0000019584-20-000019.txt : 20200428 0000019584-20-000019.hdr.sgml : 20200428 20200428163051 ACCESSION NUMBER: 0000019584-20-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200428 DATE AS OF CHANGE: 20200428 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: 20825532 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-20200428x8k.htm 8-K che-20200428x8k
false000001958400000195842020-04-282020-04-28

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):

April 28, 2020

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 April 28, 2020 Chemed Corporation issued a press release announcing its financial results for the quarter ended March 31, 2020. 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 April 28, 2020

 

 

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:   April 28, 2020

By:

/s/ Michael D. Witzeman

Michael D. Witzeman

Vice President and Controller

Page 3 of 3

EX-99 2 che-20200428xex99.htm EX-99 Exhibit 99

Picture 2

CONTACT:  David P. Williams

(513) 762-6901





Chemed Reports First-Quarter 2020 Results



CINCINNATI, April 28, 2020—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 first quarter ended March 31, 2020, versus the comparable prior-year period, as follows:



Consolidated operating results:

·

Revenue increased 11.6% to $516 million

·

GAAP Diluted Earnings-per-Share (EPS) of $3.38, an increase of 25.2%

·

Adjusted Diluted EPS of $3.68, an increase of 26.0%



VITAS segment operating results:

·

Net Patient Revenue of $338 million, an increase of 10.1%

·

Average Daily Census (ADC) of 19,215, an increase of 4.7%

·

Admissions of 18,603, an increase of 4.8%

·

Net Income, excluding certain discrete items, of $42.5 million, an increase of 22.7%

·

Adjusted EBITDA, excluding Medicare Cap, of $60.2 million, an increase of 21.2%

·

Adjusted EBITDA margin, excluding Medicare Cap, of 17.7%, an increase of 167-basis points



Roto-Rooter segment operating results:

·

Revenue of $178 million, an increase of 14.6%

·

Net Income, excluding certain discrete items, of $26.7 million, an increase of 14.3%

·

Adjusted EBITDA of $40.0 million, an increase of 19.5%

·

Adjusted EBITDA margin of 22.5%, an increase of 92-basis points





VITAS



VITAS net revenue was $338 million in the first quarter of 2020, which is an increase of 10.1%, when compared to the prior-year period.  This revenue increase is comprised primarily of a 5.9% increase in days-of-care, a geographically weighted average Medicare reimbursement rate increase of approximately 5.0%, and acuity mix shift which then reduced the Medicare rate increase


 

approximately 90-basis points.  The combination of a decline in Medicare Cap, increase in Medicaid net room and board pass through and other contra revenue activity had minimal impact on overall revenue growth in the quarter.

 

In the first quarter of 2020, VITAS accrued $2.5 million in Medicare Cap billing limitations.  This compares to the prior-year Medicare Cap billing limitation of $3.4 million. 



VITAS currently has 30 Medicare provider numbers.  During the first six months of the fiscal 2020 Medicare Cap year, 23 of these provider numbers have a Medicare Cap cushion of 10% or greater, two provider numbers have a cap cushion between 5% and 10%, two provider numbers have a cap cushion between 0% and 5%, and three provider numbers have an estimated 2020 Medicare Cap billing limitation.



Average revenue per patient per day in the first quarter of 2020 was $198.99, which, including acuity mix shift, is 4.1% above the prior-year period. Reimbursement for routine home care and high acuity care averaged $164.14 and $990.72, respectively.  During the quarter, high acuity days-of-care were 4.2% of total days of care, 21-basis points less than the prior-year quarter.  This 21-basis point mix shift in high acuity days-of-care reduced the increase in average revenue per patient per day from 5.0% to 4.1% in the quarter.



The first quarter 2020 gross margin, excluding Medicare Cap, was 23.8%, which is a 108-basis point margin improvement when compared to the first quarter of 2019.



