0000019584-19-000013.txt : 20191030 0000019584-19-000013.hdr.sgml : 20191030 20191029204306 ACCESSION NUMBER: 0000019584-19-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20191029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191030 DATE AS OF CHANGE: 20191029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHEMED CORP CENTRAL INDEX KEY: 0000019584 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-HOME HEALTH CARE SERVICES [8082] IRS NUMBER: 310791746 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08351 FILM NUMBER: 191177178 BUSINESS ADDRESS: STREET 1: SUITE 2600 STREET 2: 255 E FIFTH ST CITY: CINCINNATI STATE: OH ZIP: 45202 BUSINESS PHONE: (513)762-6690 MAIL ADDRESS: STREET 1: SUITE 2600 STREET 2: 255 E FIFTH STREET CITY: CINCINNATI STATE: OH ZIP: 45202-4726 FORMER COMPANY: FORMER CONFORMED NAME: ROTO-ROOTER INC DATE OF NAME CHANGE: 20030613 FORMER COMPANY: FORMER CONFORMED NAME: CHEMED CORP DATE OF NAME CHANGE: 19920703 8-K 1 che-20191029x8k.htm 8-K che-20191029x8k
false000001958400000195842019-10-292019-10-29

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):

October 29, 2019

CHEMED CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

     1-8351

  31-0791746

(State or other
‎jurisdiction of
‎incorporation)

(Commission File Number)

(I.R.S. Employer
‎Identification
‎Number)

2600 First Financial Center, 255 East 5th Street, Cincinnati, OH 45202

(Address of principal executive offices)             (Zip Code)

Registrant's telephone number, including area code:

(513) 762-6690

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 (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 Exchange Act (17 CFR 240-14d-2(b))

[_]     Pre-commencement communications pursuant to Rule 13e-4 (c) under Exchange Act (17 CFR 240-13e-4(c))

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

 

Title of each class

 

Trading symbol

Name of each exchange on which

registered

Capital stock $1 par value

CHE

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.  [_]

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.  [_]

Page 1 of 3

Item 2.02 Results of Operations and Financial Condition

On October 29, 2019 Chemed Corporation issued a press release announcing its financial results for the quarter ended September 30, 2019. A copy of the release is furnished herewith as Exhibit 99.

Item 9.01 Financial Statements and Exhibits

d)

Exhibit

 

 

 

 

 

(99) Registrant’s press release dated October 29, 2019

 

 

104 The cover page from this Current Report on Form 8-K formatted in Inline XBRL

Page 2 of 3

SIGNATURES

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

CHEMED CORPORATION

Dated:   October 29, 2019

By:

/s/ Michael D. Witzeman

Michael D. Witzeman

Vice President and Controller

Page 3 of 3

 EX-99 2 che-20191029xex99.htm EX-99 Exhibit 99

Exhibit 99.1

 

Picture 2

CONTACT:  David P. Williams

(513) 762-6901



Chemed Reports Third-Quarter 2019 Results



CINCINNATI, October 29, 2019—Chemed Corporation (Chemed) (NYSE: CHE), which operates VITAS Healthcare Corporation (VITAS), one of the nation’s largest providers of end-of-life care, and Roto-Rooter, the nation’s largest commercial and residential plumbing and drain cleaning services provider, reported financial results for its third quarter ended September 30, 2019, versus the comparable prior-year period, as follows:

Consolidated operating results:

·

Revenue increased 8.2% to $481 million

·

GAAP Diluted Earnings-per-Share (EPS) of $3.56, an increase of 16.3%

·

Adjusted Diluted EPS of $3.46, an increase of 12.7%



VITAS segment operating results:

·

Net Patient Revenue of $322 million, an increase of 6.6%

·

Average Daily Census (ADC) of 19,086, an increase of 6.3%

·

Admissions of 17,131, an increase of 4.4%

·

Net Income, excluding certain discrete items, of $40.4 million, an increase of 10.9%

·

Adjusted EBITDA, excluding Medicare Cap, of $54.3 million, an increase of 6.7%



Roto-Rooter segment operating results:

·

Revenue of $159 million, an increase of 11.6%

·

Net Income, excluding certain discrete items, of $28.8 million, an increase of 16.6%

·

Adjusted EBITDA of $39.8 million, an increase of 17.0%

·

Adjusted EBITDA margin of 25.0%, an increase of 116-basis points



VITAS



VITAS net revenue was $322 million in the third quarter of 2019, which is an increase of 6.6%, when compared to the prior-year period.  This revenue increase is comprised primarily of a geographically weighted average Medicare reimbursement rate increase of approximately 0.5%, a 6.3% increase in days-of-care and a reduction in the Medicare Cap billing limitation that increased revenue 0.2%.  This growth was partially offset by acuity mix shift, fluctuations in net room and board and contractual adjustments, the combination of which negatively impacted revenue growth approximately 0.4%, when compared to the prior-year period.

 

In the third quarter of 2019, VITAS accrued $1.3 million in Medicare Cap billing limitations.  This compares favorably to the prior-year Medicare Cap billing limitation of $2.0 million. At September 30, 2019, VITAS had 30 Medicare provider numbers, three of which have an estimated fiscal 2019 Medicare Cap billing limitation liability of approximately $9.6 million.



Of VITAS’ 30 Medicare provider numbers, 23 provider numbers have a Medicare Cap cushion of 10% or greater, one provider number has a cap cushion between 5% and 10%, three provider numbers have a cap cushion between 0% and 5%, and three provider numbers have a fiscal 2019 Medicare Cap billing limitation.



Average revenue per patient per day in the quarter was $188.02, which is 0.4% above the prior-year period. Reimbursement for routine home care and high acuity care averaged $164.39 and $755.38, respectively.  During the quarter, high acuity days-of-care were 4.0% of total days of care, 7-basis points less than the prior-year quarter.



The third quarter of 2019 gross margin, excluding Medicare Cap, was 23.4%, which is a 9-basis point margin improvement when compared to the third quarter of 2018.



Selling, general and administrative expense was $22.0 million in the third quarter of 2019, which is an increase of 7.7% compared to the prior-year quarter.  Adjusted EBITDA, excluding Medicare Cap, totaled $54.3 million in the quarter, an increase of 6.7%.  Adjusted EBITDA margin, excluding Medicare Cap, was 16.8% in the quarter, which is a 5-basis point margin improvement when compared to the prior-year period.



