chief Financial Officer
 EX-99.1 2 d503415dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

 

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

ADDUS HOMECARE ANNOUNCES THIRD QUARTER 2023 FINANCIAL RESULTS

Frisco, Texas (October 30, 2023) – 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, 2023.

Third Quarter 2023 Highlights:

 

  •  

Net Service Revenues Grow 12.6% to $270.7 Million

 

  •  

Net Income of $15.4 Million, or $0.95 per Diluted Share

 

  •  

Adjusted Net Income per Diluted Share Increases 22.3% year-over-year to $1.15

 

  •  

Adjusted EBITDA Increases 20.0% year-over-year to $30.9 Million

 

  •  

Cash Flow from Operations of $21.8 Million

Overview

Net service revenues were $270.7 million for the third quarter of 2023, a 12.6% increase compared with $240.5 million for the third quarter of 2022. Net income was $15.4 million for the third quarter of 2023, compared with $11.5 million for the third quarter of 2022, while net income per diluted share was $0.95 compared with $0.71 for the same period a year ago. Adjusted EBITDA increased 20.0% to $30.9 million for the third quarter of 2023 from $25.7 million for the third quarter of 2022. Adjusted net income was $18.8 million for the third quarter of 2023 compared with $15.2 million for the prior-year period, while adjusted net income per diluted share was $1.15 compared with $0.94 for the third quarter of 2022. Adjusted net income per diluted share for the third quarter of 2023 excludes acquisition expenses of $0.08 and stock-based compensation expense of $0.12 (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)

For the first nine months of 2023, net service revenues increased 11.1% to $782.3 million from $704.1 million for the prior-year period. Net income was $42.9 million for the first nine months of 2023 compared with $31.3 million for the same period in 2022, and net income per diluted share was $2.63 compared with $1.94 per diluted share. Adjusted EBITDA increased 16.7% to $85.4 million for the first nine months of 2023 from $73.2 million for the first nine months of 2022. Adjusted net income was $52.1 million for the first nine months of 2023 compared with $42.3 million for the first nine months of 2022, while adjusted net income per diluted share was $3.20 compared with $2.63 for the prior-year period.

Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Our third quarter results reflect the continued strong momentum in our business, highlighted by revenue and adjusted EBITDA growth of 12.6% and 20.0%, respectively, when compared with the third quarter of 2022. In addition to revenues generated by our recent acquisitions, organic growth was driven by continued demand for home-based care, especially for our personal care services, which accounted for 74.6% of our revenues. We are also pleased that the overall labor environment has continued to improve, which has enhanced our ability to support our higher patient volume.

“Our personal care segment has been the key growth driver for Addus this year, as we delivered impressive 13.9% organic growth in revenue on a same-store basis over the third quarter of 2022, the highest quarterly growth rate this year. This growth has benefited from the increased demand we are seeing in our markets along with the two statewide rate increases in our largest personal care state of Illinois.

 

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ADUS Announces Third Quarter 2023 Financial Results

Page 2

October 30, 2023

 

“Our third quarter results included two months of operations of Tennessee Quality Care, a provider of home health, hospice, and private duty nursing services, which we acquired August 1, 2023. We are pleased that the integration process is going well as we expand our coverage capabilities to all three levels of home-based care in Tennessee. We remain excited about the expansion opportunities in our home health operations as it complements our personal care services, especially where we participate in value-based contracting models. For our hospice business, which accounted for 19.6% of revenue for the third quarter, we were encouraged to see more positive trends return with revenues up 3.1% over the third quarter of 2022 on a same-store basis and modest improvement in average daily census and length of stay compared with the same period last year,” said Allison.

Cash and Liquidity

As of September 30, 2023, the Company had cash of $79.8 million and bank debt of $166.4 million, with capacity and availability under its revolving credit facility of $450.0 million and $275.6 million, respectively. Net cash provided by operating activities was $21.8 million for the third quarter of 2023, inclusive of a net $2.1 million in ARPA funds utilization.

Looking Ahead

Allison continued, “While we have continued to expand our business, we also have generated very strong cash flow from operations in 2023. Our leadership team has remained focused on paying down debt and strengthening our balance sheet to ensure we are well-capitalized to make strategic investments in our business. We will continue to pursue acquisitions similar to Tennessee Quality Care and other strategic acquisitions that are accretive to our business and meet our goal of adding valuable clinical assets to our non-clinical operations. Consistent with our historical approach to M&A, we are being selective in identifying and pursuing acquisition opportunities, allowing us to gain more clarity on pending regulatory changes and other market dynamics.