Selling, general and administrative expense was $22.3 million in the first quarter of 2020, which is an increase of 3.4% compared to the prior-year quarter.  Adjusted EBITDA, excluding Medicare Cap, totaled $60.2 million in the quarter, an increase of 21.2%.  Adjusted EBITDA margin, excluding Medicare Cap, was 17.7% in the quarter, which is a 167-basis point improvement when compared to the prior-year period.





Roto-Rooter



Roto-Rooter generated quarterly revenue of $178 million for the first quarter of 2020, an increase of $22.6 million, or 14.6%, over the prior-year quarter.  On a unit for unit basis, which excludes the Oakland and HSW acquisitions completed in July and September 2019, respectively, Roto-Rooter generated quarterly revenue of $158 million for the first quarter of 2020, an increase of 1.6%, over the prior-year quarter. 



Including acquisitions, total commercial revenue increased 20.1%.  This aggregate commercial revenue growth consisted of drain cleaning revenue expanding 25.0%, commercial plumbing and excavation increasing 20.1%, and commercial water restoration declining 4.4%.     



Excluding acquisitions, commercial drain cleaning revenue were equal to the prior year, commercial plumbing and excavation declined 4.3%, and commercial water restoration declined 15.5%.  Commercial water restoration represents approximately 10% of total water restoration service revenue.  Overall, commercial revenue excluding acquisitions decreased 3.5%.


 

Including acquisitions, total residential revenue increased 11.7%.  This aggregate residential revenue growth consisted of residential drain cleaning increasing 18.5%, plumbing and excavation expanding 14.4%, and residential water restoration increasing 1.0%. 



Excluding acquisitions, residential drain cleaning increased 4.1%, plumbing and excavation increased 4.4%, and residential water restoration decreased 1.9%.  Overall, residential sales excluding acquisitions increased 2.4%.



Roto-Rooter’s gross margin in the quarter was 48.1%, a 105-basis point increase when compared to the first quarter of 2019.  Adjusted EBITDA in the first quarter of 2020 totaled $40.0 million, an increase of 19.5%.  The Adjusted EBITDA margin in the quarter was 22.5% which is a 92-basis point increase when compared to the prior year.





Chemed Consolidated



As of March 31, 2020, Chemed had total cash and cash equivalents of $29.0 million and long-term debt of $160 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 March 31, 2020, the Company had approximately $252 million of undrawn borrowing capacity under this credit agreement.



During the quarter, the Company repurchased 225,000 shares of Chemed stock for $100.2 million which equates to a cost per share of $445.49.  On March 13, 2020, Chemed’s Board of Directors authorized an additional $250 million for stock repurchase under Chemed’s existing share repurchase program.  As of March 31, 2020, there was approximately $254 million of remaining share repurchase authorization under this plan.



Chemed restarted its share repurchase program in 2007.  Since that time Chemed has repurchased approximately 14.4 million shares, aggregating approximately $1.3 billion at an average share cost of $91.56.  Including dividends over this period, Chemed has returned approximately $1.5 billion to shareholders.



Guidance for 2020



Management anticipates providing updated 2020 earnings guidance in July 2020 as part of the June 30, 2020, earnings press release.

 



Conference Call



Chemed will host a conference call and webcast at 10 a.m., ET, on Wednesday, April 29, 2020, 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 2398574.  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 2398574.  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 March 31,



 

2020

 

2019

Service revenues and sales

 

$

515,798 

 

$

462,034 

Cost of services provided and goods sold

 

 

351,745 

 

 

321,951 

Selling, general and administrative expenses (aa)

 

 

70,583 

 

 

74,029 

Depreciation

 

 

11,388 

 

 

9,710 

Amortization

 

 

2,477 

 

 

519 

Other operating expenses

 

 

242 

 

 

6,353 

Total costs and expenses

 

 

436,435 

 

 

412,562 

Income from operations

 

 

79,363 

 

 

49,472 

Interest expense

 

 

(975)

 

 

(1,124)

Other (expense)/income--net (bb)

 

 

(9,466)

 

 