Roto-Rooter



Roto-Rooter generated quarterly revenue of $159 million for the third quarter of 2019, an increase of $16.5 million, or 11.6%, over the prior-year quarter.  Revenue from the water restoration service segment totaled $25.7 million, an increase of 3.0%, when compared to the prior-year quarter.  Approximately 90% of the water restoration revenue is generated from residential customers and the remaining 10% is generated from commercial accounts.



Commercial drain cleaning revenue increased 16.5%, commercial plumbing and excavation increased 24.9%, and commercial water restoration increased 3.1%.  Overall, commercial revenue increased 19.3%. 



Residential drain cleaning increased 9.8%, plumbing and excavation increased 7.0%, and residential water restoration increased 2.9%.  Aggregate residential sales increased 6.5%.



Roto-Rooter’s gross margin in the quarter was 49.2%, a slight increase when compared to the third quarter of 2018.  Adjusted EBITDA in the third quarter of 2019 totaled $39.8 million, an increase of 17.0%.  The Adjusted EBITDA margin in the quarter was 25.0% which is a 116-basis point margin expansion over the prior year. 

 

Chemed Consolidated



As of September 30, 2019, Chemed had total cash and cash equivalents of $9 million and debt of $130 million. 



In June 2018, Chemed entered into a five-year Amended and Restated Credit Agreement that consists of a $450 million revolving credit facility. The interest rate on this facility has a floating rate that is currently LIBOR plus 100-basis points.  At September 30, 2019, the Company had approximately $282 million of undrawn borrowing capacity under this credit agreement.



The Company did not purchase any shares during the third quarter of 2019.  As of September 30, 2019, there was approximately $125 million of remaining share repurchase authorization under this share repurchase program.



Chemed restarted its share repurchase program in 2007.  Since that time Chemed has repurchased over 14 million shares, aggregating approximately $1.2 billion at an average share cost of $84.76.  Including dividends over this period, Chemed has returned approximately $1.4 billion to shareholders.

Conference Call



Chemed will host a conference call and webcast at 10 a.m., ET, on Wednesday, October 30, 2019, to discuss the Company's quarterly results and to provide an update on its business.  The dial-in number for the conference call is (844) 743-2500 for U.S. and Canadian participants and +1 (661) 378-9533 for international participants.  The Conference ID is 5229315.  A live webcast of the call can be accessed on Chemed's website at www.chemed.com by clicking on Investor Relations Home.



A taped replay of the conference call will be available beginning approximately 24 hours after the call's conclusion.  It can be accessed by dialing (855) 859-2056 for U.S. and Canadian callers and +1 (404) 537-3406 for international callers and will be available for one week following the live call.  The replay Conference ID is 5229315.  An archived webcast will also be available at www.chemed.com.



Chemed Corporation operates in the healthcare field through its VITAS Healthcare Corporation subsidiary.  VITAS provides daily hospice services to approximately 19,000 patients with severe, life-limiting illnesses. This type of care is focused on making the terminally ill patient's final days as comfortable and pain-free as possible.



Chemed operates in the residential and commercial plumbing and drain cleaning industry under the brand name Roto-Rooter. Roto-Rooter provides plumbing, drain cleaning, and water cleanup services through company-owned branches, independent contractors and franchisees in the United States and Canada. Roto-Rooter also has licensed master franchisees in the republics of Indonesia and Singapore, and the Philippines.



This press release contains information about Chemed’s EBITDA, Adjusted EBITDA and Adjusted Diluted EPS, which are not measures derived in accordance with GAAP and which exclude components that are important to understanding Chemed’s financial performance. In reporting its operating results, Chemed provides EBITDA, Adjusted EBITDA and Adjusted Diluted EPS measures to help investors and others evaluate the Company’s operating results, compare its operating performance with that of similar companies that have different capital structures and evaluate its ability to meet its future debt service, capital expenditures and working

 

capital requirements. Chemed’s management similarly uses EBITDA, Adjusted EBITDA and Adjusted Diluted EPS to assist it in evaluating the performance of the Company across fiscal periods and in assessing how its performance compares to its peer companies.  These measures also help Chemed’s management to estimate the resources required to meet Chemed’s future financial obligations and expenditures.  Chemed’s EBITDA, Adjusted EBITDA and Adjusted Diluted EPS should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP. We calculated Adjusted EBITDA Margin by dividing Adjusted EBITDA by service revenue and sales.  A reconciliation of Chemed’s net income to its EBITDA, Adjusted EBITDA and Adjusted Diluted EPS is presented in the tables following the text of this press release.



Forward-Looking Statements



Certain statements contained in this press release and the accompanying tables are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "hope," "anticipate," "plan" and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Chemed does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These statements are based on current expectations and assumptions and involve various risks and uncertainties, which could cause Chemed's actual results to differ from those expressed in such forward-looking statements.



These risks and uncertainties arise from, among other things, possible changes in regulations governing the hospice care or plumbing and drain cleaning industries; periodic changes in reimbursement levels and procedures under Medicare and Medicaid programs; difficulties predicting patient length of stay and estimating potential Medicare reimbursement obligations; challenges inherent in Chemed's growth strategy; the current shortage of  qualified nurses,  other healthcare professionals and  licensed plumbing and drain cleaning technicians; Chemed’s dependence on patient referral sources; and other factors detailed under the caption "Description of  Business by  Segment" or "Risk Factors" in Chemed’s  most recent  report on  form 10-Q  or 10-K and its other filings with the Securities and Exchange Commission.  You are cautioned not to place undue reliance on such forward-looking statements and there are no assurances that the matters contained in such statements will be achieved.