“We are proud of the work we are doing to meet the expanding need for home-based care, which is one of the safest and most cost-effective care delivery models. We recognize that both our past and future success are due to our caregivers who work hard every day to provide outstanding care and support to more patients and families. I am grateful for our dedicated team of caregivers who provide this safe, high-quality care in the preferred home setting.” 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 acquisition expenses, stock-based compensation expenses, and restructure and other non-recurring costs. The Company defines adjusted EBITDA as earnings before interest expense, other non-operating income, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, and restructure and other non-recurring costs. The Company defines adjusted net income per diluted share as net income per share, adjusted for acquisition expenses, stock-based compensation expense, and restructure and other non-recurring costs. 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 net income per share to net income 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 net income 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.

Conference Call

Addus will host a conference call on Tuesday, October 31, 2023, 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 7, 2023, by dialing (877) 344-7529 (international dial-in number is (412) 317-0088) and entering pass code 7533538.

 

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ADUS Announces Third Quarter 2023 Financial Results

Page 3

October 30, 2023

 

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 28, 2023, 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 49,000 consumers through 220 locations across 22 states. For more information, please visit www.addus.com.

 

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ADUS Announces Third Quarter 2023 Financial Results

Page 4

October 30, 2023

 

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,		  
     2023     2022     2023     2022  

Net service revenues

    $ 270,721     $ 240,495     $ 782,300     $ 704,070  

Cost of service revenues

      183,991       165,310       534,837       483,100  
  

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      86,730       75,185       247,463       220,970  
     32.0 %      31.3 %      31.6 %      31.4 % 

General and administrative expenses

      60,271       54,228       174,028       162,476  

Depreciation and amortization

      3,620       3,441       10,449       10,571  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      63,891       57,669       184,477       173,047  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      22,839       17,516       62,986       47,923  

Total interest expense, net

      2,619       2,389       7,014       6,029  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

      20,220       15,127       55,972       41,894  

Income tax expense

      4,809       3,584       13,034       10,631  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 15,411     $ 11,543     $ 42,938     $ 31,263  
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income per diluted share:

    $ 0.95     $ 0.71     $ 2.63     $ 1.94  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average number of common shares outstanding:

         

Diluted

      16,283       16,184       16,304       16,146  

 

Cash Flow Information:    For the Three Months
Ended September 30,		      For the Nine Months
Ended September 30,		  
     2023      2022      2023      2022  

Net cash provided by operating activities

    $ 21,785      $ 18,316      $ 82,198      $ 80,818  

Net cash (used in) investing activities

      (111,223 )       (1,326 )       (113,934 )       (87,354 ) 

Net cash provided by (used in) financing activities

      85,000        (32,263 )       31,525        (56,715 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Net change in cash

      (4,438 )       (15,273 )       (211 )       (63,251 ) 

Cash at the beginning of the period

      84,188        120,917        79,961        168,895  
  

 

 

     

 

 

     

 

 

     

 

 

  

Cash at the end of the period

    $ 79,750      $ 105,644      $ 79,750      $ 105,644  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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ADUS Announces Third Quarter 2023 Financial Results

Page 5

October 30, 2023

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

 

     September 30,  
     2023      2022  

Assets

      

Current assets

      

Cash

    $ 79,750      $  105,644  

Accounts receivable, net

      121,112        126,253  

Prepaid expenses and other current assets

      10,387        8,245  
  

 

 

     

 

 

  

Total current assets

      211,249        240,142  
  

 

 

     

 

 

  

Property and equipment, net

      20,516        17,428  
  

 

 

     

 

 

  

Other assets

      

Goodwill

      662,981        575,205  

Intangible assets, net

      93,799        72,655  

Operating lease assets

      47,183        40,503  
  

 

 

     

 

 

  

Total other assets

      803,963        688,363  
  

 

 

     

 

 

  

Total assets

    $ 1,035,728      $ 945,933  
  

 

 

     

 

 

  

Liabilities and stockholders’ equity

      

Current liabilities

      