2,439 

Income before income taxes

 

 

68,922 

 

 

50,787 

Income taxes

 

 

(13,031)

 

 

(6,120)

Net income

 

$

55,891 

 

$

44,667 

Earnings Per Share

 

 

 

 

 

 

Net income

 

$

3.50 

 

$

2.80 

Average number of shares outstanding

 

 

15,991 

 

 

15,954 

Diluted Earnings Per Share

 

 

 

 

 

 

Net income

 

$

3.38 

 

$

2.70 

Average number of shares outstanding

 

 

16,516 

 

 

16,525 



 

 

 

 

 

 

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



 

 

 

 

 

 



 

Three Months Ended March 31,



 

2020

 

2019

SG&A expenses before long-term incentive compensation

 

 

 

 

 

 

and the impact of market value adjustments related to

 

 

 

 

 

 

deferred compensation plans

 

$

78,334 

 

$

70,203 

Market value adjustments related to deferred

 

 

 

 

 

 

compensation trusts

 

 

(9,572)

 

 

2,338 

Long-term incentive compensation

 

 

1,821 

 

 

1,488 

Total SG&A expenses

 

$

70,583 

 

$

74,029 



 

 

 

 

 

 

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



 

Three Months Ended March 31,



 

2020

 

2019

Market value adjustments related to deferred

 

 

 

 

 

 

compensation trusts

 

$

(9,572)

 

$

2,338 

Interest income

 

 

106 

 

 

101 

Total other (expense)/income--net

 

$

(9,466)

 

$

2,439 




 





 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

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



 

 

 

 

 

 



 

March 31,



 

2020

 

2019

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

28,951 

 

$

8,768 

Accounts receivable less allowances

 

 

134,695 

 

 

119,575 

Inventories

 

 

7,313 

 

 

6,315 

Prepaid income taxes

 

 

5,917 

 

 

5,349 

Prepaid expenses

 

 

21,939 

 

 

19,148 

Total current assets

 

 

198,815 

 

 

159,155 

Investments of deferred compensation plans held in trust

 

 

72,296 

 

 

70,632 

Properties and equipment, at cost less accumulated depreciation

 

 

183,729 

 

 

164,629 

Lease right of use asset

 

 

112,302 

 

 

87,811 

Identifiable intangible assets less accumulated amortization

 

 

124,219 

 

 

67,868 

Goodwill

 

 

577,236 

 

 

510,598 

Other assets

 

 

8,962 

 

 

9,138 

Total Assets

 

$

1,277,559 

 

$

1,069,831 

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

37,838 

 

$

39,737 

Income taxes

 

 

6,133 

 

 

3,922 

Accrued insurance

 

 

56,480 

 

 

48,477 

Accrued compensation

 

 

63,622 

 

 

52,526 

Accrued legal

 

 

7,114 

 

 

8,163 

Short-term lease liability

 

 

36,252 

 

 

30,699 

Other current liabilities

 

 

39,298 

 

 

33,576 

Total current liabilities

 

 

246,737 

 

 

217,100 

Deferred income taxes

 

 

20,681 

 

 

18,108 

Long-term debt

 

 

160,000 

 

 

100,000 

Deferred compensation liabilities

 

 

70,363 

 

 

70,934 

Long-term lease liability

 

 

88,278 

 

 

67,960 

Other liabilities

 

 

7,899 

 

 

7,719 

Total Liabilities

 

 

593,958 

 

 

481,821 

Stockholders' Equity

 

 

 

 

 

 

Capital stock

 

 

35,912 

 

 

35,521 

Paid-in capital

 

 

878,550 

 

 

803,701 

Retained earnings

 

 

1,476,151 

 

 

1,265,485 

Treasury stock, at cost

 

 

(1,709,390)

 

 

(1,519,077)

Deferred compensation payable in Company stock

 

 

2,378 

 

 

2,380 

Total Stockholders' Equity

 

 

683,601 

 

 

588,010 

Total Liabilities and Stockholders' Equity

 