###

 













 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)(unaudited)



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2019

 

2018

 

2019

 

2018

Service revenues and sales

 

 

 480,613 

 

$

 444,151 

 

$

 1,416,231 

 

$

 1,325,140 

Cost of services provided and goods sold

 

 

 328,183 

 

 

 305,312 

 

 

 973,771 

 

 

 915,589 

Selling, general and administrative expenses (aa)

 

 

 76,836 

 

 

 67,177 

 

 

 222,421 

 

 

 204,474 

Depreciation

 

 

 10,147 

 

 

 9,657 

 

 

 29,744 

 

 

 28,642 

Amortization

 

 

 441 

 

 

 35 

 

 

 1,366 

 

 

 96 

Other operating expenses

 

 

 78 

 

 

 257 

 

 

 9,001 

 

 

 88 

Total costs and expenses

 

 

 415,685 

 

 

 382,438 

 

 

 1,236,303 

 

 

 1,148,889 

Income from operations

 

 

 64,928 

 

 

 61,713 

 

 

 179,928 

 

 

 176,251 

Interest expense

 

 

 (1,041)

 

 

 (1,082)

 

 

 (3,402)

 

 

 (3,813)

Other income--net (bb)

 

 

 3,036 

 

 

 2,300 

 

 

 5,488 

 

 

 4,356 

Income before income taxes

 

 

 66,923 

 

 

 62,931 

 

 

 182,014 

 

 

 176,794 

Income taxes

 

 

 (7,976)

 

 

 (11,682)

 

 

 (27,671)

 

 

 (25,578)

Net income

 

$

 58,947 

 

$

 51,249 

 

$

 154,343 

 

$

 151,216 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

 3.69 

 

$

 3.19 

 

$

 9.68 

 

$

 9.41 

Average number of shares outstanding

 

 

 15,970 

 

 

 16,074 

 

 

 15,952 

 

 

 16,070 

Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

 3.56 

 

$

 3.06 

 

$

 9.35 

 

$

 8.98 

Average number of shares outstanding

 

 

 16,555 

 

 

 16,772 

 

 

 16,514 

 

 

 16,830 



 

 

 

 

 

 

 

 

 

 

 

 

(aa)    Selling, general and administrative ("SG&A") expenses comprise (in thousands):



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2019

 

2018

 

2019

 

2018

SG&A expenses before long-term incentive compensation and the impact of market value adjustments related to deferred compensation plans

 

$

 72,273 

 

$

 63,754 

 

$

 212,775 

 

$

 196,271 

Market value adjustments related to deferred compensation trusts

 

 

 2,886 

 

 

 2,189 

 

 

 5,094 

 

 

 3,827 

Long-term incentive compensation

 

 

 1,677 

 

 

 1,234 

 

 

 4,552 

 

 

 4,376 

Total SG&A expenses

 

$

 76,836 

 

$

 67,177 

 

$

 222,421 

 

$

 204,474 



 

 

 

 

 

 

 

 

 

 

 

 

(bb)    Other income--net comprises (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2019

 

2018

 

2019

 

2018

Market value adjustments related to deferred compensation trusts

 

$

 2,886 

 

$

 2,189 

 

$

 5,094 

 

$

 3,827 

Interest income

 

 

 173 

 

 

 111 

 

 

 387 

 

 

 529 

Other

 

 

 (23)

 

 

 -

 

 

 7 

 

 

 -

Total other income--net

 

$

 3,036 

 

$

 2,300 

 

$

 5,488 

 

$

 4,356 





















 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)(unaudited)



 

 

 

 

 

 



 

September 30,



 

2019

 

2018

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

 9,066 

 

$

 67,459 

Accounts receivable less allowances

 

 

 114,480 

 

 

 108,999 

Inventories

 

 

 7,354 

 

 

 5,763 

Prepaid income taxes

 

 

 10,745 

 

 

 6,039 

Prepaid expenses

 

 

 26,150 

 

 

 17,610 

Total current assets

 

 

 167,795 

 

 

 205,870 

Investments of deferred compensation plans held in trust

 

 

 73,714 

 

 

 70,237 

Properties and equipment, at cost less accumulated depreciation

 

 

 172,932 

 

 

 154,434 

Lease right of use asset

 

 

 103,286 

 

 

 -

Identifiable intangible assets less accumulated amortization

 

 

 129,276 

 

 

 56,649 

Goodwill

 

 

 576,600 

 

 

 483,281 

Other assets

 

 

 8,982 

 

 

 8,653 

Total Assets

 

$

 1,232,585 

 

$

 979,124 

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

 44,027 

 

$

 36,977 

Accrued insurance

 

 

 47,726 

 

 

 43,503 

Accrued compensation

 

 

 75,208 

 

 

 70,687 

Accrued legal

 

 

 7,283 

 

 

 1,423 

Short-term lease liability

 

 

 33,761 

 

 

 -

Other current liabilities

 

 

 43,496 

 

 

 27,608 

Total current liabilities

 

 

 251,501 

 

 

 180,198 

Deferred income taxes

 

 

 15,512 

 

 

 15,293 

Long-term debt

 

 

 130,000 

 

 

 130,000 

Deferred compensation liabilities

 

 

 73,335 

 

 

 68,492 

Long-term lease liability

 

 

 82,012 

 

 

 -

Other liabilities

 

 

 7,845 

 

 

 16,988 

Total Liabilities

 

 

 560,205 

 

 

 410,971 

Stockholders' Equity

 

 

 

 

 

 

Capital stock

 

 

 35,738 

 

 

 35,211 

Paid-in capital

 

 

 841,837 

 

 

 755,263 

Retained earnings

 

 

 1,365,303 

 

 

 1,175,949 

Treasury stock, at cost

 

 

 (1,572,844)

 

 

 (1,400,577)

Deferred compensation payable in Company stock

 

 

 2,346 

 

 

 2,307 

Total Stockholders' Equity

 

 

 672,380 

 

 

 568,153 

Total Liabilities and Stockholders' Equity

 

$

 1,232,585 

 

$

 979,124 



















 





























 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)(unaudited)



 

 

 

 

 

 



 

Nine Months Ended September 30,



 

2019

 

2018

Cash Flows from Operating Activities

 

 

 

 

 

 

Net income

 

$

 154,343 

 

$

 151,216 

Adjustments to reconcile net income to net cash provided

 

 

 

 

 

 

by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

 31,110 

 

 

 28,738 

Stock option expense

 

 

 10,729 

 

 

 9,360 

Benefit for deferred income taxes

 

 

 (6,085)

 

 

 (1,344)

Litigation settlement

 

 

 6,000 

 

 

 -

Noncash long-term incentive compensation

 

 

 4,184 

 

 

 4,176 

Asset impairment loss

 

 

 2,266 

 

 

 -

Noncash directors' compensation

 

 

 767 

 

 

 766 

Amortization of debt issuance costs

 

 

 229 

 

 