Accounts payable

    $ 21,375      $ 19,545  

Accrued payroll

      51,774        35,084  

Accrued expenses

      34,952        28,691  

Operating lease liabilities - current portion

      11,434        10,866  

Government stimulus advance

      7,836        21,158  

Accrued workers compensation

      12,268        12,844  
  

 

 

     

 

 

  

Total current liabilities

      139,639        128,188  

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

      163,917        163,557  

Long-term lease liability, less current portion

      41,632        37,168  

Other long-term liabilities

      6,206        2,183  
  

 

 

     

 

 

  

Total long-term liabilities

      211,755        202,908  
  

 

 

     

 

 

  

Total liabilities

      351,394        331,096  
  

 

 

     

 

 

  

Total stockholders’ equity

      684,334        614,837  
  

 

 

     

 

 

  

Total liabilities and stockholders’ equity

    $  1,035,728      $ 945,933  
  

 

 

     

 

 

  

 

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ADUS Announces Third Quarter 2023 Financial Results

Page 6

October 30, 2023

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Net Service Revenue by Segment

(Amounts in thousands)

(Unaudited)

 

     For the Three Months
Ended September 30,		      For the Nine Months
Ended September 30,		  
     2023      2022      2023      2022  

Net Service Revenues by Segment

            

Personal Care

    $ 201,882      $ 179,180      $ 590,227      $ 523,142  

Hospice

      53,121        51,359        152,414        151,160  

Home Health

      15,718        9,956        39,659        29,768  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Revenue

    $ 270,721      $ 240,495      $ 782,300      $ 704,070  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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ADUS Announces Third Quarter 2023 Financial Results

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October 30, 2023

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Key Statistical and Financial Data (Unaudited)

 

     For the Three Months
Ended September 30,		     For the Nine Months
Ended September 30,		  
     2023     2022     2023     2022  

Personal Care

         

States served at period end

      —        —        21       21  

Locations at period end

      —        —        156       161  

Average billable census - same store (1)

      38,504       37,677       38,575       37,253  

Average billable census - acquisitions

      86       —        93       —   

Average billable census total

      38,590       37,677       38,668       37,253  

Billable hours (in thousands)

      7,690       7,473       22,964       21,947  

Average billable hours per census per month

      66.3       65.9       65.8       65.2  

Billable hours per business day

      118,314       113,229       117,765       112,547  

Revenues per billable hour

    $ 26.18     $ 23.92     $ 25.58     $ 23.71  

Organic growth

         

- Revenue

      13.9 %      7.0 %      12.5 %      3.5 % 

Hospice

         

Locations served at period end

      —        —        40       33  

Admissions

      3,176       3,182       9,576       9,778  

Average daily census (2)

      3,453       3,280       3,426       3,304  

Average discharge length of stay

      97.5       92.7       93.2       86.8  

Patient days

      311,454       301,797       892,507       880,574  

Revenue per patient day

    $ 175.19     $ 170.18     $ 175.23     $ 171.66  

Organic growth

         

- Revenue

      3.1 %      0.1 %      1.5 %      1.6 % 

- Average daily census

      (0.9 )%      2.2 %      0.8 %      5.0 % 

Home Health

         

Locations served at period end

      —        —        24       12  

New Admissions

      4,265       3,684       11,597       10,371  

Recertifications

      2,672       1,482       5,816       42,007  

Total Volume

      6,937       5,166       17,413       14,578  

Visits

      94,637       71,670       240,758       205,335  

Organic growth

         

- Revenue

      (8.8 )%      0.2 %      (2.5 )%      (1.2 )% 

- New admissions

      (18.9 )%      18.6 %      (13.5 )%      15.7 % 

- Volume

      (14.3 )%      15.1 %      (9.3 )%      16.0 % 

Percentage of Revenues by Payor:

         

Personal Care

         

State, local and other governmental programs

      50.4 %      49.4 %      50.4 %      49.4 % 

Managed care organizations

      46.4       46.4       46.2       46.1  

Private duty

      2.0       2.6       2.1       2.6  

Commercial

      0.8       1.0       0.8       1.1  

Other

      0.4 %      0.6 %      0.5 %      0.8 % 

Hospice

         

Medicare

      89.1 %      90.6 %      90.2 %      90.8 % 

Commercial

      6.8       5.4       5.8       5.1  

Managed care organizations

      3.4       3.5       3.3       3.6  

Other

      0.7 %      0.5 %      0.7 %      0.5 % 

Home Health

         

Medicare

      72.1 %      73.5 %      73.9 %      73.0 % 

Managed care organizations

      21.9       20.1       20.8       20.7  

Commercial

      4.2       6.2       4.3       6.1  

Other

      1.8 %      0.2 %      1.0 %      0.2 % 

 

(1)

Exited sites would have reduced same store census for the three and nine months ended September 30, 2022, by 40 and 43, respectively.