$

1,277,559 

 

$

1,069,831 






 









 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)(unaudited)



 

 

 

 

 

 



 

For the Three Months Ended March 31,



 

2020

 

2019

Cash Flows from Operating Activities

 

 

 

 

 

 

Net income

 

$

55,891 

 

$

44,667 

Adjustments to reconcile net income to net cash provided

 

 

 

 

 

 

by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

13,865 

 

 

10,229 

Stock option expense

 

 

5,045 

 

 

4,089 

Provision/(benefit) for deferred income taxes

 

 

2,290 

 

 

(3,489)

Noncash long-term incentive compensation

 

 

1,598 

 

 

1,119 

Provision for bad debts

 

 

594 

 

 

 -

Amortization of debt issuance costs

 

 

76 

 

 

76 

Litigation settlement

 

 

 -

 

 

6,000 

Changes in operating assets and liabilities, excluding

 

 

 

 

 

 

amounts acquired in business combinations:

 

 

 

 

 

 

Decrease/(increase) in accounts receivable

 

 

6,269 

 

 

(81)

Decrease/(increase) in inventories

 

 

149 

 

 

(610)

Decrease in prepaid expenses

 

 

1,211 

 

 

(Decrease)/increase in accounts payable and

 

 

 

 

 

 

other current liabilities

 

 

(7,037)

 

 

348 

Change in current income taxes

 

 

10,159 

 

 

9,219 

Net change in lease assets and liabilities

 

 

(153)

 

 

(328)

Decrease/(increase) in other assets

 

 

5,048 

 

 

(5,006)

(Decrease)/increase in other liabilities

 

 

(6,067)

 

 

6,459 

Other sources

 

 

388 

 

 

887 

Net cash provided by operating activities

 

 

89,326 

 

 

73,585 

Cash Flows from Investing Activities

 

 

 

 

 

 

Capital expenditures

 

   

(19,897)

 

   

(13,866)

Business combinations

 

 

(1,452)

 

 

 -

Other uses

 

 

(144)

 

 

(68)

Net cash used by investing activities

 

 

(21,493)

 

 

(13,934)

Cash Flows from Financing Activities

 

 

 

 

 

 

Proceeds from revolving line of credit

 

 

174,100 

 

 

125,100 

Payments on revolving line of credit

 

 

(104,100)

 

 

(114,300)

Purchases of treasury stock

 

 

(100,235)

 

 

(49,250)

Change in cash overdrafts payable

 

 

(9,849)

 

 

(13,303)

Proceeds from exercise of stock options

 

 

9,241 

 

 

11,827 

Capital stock surrendered to pay taxes on stock-based compensation

 

 

(7,951)

 

 

(11,170)

Dividends paid

 

 

(5,130)

 

 

(4,799)

Other (uses)/sources

 

 

(1,116)

 

 

181 

Net cash used by financing activities

 

 

(45,040)

 

 

(55,714)

Increase in Cash and Cash Equivalents

 

 

22,793 

 

 

3,937 

Cash and cash equivalents at beginning of year

 

 

6,158 

 

 

4,831 

Cash and cash equivalents at end of year

 

$

28,951 

 

$

8,768 






 



 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(in thousands)(unaudited)



 

 

 

 

 

 

 

Chemed



 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

2020 (a)

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues and sales

 

$

337,916 

 

$

177,882 

 

$

 -

 

$

515,798 

Cost of services provided and goods sold

 

 

259,429 

 

 

92,316 

 

 

 -

 

 

351,745 

Selling, general and administrative expenses

 

 

22,269 

 

 

46,282 

 

 

2,032 

 

 

70,583 

Depreciation

 

 

5,474 

 

 

5,878 

 

 

36 

 

 

11,388 

Amortization

 

 

18 

 

 

2,459 

 

 

 -

 

 

2,477 

Other operating expense

 

 

114 

 

 

128 

 

 

 -

 

 

242 

Total costs and expenses

 