 361 

Amortization of restricted stock awards

 

 

 -

 

 

 446 

Changes in operating assets and liabilities, excluding

 

 

 

 

 

 

amounts acquired in business combinations:

 

 

 

 

 

 

Decrease in accounts receivable

 

 

 10,558 

 

 

 4,637 

Increase in inventories

 

 

 (1,649)

 

 

 (429)

Increase in prepaid expenses

 

 

 (6,836)

 

 

 (1,518)

Increase in accounts payable and

 

 

 

 

 

 

other current liabilities

 

 

 28,622 

 

 

 12,182 

Change in current income taxes

 

 

 (81)

 

 

 23,858 

Net change in lease assets and liabilities

 

 

 1,311 

 

 

 -

Increase in other assets

 

 

 (8,145)

 

 

 (9,441)

Increase in other liabilities

 

 

 9,045 

 

 

 7,190 

Other sources

 

 

 1,277 

 

 

 410 

Net cash provided by operating activities

 

 

 237,645 

 

 

 230,608 

Cash Flows from Investing Activities

 

 

 

 

 

 

Business combinations, net of cash acquired

 

 

 (138,010)

 

 

 (12,875)

Capital expenditures

 

   

 (39,753)

 

   

 (36,554)

Other sources

 

 

 101 

 

 

 480 

Net cash used by investing activities

 

 

 (177,662)

 

 

 (48,949)

Cash Flows from Financing Activities

 

 

 

 

 

 

Proceeds from revolving line of credit

 

 

 400,700 

 

 

 428,150 

Payments on revolving line of credit

 

 

 (359,900)

 

 

 (324,350)

Purchases of treasury stock

 

 

 (71,926)

 

 

 (121,976)

Capital stock surrendered to pay taxes on stock-based compensation

 

 

 (26,108)

 

 

 (24,763)

Proceeds from exercise of stock options

 

 

 23,383 

 

 

 23,079 

Dividends paid

 

 

 (14,657)

 

 

 (13,850)

Change in cash overdrafts payable

 

 

 (7,535)

 

 

 (15,307)

Payments on other long-term debt

 

 

 -

 

 

 (75,000)

Debt issuance costs

 

 

 -

 

 

 (985)

Other sources/(uses)

 

 

 295 

 

 

 (319)

Net cash used by financing activities

 

 

 (55,748)

 

 

 (125,321)

Increase in Cash and Cash Equivalents

 

 

 4,235 

 

 

 56,338 

Cash and cash equivalents at beginning of year

 

 

 4,831 

 

 

 11,121 

Cash and cash equivalents at end of year

 

$

 9,066 

 

$

 67,459 





















































 



 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(in thousands)(unaudited)



 

 

 

 

 

 

 

Chemed



 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

2019

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues and sales (a)

 

$

 321,748 

 

$

 158,865 

 

$

 -

 

$

 480,613 

Cost of services provided and goods sold

 

 

 247,551 

 

 

 80,632 

 

 

 -

 

 

 328,183 

Selling, general and administrative expenses (a)

 

 

 21,965 

 

 

 41,758 

 

 

 13,113 

 

 

 76,836 

Depreciation

 

 

 5,105 

 

 

 5,003 

 

 

 39 

 

 

 10,147 

Amortization

 

 

 18 

 

 

 423 

 

 

 -

 

 

 441 

Other operating expense/(income)

 

 

 97 

 

 

 (19)

 

 

 -

 

 

 78 

Total costs and expenses

 

 

 274,736 

 

 

 127,797 

 

 

 13,152 

 

 

 415,685 

Income/(loss) from operations

 

 

 47,012 

 

 

 31,068 

 

 

 (13,152)

 

 

 64,928 

Interest expense

 

 

 (48)

 

 

 (80)

 

 

 (913)

 

 

 (1,041)

Intercompany interest income/(expense)

 

 

 4,618 

 

 

 2,234 

 

 

 (6,852)

 

 

 -

Other income—net

 

 

 121 

 

 

 31 

 

 

 2,884 

 

 

 3,036 

Income/(loss) before income taxes

 

 

 51,703 

 

 

 33,253 

 

 

 (18,033)

 

 

 66,923 

Income taxes (a)

 

 

 (11,930)

 

 

 (7,113)

 

 

 11,067 

 

 

 (7,976)

Net income/(loss)

 

$

 39,773 

 

$

 26,140 

 

$

 (6,966)

 

$

 58,947 



 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues and sales (b)

 

$

 301,764 

 

$

 142,387 

 

$

 -

 

$

 444,151 

Cost of services provided and goods sold

 

 

 233,006 

 

 

 72,306 

 

 

 -

 

 

 305,312 

Selling, general and administrative expenses (b)

 

 

 20,394 

 

 

 36,112 

 

 

 10,671 

 

 

 67,177 

Depreciation

 

 

 4,905 

 

 

 4,712 

 

 

 40 

 

 

 9,657 

Amortization

 

 

 -

 

 

 35 

 

 

 -

 

 

 35 

Other operating expense

 

 

 100 

 

 

 157 

 

 

 -

 

 

 257 

Total costs and expenses

 

 

 258,405 

 

 

 113,322 

 

 

 10,711 

 

 

 382,438 

Income/(loss) from operations

 

 

 43,359 

 

 

 29,065 

 

 

 (10,711)

 

 

 61,713 

Interest expense

 

 

 (49)

 

 

 (71)

 

 

 (962)

 

 

 (1,082)

Intercompany interest income/(expense)

 

 

 3,306 

 

 

 1,814 

 

 

 (5,120)

 

 

 -

Other income—net

 

 

 89 

 

 

 22 

 

 

 2,189 

 

 

 2,300 

Income/(loss) before income taxes

 

 

 46,705 

 

 

 30,830 

 

 

 (14,604)

 

 

 62,931 

Income taxes (b)

 

 

 (10,784)

 

 

 (6,267)

 

 

 5,369 

 

 

 (11,682)

Net income/(loss)

 

$

 35,921 

 

$

 24,563 

 

$

 (9,235)

 

$

 51,249 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.





