(2)

Exited sites would have reduced average daily census for the three and nine months ended September 30, 2022, by 11 and 34, respectively.

 

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ADUS Announces Third Quarter 2023 Financial Results

Page 8

October 30, 2023

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(Amounts in thousands, except per share data)

(Unaudited) (1)

 

     For the Three Months
Ended September 30,		     For the Nine Months
Ended September 30,		  
     2023     2022     2023     2022  

Reconciliation of Adjusted EBITDA to Net Income: (1)

         

Net income

    $ 15,411     $ 11,543     $ 42,938     $ 31,263  

Interest expense, net

      2,619       2,389       7,014       6,029  

(Gain) Loss on sale of assets

      (1 )      (25 )      (5 )      (27 ) 

Income tax expense

      4,809       3,584       13,034       10,631  

Depreciation and amortization

      3,620       3,441       10,449       10,571  

Impact of retroactive New York rate increase

      —        —        (868 )      —   

Acquisition expenses

      1,763       1,878       4,792       6,502  

Stock-based compensation expense

      2,572       2,780       7,831       7,945  

Restructure and other non-recurring costs

      72       132       242       318  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 30,865     $ 25,722     $ 85,427     $ 73,232  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of Adjusted Net Income to Net Income: (2)

         

Net income

    $ 15,411     $ 11,543     $ 42,938     $ 31,263  

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

      (1 )      (18 )      (4 )      (20 ) 

Impact of retroactive New York rate increase, net of tax

      —        —        (666 )      —   

Acquisition expenses, net of tax

      1,344       1,444       3,676       4,852  

Stock-based compensation expense, net of tax

      1,960       2,124       6,007       5,928  

Restructure and other non-recurring costs, net of tax

      55       101       186       237  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Income

    $ 18,769     $ 15,194     $ 52,137     $ 42,260  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of Net Income per Diluted Share to Adjusted Net Income per Diluted Share: (3)

 

    

Net income per diluted share

    $ 0.95     $ 0.71     $ 2.63     $ 1.94  

Impact of retroactive New York rate increase per diluted share

      —        —        (0.04 )      —   

Acquisition expenses per diluted share

      0.08       0.08       0.23       0.30  

Restructure and other non-recurring costs per diluted share

      —        0.01       0.01       0.01  

Stock-based compensation expense per diluted share

      0.12       0.14       0.37       0.38  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted net income per diluted share

    $ 1.15     $ 0.94     $ 3.20     $ 2.63  
  

 

 

    

 

 

    

 

 

    

 

 

  

Reconciliation of Net Service Revenues to Adjusted Net Service Revenues: (4)

 

    

Net service revenues

    $ 270,721     $ 240,495     $ 782,300     $ 704,070  

Revenues associated with the closure of certain sites

      (325 )      (666 )      (1,563 )      (3,134 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted net service revenues

    $ 270,396     $ 239,829     $ 780,737     $ 700,936  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

-MORE-

ADUS Announces Third Quarter 2023 Financial Results

Page 9

October 30, 2023

 

Footnotes:

 

(1)

We define Adjusted EBITDA as earnings before interest expense, other non-operating income, taxes, depreciation, amortization, acquisition expenses, stock-based compensation expense, restructure expenses and other non-recurring costs and loss on the sale of assets and retroactive rate increases from Illinois. 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.

(2)

We define Adjusted Net Income as net income before acquisition expenses, stock-based compensation expense, restructure and other non-recurring costs and gain or loss on the sale of assets and retroactive rate increases from New York. 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.

(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 and loss on the sale of asset and retroactive rate increases from New York. 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.

(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 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
Oct. 30, 2023
Cover [Abstract]  
Entity Registrant Name Addus HomeCare Corp
Amendment Flag false
Entity Central Index Key 0001468328
Document Type 8-K
Document Period End Date Oct. 30, 2023
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 per share
Trading Symbol ADUS
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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