 

287,304 

 

 

147,063 

 

 

2,068 

 

 

436,435 

Income/(loss) from operations

 

 

50,612 

 

 

30,819 

 

 

(2,068)

 

 

79,363 

Interest expense

 

 

(45)

 

 

(102)

 

 

(828)

 

 

(975)

Intercompany interest income/(expense)

 

 

4,386 

 

 

1,349 

 

 

(5,735)

 

 

 -

Other (expense)/income—net

 

 

65 

 

 

40 

 

 

(9,571)

 

 

(9,466)

Income/(loss) before income taxes

 

 

55,018 

 

 

32,106 

 

 

(18,202)

 

 

68,922 

Income taxes

 

 

(13,739)

 

 

(7,784)

 

 

8,492 

 

 

(13,031)

Net income/(loss)

 

$

41,279 

 

$

24,322 

 

$

(9,710)

 

$

55,891 



 

 

 

 

 

 

 

 

 

 

 

 

2019 (b)

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues and sales

 

$

306,781 

 

$

155,253 

 

$

 -

 

$

462,034 

Cost of services provided and goods sold

 

 

239,743 

 

 

82,208 

 

 

 -

 

 

321,951 

Selling, general and administrative expenses

 

 

21,536 

 

 

39,601 

 

 

12,892 

 

 

74,029 

Depreciation

 

 

4,708 

 

 

4,963 

 

 

39 

 

 

9,710 

Amortization

 

 

18 

 

 

501 

 

 

 -

 

 

519 

Other operating expense

 

 

6,354 

 

 

(1)

 

 

 -

 

 

6,353 

Total costs and expenses

 

 

272,359 

 

 

127,272 

 

 

12,931 

 

 

412,562 

Income/(loss) from operations

 

 

34,422 

 

 

27,981 

 

 

(12,931)

 

 

49,472 

Interest expense

 

 

(47)

 

 

(95)

 

 

(982)

 

 

(1,124)

Intercompany interest income/(expense)

 

 

4,394 

 

 

2,195 

 

 

(6,589)

 

 

 -

Other income—net

 

 

88 

 

 

14 

 

 

2,337 

 

 

2,439 

Income/(loss) before income taxes

 

 

38,857 

 

 

30,095 

 

 

(18,165)

 

 

50,787 

Income taxes (b)

 

 

(9,569)

 

 

(7,109)

 

 

10,558 

 

 

(6,120)

Net income/(loss)

 

$

29,288 

 

$

22,986 

 

$

(7,607)

 

$

44,667 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

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 MARCH 31, 2020 AND 2019

(in thousands)(unaudited)



 

 

 

 

 

 

 

Chemed



 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

2020

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

41,279 

 

$

24,322 

 

$

(9,710)

 

$

55,891 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

45 

 

 

102 

 

 

828 

 

 

975 

Income taxes

 

 

13,739 

 

 

7,784 

 

 

(8,492)

 

 

13,031 

Depreciation

 

 

5,474 

 

 

5,878 

 

 

36 

 

 

11,388 

Amortization

 

 

18 

 

 

2,459 

 

 

 -

 

 

2,477 

EBITDA

 

 

60,555 

 

 

40,545 

 

 

(17,338)

 

 

83,762 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany interest expense/(income)

 

 

(4,386)

 

 

(1,349)

 

 

5,735 

 

 

 -

Interest income

 

 

(68)

 

 

(40)

 

 

 -

 

 

(108)

Stock option expense

 

 

 -

 

 

 -

 

 

5,045 

 

 

5,045 

Direct costs related to COVID-19

 

 

973 

 

 

861 

 

 

 -

 

 

1,834 

Long-term incentive compensation

 

 

 -

 

 

 -

 

 

1,821 

 

 

1,821 

Medicare cap sequestration adjustment

 

 

675 

 

 

 -

 

 

 -

 

 

675 

Adjusted EBITDA

 

$

57,749 

 

$

40,017 

 