 







 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING STATEMENTS OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(in thousands)(unaudited)



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Chemed



 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

2019

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues and sales (a)

 

$

 941,279 

 

$

 474,952 

 

$

 -

 

$

 1,416,231 

Cost of services provided and goods sold

 

 

 728,397 

 

 

 245,374 

 

 

 -

 

 

 973,771 

Selling, general and administrative expenses (a)

 

 

 65,182 

 

 

 120,736 

 

 

 36,503 

 

 

 222,421 

Depreciation

 

 

 14,644 

 

 

 14,983 

 

 

 117 

 

 

 29,744 

Amortization

 

 

 53 

 

 

 1,313 

 

 

 -

 

 

 1,366 

Other operating expense (a)

 

 

 6,521 

 

 

 214 

 

 

 2,266 

 

 

 9,001 

Total costs and expenses

 

 

 814,797 

 

 

 382,620 

 

 

 38,886 

 

 

 1,236,303 

Income/(loss) from operations

 

 

 126,482 

 

 

 92,332 

 

 

 (38,886)

 

 

 179,928 

Interest expense

 

 

 (150)

 

 

 (273)

 

 

 (2,979)

 

 

 (3,402)

Intercompany interest income/(expense)

 

 

 13,395 

 

 

 6,609 

 

 

 (20,004)

 

 

 -

Other income—net

 

 

 309 

 

 

 86 

 

 

 5,093 

 

 

 5,488 

Income/(loss) before income taxes

 

 

 140,036 

 

 

 98,754 

 

 

 (56,776)

 

 

 182,014 

Income taxes (a)

 

 

 (33,636)

 

 

 (22,452)

 

 

 28,417 

 

 

 (27,671)

Net income/(loss)

 

$

 106,400 

 

$

 76,302 

 

$

 (28,359)

 

$

 154,343 



 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues and sales (b)

 

$

 890,577 

 

$

 434,563 

 

$

 -

 

$

 1,325,140 

Cost of services provided and goods sold

 

 

 693,335 

 

 

 222,254 

 

 

 -

 

 

 915,589 

Selling, general and administrative expenses (b)

 

 

 61,606 

 

 

 108,120 

 

 

 34,748 

 

 

 204,474 

Depreciation

 

 

 14,753 

 

 

 13,782 

 

 

 107 

 

 

 28,642 

Amortization

 

 

 -

 

 

 96 

 

 

 -

 

 

 96 

Other operating expense (b)

 

 

 16 

 

 

 72 

 

 

 -

 

 

 88 

Total costs and expenses

 

 

 769,710 

 

 

 344,324 

 

 

 34,855 

 

 

 1,148,889 

Income/(loss) from operations

 

 

 120,867 

 

 

 90,239 

 

 

 (34,855)

 

 

 176,251 

Interest expense

 

 

 (153)

 

 

 (255)

 

 

 (3,405)

 

 

 (3,813)

Intercompany interest income/(expense)

 

 

 9,524 

 

 

 5,231 

 

 

 (14,755)

 

 

 -

Other income—net

 

 

 469 

 

 

 60 

 

 

 3,827 

 

 

 4,356 

Income/(loss) before income taxes

 

 

 130,707 

 

 

 95,275 

 

 

 (49,188)

 

 

 176,794 

Income taxes (b)

 

 

 (30,987)

 

 

 (22,476)

 

 

 27,885 

 

 

 (25,578)

Net income/(loss)

 

$

 99,720 

 

$

 72,799 

 

$

 (21,303)

 

$

 151,216 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.















 







 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING SUMMARIES OF EBITDA

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(in thousands)(unaudited)



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Chemed



 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

2019

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

 39,773 

 

$

 26,140 

 

$

 (6,966)

 

$

 58,947 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 48 

 

 

 80 

 

 

 913 

 

 

 1,041 

Income taxes

 

 

 11,930 

 

 

 7,113 

 

 

 (11,067)

 

 

 7,976 

Depreciation

 

 

 5,105 

 

 

 5,003 

 

 

 39 

 

 

 10,147 

Amortization

 

 

 18 

 

 

 423 

 

 

 -

 

 

 441 

EBITDA

 

 

 56,874 

 

 

 38,759 

 

 

 (17,081)

 

 

 78,552 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany interest expense/(income)

 

 

 (4,618)

 

 

 (2,234)

 

 

 6,852 

 

 

 -

Interest income

 

 

 (139)

 

 

 (34)

 

 

 -

 

 

 (173)

Acquisition expense

 

 

 -

 

 

 3,281 

 

 

 -

 

 

 3,281 

Stock option expense

 

 

 -

 

 

 -

 

 

 2,711 

 

 

 2,711 

Long-term incentive compensation

 

 

 -

 

 

 -

 

 

 1,677 

 

 

 1,677 

Medicare cap sequestration adjustment

 

 

 859 

 

 

 -

 

 

 -

 

 

 859 

Adjusted EBITDA

 

$

 52,976 

 

$

 39,772 

 

$

 (5,841)

 

$

 86,907 



 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

 35,921 

 

$

 24,563 

 

$

 (9,235)

 

$

 51,249 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 49 

 

 

 71 

 

 

 962 

 

 

 1,082 

Income taxes

 

 

 10,784 

 

 

 6,267 

 

 

 (5,369)

 

 

 11,682 

Depreciation

 

 

 4,905 

 

 

 4,712 

 

 

 40 

 

 

 9,657 

Amortization

 

 

 -

 

 

 35 

 

 

 -

 

 

 35 

EBITDA

 

 

 51,659 

 

 

 35,648 

 

 

 (13,602)

 

 

 73,705 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany interest expense/(income)

 

 

 (3,306)

 

 

 (1,814)

 

 

 5,120 

 

 

 -

Interest income

 

 

 (88)

 

 

 (23)

 

 

 -

 

 

 (111)

Medicare cap sequestration adjustment

 

 

 503 

 

 

 -

 

 

 -

 

 

 503 

Acquisition expense

 

 

 177 

 

 

 177 

 

 

 -

 

 

 354 

Stock option expense

 

 

 -

 

 

 -

 

 

 2,055 

 

 

 2,055 

Long-term incentive compensation

 

 

 -

 

 

 -

 

 

 1,234 

 

 

 1,234 

Adjusted EBITDA

 

$

 48,945 

 

$

 33,988 

 

$

 (5,193)

 

$

 77,740 



 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.



