$

(4,737)

 

$

93,029 



 

 

 

 

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

29,288 

 

$

22,986 

 

$

(7,607)

 

$

44,667 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

47 

 

 

95 

 

 

982 

 

 

1,124 

Income taxes

 

 

9,569 

 

 

7,109 

 

 

(10,558)

 

 

6,120 

Depreciation

 

 

4,708 

 

 

4,963 

 

 

39 

 

 

9,710 

Amortization

 

 

18 

 

 

501 

 

 

 -

 

 

519 

EBITDA

 

 

43,630 

 

 

35,654 

 

 

(17,144)

 

 

62,140 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany interest expense/(income)

 

 

(4,394)

 

 

(2,195)

 

 

6,589 

 

 

 -

Interest income

 

 

(88)

 

 

(14)

 

 

 -

 

 

(102)

Litigation settlement

 

 

6,000 

 

 

 -

 

 

 -

 

 

6,000 

Non cash ASC 842 expenses/(benefit)

 

 

656 

 

 

55 

 

 

(163)

 

 

548 

Medicare cap sequestration adjustment

 

 

515 

 

 

 -

 

 

 -

 

 

515 

Acquisition expense

 

 

 -

 

 

 -

 

 

120 

 

 

120 

Stock option expense

 

 

 -

 

 

 -

 

 

4,089 

 

 

4,089 

Long-term incentive compensation

 

 

 -

 

 

 -

 

 

1,488 

 

 

1,488 

Adjusted EBITDA

 

$

46,319 

 

$

33,500 

 

$

(5,021)

 

$

74,798 



 

 

 

 

 

 

 

 

 

 

 

 

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 March 31,



 

2020

 

2019

Net income as reported

 

$

55,891 

 

$

44,667 

Add/(deduct) pre-tax cost of:

 

 

 

 

 

 

Stock option expense

 

 

5,045 

 

 

4,089 

Amortization of reacquired franchise agreements

 

 

2,352 

 

 

441 

Direct costs related to COVID-19

 

 

1,834 

 

 

 -

Long-term incentive compensation

 

 

1,821 

 

 

1,488 

Medicare cap sequestration adjustments

 

 

675 

 

 

515 

Litigation settlement

 

 

 -

 

 

6,000 

Acquisition expense

 

 

 -

 

 

120 

Non cash ASC 842 expenses

 

 

 -

 

 

548 

Add/(deduct) tax impacts:

 

 

 

 

 

 

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

 

 

(2,350)

 

 

(2,961)

Excess tax benefits on stock compensation

 

 

(4,553)

 

 

(6,732)

Adjusted net income

 

$

60,715 

 

$

48,175 



 

 

 

 

 

 

Diluted Earnings Per Share As Reported

 

 

 

 

 

 

Net income

 

$

3.38 

 

$

2.70 

Average number of shares outstanding

 

 

16,516 

 

 

16,525 



 

 

 

 

 

 

Adjusted Diluted Earnings Per Share

 

 

 

 

 

 

Adjusted net income

 

$

3.68 

 

$

2.92 

Average number of shares outstanding

 

 

16,516 

 

 

16,525 



 

 

 

 

 

 

(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 March 31,

 

OPERATING STATISTICS

 

2020

 

2019

 

Net revenue ($000) (c)

 

 

 

 

 

 

 

Homecare

 

$

271,762 

 

$

258,847 

 

Inpatient

 

 

32,482 

 

 

22,570 

 

Continuous care

 

 

40,555 

 

 

32,244 

 

Other

 

 

3,147 

 

 

2,010 

 

Subtotal

 

$

347,946 

 

$

315,671 

 

Room and board, net

 

 

(3,381)

 

 

(2,542)

 

Contractual allowances

 

 

(4,149)

 

 

(2,948)

 

Medicare cap allowance

 

 

(2,500)

 

 

(3,400)

 

Net Revenue

 

$

337,916 

 

$

306,781 

 