 









 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING SUMMARIES OF EBITDA

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(in thousands)(unaudited)



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Chemed



 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

2019

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

 106,400 

 

$

 76,302 

 

$

 (28,359)

 

$

 154,343 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 150 

 

 

 273 

 

 

 2,979 

 

 

 3,402 

Income taxes

 

 

 33,636 

 

 

 22,452 

 

 

 (28,417)

 

 

 27,671 

Depreciation

 

 

 14,644 

 

 

 14,983 

 

 

 117 

 

 

 29,744 

Amortization

 

 

 53 

 

 

 1,313 

 

 

 -

 

 

 1,366 

EBITDA

 

 

 154,883 

 

 

 115,323 

 

 

 (53,680)

 

 

 216,526 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany interest expense/(income)

 

 

 (13,395)

 

 

 (6,609)

 

 

 20,004 

 

 

 -

Interest income

 

 

 (296)

 

 

 (91)

 

 

 -

 

 

 (387)

Stock option expense

 

 

 -

 

 

 -

 

 

 10,729 

 

 

 10,729 

Litigation settlement

 

 

 6,000 

 

 

 -

 

 

 -

 

 

 6,000 

Long-term incentive compensation

 

 

 -

 

 

 -

 

 

 4,552 

 

 

 4,552 

Acquisition Expense

 

 

 -

 

 

 3,377 

 

 

 120 

 

 

 3,497 

Medicare cap sequestration adjustment

 

 

 3,063 

 

 

 -

 

 

 -

 

 

 3,063 

Impairment loss on transportation equipment

 

 

 -

 

 

 -

 

 

 2,266 

 

 

 2,266 

Non cash ASC 842 expenses/(benefit)

 

 

 656 

 

 

 55 

 

 

 (163)

 

 

 548 

Adjusted EBITDA

 

$

 150,911 

 

$

 112,055 

 

$

 (16,172)

 

$

 246,794 



 

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

 99,720 

 

$

 72,799 

 

$

 (21,303)

 

$

 151,216 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 153 

 

 

 255 

 

 

 3,405 

 

 

 3,813 

Income taxes

 

 

 30,987 

 

 

 22,476 

 

 

 (27,885)

 

 

 25,578 

Depreciation

 

 

 14,753 

 

 

 13,782 

 

 

 107 

 

 

 28,642 

Amortization

 

 

 -

 

 

 96 

 

 

 -

 

 

 96 

EBITDA

 

 

 145,613 

 

 

 109,408 

 

 

 (45,676)

 

 

 209,345 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany interest expense/(income)

 

 

 (9,524)

 

 

 (5,231)

 

 

 14,755 

 

 

 -

Interest income

 

 

 (468)

 

 

 (60)

 

 

 -

 

 

 (528)

Stock option expense

 

 

 -

 

 

 -

 

 

 9,360 

 

 

 9,360 

Long-term incentive compensation

 

 

 -

 

 

 -

 

 

 4,376 

 

 

 4,376 

Medicare cap sequestration adjustment

 

 

 1,040 

 

 

 -

 

 

 -

 

 

 1,040 

Amortization of stock awards

 

 

 107 

 

 

 100 

 

 

 239 

 

 

 446 

Acquisition expense

 

 

 177 

 

 

 177 

 

 

 -

 

 

 354 

Litigation settlement

 

 

 (204)

 

 

 -

 

 

 -

 

 

 (204)

Adjusted EBITDA

 

$

 136,741 

 

$

 104,394 

 

$

 (16,946)

 

$

 224,189 



 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.







 













 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

RECONCILIATION OF ADJUSTED NET INCOME

(in thousands, except per share data)(unaudited)



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2019

 

2018

 

2019

 

2018

Net income as reported

 

$

 58,947 

 

$

 51,249 

 

$

 154,343 

 

$

 151,216 

Add/(deduct) pre-tax cost of:

 

 

 

 

 

 

 

 

 

 

 

 

Stock option expense

 

 

 2,711 

 

 

 2,055 

 

 

 10,729 

 

 

 9,360 

Litigation settlement

 

 

 -

 

 

 -

 

 

 6,000 

 

 

 (204)

Long-term incentive compensation

 

 

 1,677 

 

 

 1,234 

 

 

 4,552 

 

 

 4,376 

Acquisition expense

 

 

 3,281 

 

 

 354 

 

 

 3,497 

 

 

 354 

Medicare cap sequestration adjustments

 

 

 859 

 

 

 503 

 

 

 3,063 

 

 

 1,040 

Impairment loss on transportation equipment

 

 

 -

 

 

 -

 

 

 2,266 

 

 

 -

Amortization of acquired and cancelled franchise agreements

 

 

 331 

 

 

 -

 

 

 1,103 

 

 

 -

Non cash ASC 842 expenses

 

 

 -

 

 

 -

 

 

 548 

 

 

 -

Add/(deduct) tax impacts:

 

 

 

 

 

 

 

 

 

 

 

 

Tax impact of the above pre-tax adjustments (1)

 

 

 (1,801)

 

 

 (821)

 

 

 (6,761)

 

 

 (3,059)

Excess tax benefits on stock compensation

 

 

 (8,792)

 

 

 (3,118)

 

 

 (18,737)

 

 

 (18,618)

Adjusted net income

 

$

 57,213 

 

$

 51,456 

 

$

 160,603 

 

$

 144,465 

Diluted Earnings Per Share As Reported

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

 3.56 

 

$

 3.06 

 

$

 9.35 

 

$

 8.98 

Average number of shares outstanding

 

 

 16,555 

 

 

 16,772 

 

 

 16,514 

 

 

 16,830 

Adjusted Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

 3.46 

 

$

 3.07 

 

$

 9.73 

 

$

 8.58 

Average number of shares outstanding

 

 

 16,555 

 

 

 16,772 

 

 

 16,514 

 

 

 16,830 



 

 

 

 

 

 

 

 

 

 

 

 

(1) The tax impact of pre-tax adjustments was calculated using the effective tax rate of the operating unit for which each adjustment is associated.



 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.





 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

 

OPERATING STATISTICS FOR VITAS SEGMENT

 

(unaudited)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

OPERATING STATISTICS

 

2019

 

2018

 

 

2019

 

2018

 

Net revenue ($000) (c)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homecare

 

$

 274,746 

 

$

 257,134 

 

 

$

 800,059 

 

$

 748,546 

 

Inpatient

 

 

 23,599 

 

 

 19,617 

 

 

 

 69,063 

 

 

 61,803 

 

Continuous care

 

 

 29,446 

 

 

 30,385 

 

 

 

 92,476 

 

 

 91,664 

 

Other

 

 

 2,356 

 

 

 2,104 

 

 

 

 6,598 

 

 

 5,844 

 

Subtotal

 

$

 330,147 

 

$

 309,240 

 

 

$

 968,196 

 

$

 907,857 

 

Room and board, net

 

 

 (2,846)

 

 

 (2,569)

 

 

 

 (8,098)

 

 

 (7,863)

 

Contractual allowances

 

 

 (4,236)

 

 

 (2,957)

 

 

 

 (10,904)

 

 

 (8,749)

 

Medicare cap allowance

 

 

 (1,317)

 

 

 (1,950)

 

 

 

 (7,915)

 

 

 (668)

 

Net Revenue

 

$

 321,748 

 

$

 301,764 

 

 

$

 941,279 

 

$

 890,577 

 

Net revenue as a percent of total before Medicare cap allowance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homecare

 

 

 83.2 

%

 

 83.2 

%

 

 

 82.6 

%

 

 82.5 

%

Inpatient

 

 

 7.1 

 

 

 6.3 

 

 

 

 7.1 

 

 

 6.8 

 

Continuous care

 

 

 8.9 

 

 

 9.8 

 

 

 

 9.6 

 

 

 10.1 

 

Other

 

 

 0.8 

 

 

 0.7 

 

 

 

 0.7 

 

 

 0.6 

 

Subtotal

 

 

 100.0 

 

 

 100.0 

 

 

 

 100.0 

 

 

 100.0 

 

Room and board, net

 

 

 (0.9)

 

 

 (0.8)

 

 

 

 (0.8)

 

 

 (0.9)

 

Contractual allowances

 

 

 (1.3)

 

 

 (1.0)

 

 

 

 (1.2)

 

 

 (1.0)

 

Medicare cap allowance

 

 

 (0.4)

 

 

 (0.6)

 

 

 

 (0.8)

 

 

 (0.1)

 

Net Revenue

 

 

 97.4 

%

 

 97.6 

%

 

 

 97.2 

%

 

 98.0 

%

Average daily census ("ADC") (days)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homecare

 

 

 14,799 

 

 

 13,791 

 

 

 

 14,510 

 

 

 13,515 

 

Nursing home

 

 

 3,483 

 

 

 3,402 

 

 

 

 3,374 

 

 

 3,298 

 

Routine homecare

 

 

 18,282 

 

 

 17,193 

 

 

 

 17,884 

 

 

 16,813 

 

Inpatient

 

 

 373 

 

 

 313 

 

 

 

 363 

 

 

 328 

 

Continuous care

 

 

 431 

 

 

 451 

 

 

 

 460 

 

 

 466 

 

Total

 

 

 19,086 

 

 

 17,957 

 

 

 

 18,707 

 

 

 17,607 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Admissions

 

 

 17,131 

 

 

 16,403 

 

 

 

 52,380 

 

 

 51,540 

 

Total Discharges

 

 

 16,915 

 

 

 16,171 

 

 

 

 51,274 

 

 

 50,234 

 

Average length of stay (days)

 

 

 92.6 

 

 

 90.0 

 

 

 

 91.6 

 

 

 89.0 

 

Median length of stay (days)

 

 

 17.0 

 

 

 18.0 

 

 

 

 16.0 

 

 

 16.0 

 

ADC by major diagnosis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cerebro

 

 

 35.7 

%

 

 36.2 

%

 

 

 35.9 

%

 

 36.5 

%

Neurological

 

 

 20.7 

 

 

 18.8 

 

 

 

 20.4 

 

 

 18.7 

 

Cancer

 

 

 12.9 

 

 

 13.8 

 

 

 

 12.9 

 

 

 13.8 

 

Cardio

 

 

 16.6 

 

 

 16.4 

 

 

 

 16.7 

 

 

 16.4 

 

Respiratory

 

 

 8.1 

 

 

 8.1 

 

 

 

 8.1 

 

 

 8.1 

 

Other

 

 

 6.0 

 

 

 6.7 

 

 

 

 6.0 

 

 

 6.5 

 

Total

 

 

 100.0 

%

 

 100.0 

%

 

 

 100.0 

%

 

 100.0 

%

Admissions by major diagnosis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cerebro

 

 

 21.1 

%

 

 21.1 

%

 

 

 20.8 

%

 

 21.9 

%

Neurological

 

 

 12.7 

 

 

 11.6 

 

 

 

 12.6 

 

 

 11.3 

 

Cancer

 

 

 30.5 

 

 

 31.5 

 

 

 

 29.2 

 

 

 30.0 

 

Cardio

 

 

 14.8 

 

 

 14.7 

 

 

 

 15.7 

 

 

 15.3 

 

Respiratory

 

 

 10.2 

 

 

 10.3 

 

 

 

 11.3 

 

 

 11.0 

 

Other

 

 

 10.7 

 

 

 10.8 

 

 

 

 10.4 

 

 

 10.5 

 

Total

 

 

 100.0 

%

 

 100.0 

%

 

 

 100.0 

%

 

 100.0 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated uncollectible accounts as a percent of revenues

 

 

 1.3 

%

 

 1.0 

%

 

 

 1.1 

%

 

 1.0 

%

Accounts receivable --

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Days of revenue outstanding- excluding unapplied Medicare payments

 

 

 32.7 

 

 

 36.0 

 

 

 

n.a.

 

 

n.a.

 

  Days of revenue outstanding- including unapplied Medicare payments

 

 

 21.0 

 

 

 22.8 

 

 

 

n.a.

 

 

n.a.

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.

 















 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

 

FOOTNOTES TO FINANCIAL STATEMENTS

 

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

 

(unaudited)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Included in the results of operations for 2019 are the following significant credits/(charges) which may not be indicative of ongoing operations

 



(in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Three Months Ended September 30, 2019

 



 

 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

 



Service revenues and sales:

 

 

 

 

 

 

 

 

 

 

 

 

 



Medicare cap sequestration adjustment

 

$

 (859)

 

$

 -

 

$

 -

 

$

 (859)

 



Selling, general and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 



Acquisition expense

 

 

 -

 

 

 (3,281)

 

 

 -

 

 

 (3,281)

 



Stock option expense

 

 

 -

 

 

 -

 

 

 (2,711)

 

 

 (2,711)

 



Long-term incentive compensation

 

 

 -

 

 

 -

 

 

 (1,677)

 

 

 (1,677)

 



Amortization of acquired and cancelled franchise agreements

 

 

 -

 

 

 (331)

 

 

 -

 

 

 (331)

 



Pretax impact on earnings

 

 

 (859)

 

 

 (3,612)

 

 

 (4,388)

 

 

 (8,859)

 



Excess tax benefits on stock compensation

 

 

 -

 

 

 -

 

 

 8,792 

 

 

 8,792 

 



Income tax benefit on the above

 

 

 220 

 

 

 957 

 

 

 624 

 

 

 1,801 

 



After-tax impact on earnings

 

$

 (639)

 

$

 (2,655)

 

$

 5,028 

 

$

 1,734 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Nine Months Ended September 30, 2019

 



 

 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

 



Service revenues and sales:

 

 

 

 

 

 

 

 

 

 

 

 

 



Medicare cap sequestration adjustment

 

$

 (3,063)

 

$

 -

 

$

 -

 

$

 (3,063)

 



Selling, general and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 



Stock option expense

 

 

 -

 

 

 -

 

 

 (10,729)

 

 

 (10,729)

 



Long-term incentive compensation

 

 

 -

 

 

 -

 

 

 (4,552)

 

 

 (4,552)

 



Acquisition expense

 

 

 -

 

 

 (3,377)

 

 

 (120)

 

 

 (3,497)

 



Amortization of acquired and cancelled franchise agreements

 

 

 -

 

 

 (1,103)

 

 

 -

 

 

 (1,103)

 



Non cash ASC 842 (expenses)/benefit

 

 

 (656)

 

 

 (55)

 

 

 163 

 

 

 (548)

 



Other operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 



Litigation settlement

 

 

 (6,000)

 

 

 -

 

 

 -

 

 

 (6,000)

 



Impairment loss on transportation equipment

 

 

 -

 

 

 -

 

 

 (2,266)

 

 

 (2,266)

 



Pretax impact on earnings

 

 

 (9,719)

 

 

 (4,535)

 

 

 (17,504)

 

 

 (31,758)

 



Excess tax benefits on stock compensation

 

 

 -

 

 

 -

 

 

 18,737 

 

 

 18,737 

 



Income tax benefit on the above

 

 

 2,474 

 

 

 1,202 

 

 

 3,085 

 

 

 6,761 

 



After-tax impact on earnings

 

$

 (7,245)

 

$

 (3,333)

 

$

 4,318 

 

$

 (6,260)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

Included in the results of operations for 2018 are the following significant credits/(charges) which may not be indicative of ongoing operations

 



(in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Three Months Ended September 30, 2018

 



 

 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

 



Service revenues and sales:

 

 

 

 

 

 

 

 

 

 

 

 

 



Medicare cap sequestration adjustment

 

$

 (503)

 

$

 -

 

$

 -

 

$

 (503)

 



Selling, general and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 



Stock option expense

 

 

 -

 

 

 -

 

 

 (2,055)

 

 

 (2,055)

 



Long-term incentive compensation

 

 

 -

 

 

 -

 

 

 (1,234)

 

 

 (1,234)

 



Acquisition expense

 

 

 (177)

 

 

 (177)

 

 

 -

 

 

 (354)

 



Pretax impact on earnings

 

 

 (680)

 

 

 (177)

 

 

 (3,289)

 

 

 (4,146)

 



Excess tax benefits on stock compensation

 

 

 -

 

 

 -

 

 

 3,118 

 

 

 3,118 

 



Income tax benefit on the above

 

 

 172 

 

 

 47 

 

 

 602 

 

 

 821 

 



After-tax impact on earnings

 

$

 (508)

 

$

 (130)

 

$

 431 

 

$

 (207)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Nine Months Ended September 30, 2018

 



 

 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

 



Service revenues and sales:

 

 

 

 

 

 

 

 

 

 

 

 

 



Medicare cap sequestration adjustment

 

$

 (1,040)

 

$

 -

 

$

 -

 

$

 (1,040)

 



Selling, general and administrative expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 



Stock option expense

 

 

 -

 

 

 -

 

 

 (9,360)

 

 

 (9,360)

 



Long-term incentive compensation

 

 

 -

 

 

 -

 

 

 (4,376)

 

 

 (4,376)

 



Acquisition expense

 

 

 (177)

 

 

 (177)

 

 

 -

 

 

 (354)

 



Other operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 



Litigation settlement

 

 

 204 

 

 

 -

 

 

 -

 

 

 204 

 



Pretax impact on earnings

 

 

 (1,013)

 

 

 (177)

 

 

 (13,736)

 

 

 (14,926)

 



Excess tax benefits on stock compensation

 

 

 -

 

 

 -

 

 

 18,618 

 

 

 18,618 

 



Income tax benefit on the above

 

 

 256 

 

 

 47 

 

 

 2,756 

 

 

 3,059 

 



After-tax impact on earnings

 

$

 (757)

 

$

 (130)

 

$

 7,638 

 

$

 6,751 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

VITAS has 12 large (greater than 450 ADC), 19 medium (greater than 200 but less than 450 ADC) and 17 small (less than 200 ADC) hospice programs.  Of Vitas' 30 Medicare provider numbers, 24 provider numbers have a Medicare cap cushion of 5% or greater for the most recent twelve months, three provider numbers have a cap cushion between 0% and 5%, and three provider numbers have a Medicare cap liability.

 



 

 



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Document And Entity Information
Oct. 29, 2019
Document And Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Oct. 29, 2019
Entity Registrant Name CHEMED CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 1-8351
Entity Tax Identification Number 31-0791746
Entity Address, Address Line One 2600 First Financial Center, 255 East 5th Street
Entity Address, City or Town Cincinnati
Entity Address, State or Province OH
Entity Address, Postal Zip Code 45202
City Area Code 513
Local Phone Number 762-6690
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Title of 12(b) Security Capital stock $1 par value
Trading Symbol CHE
Security Exchange Name NYSE
Entity Emerging Growth Company false
Entity Central Index Key 0000019584
Amendment Flag false
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