Net revenue as a percent of total before Medicare cap allowance

 

 

 

 

 

 

 

Homecare

 

 

78.1 

%

 

82.0 

%

Inpatient

 

 

9.3 

 

 

7.1 

 

Continuous care

 

 

11.7 

 

 

10.2 

 

Other

 

 

0.9 

 

 

0.7 

 

Subtotal

 

 

100.0 

 

 

100.0 

 

Room and board, net

 

 

(1.0)

 

 

(0.9)

 

Contractual allowances

 

 

(1.2)

 

 

(1.0)

 

Medicare cap allowance

 

 

(0.7)

 

 

(0.9)

 

Net Revenue

 

 

97.1 

%

 

97.2 

%

Days of care

 

 

 

 

 

 

 

Homecare

 

 

1,364,746 

 

 

1,281,899 

 

Nursing home

 

 

303,374 

 

 

289,769 

 

Respite

 

 

6,692 

 

 

6,301 

 

Subtotal routine homecare and respite

 

 

1,674,812 

 

 

1,577,969 

 

Inpatient

 

 

32,348 

 

 

29,150 

 

Continuous care

 

 

41,373 

 

 

43,923 

 

Total

 

 

1,748,533 

 

 

1,651,042 

 

Number of days in relevant time period

 

 

91 

 

 

90 

 

Average daily census ("ADC") (days)

 

 

 

 

 

 

 

Homecare

 

 

14,997 

 

 

14,243 

 

Nursing home

 

 

3,334 

 

 

3,220 

 

Respite

 

 

74 

 

 

70 

 

Subtotal routine homecare and respite

 

 

18,405 

 

 

17,533 

 

Inpatient

 

 

355 

 

 

324 

 

Continuous care

 

 

455 

 

 

488 

 

Total

 

 

19,215 

 

 

18,345 

 

Total Admissions

 

 

18,603 

 

 

17,758 

 

Total Discharges

 

 

18,196 

 

 

17,339 

 

Average length of stay (days)

 

 

90.7 

 

 

91.3 

 

Median length of stay (days)

 

 

14.0 

 

 

15.0 

 

ADC by major diagnosis

 

 

 

 

 

 

 

Cerebro

 

 

35.9 

%

 

35.6 

%

Neurological

 

 

21.4 

 

 

19.9 

 

Cancer

 

 

12.7 

 

 

13.1 

 

Cardio

 

 

15.9 

 

 

16.9 

 

Respiratory

 

 

8.3 

 

 

8.2 

 

Other

 

 

5.8 

 

 

6.3 

 

Total

 

 

100.0 

%

 

100.0 

%

Admissions by major diagnosis

 

 

 

 

 

 

 

Cerebro

 

 

21.1 

%

 

20.7 

%

Neurological

 

 

12.5 

 

 

12.8 

 

Cancer

 

 

28.3 

 

 

28.0 

 

Cardio

 

 

15.1 

 

 

16.3 

 

Respiratory

 

 

12.2 

 

 

12.0 

 

Other

 

 

10.8 

 

 

10.2 

 

Total

 

 

100.0 

%

 

100.0 

%

Estimated uncollectible accounts as a percent of revenues

 

 

1.2 

%

 

1.0 

%

Accounts receivable --

 

 

 

 

 

 

 

Days of revenue outstanding- excluding unapplied Medicare payments

 

 

33.9 

 

 

34.9 

 

Days of revenue outstanding- including unapplied Medicare payments

 

 

26.1 

 

 

23.3 

 

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








 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

 

FOOTNOTES TO FINANCIAL STATEMENTS

 

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

 

(unaudited)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Included in the results of operations for 2020 are the following significant credits/(charges) which may not be indicative of ongoing operations

 



(in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Three Months Ended March 31, 2020

 



 

 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Stock option expense

 

$

 -

 

$

 -

 

$

(5,045)

 

$

(5,045)

 



Amortization of reacquired franchise agreements

 

 

 -

 

 

(2,352)

 

 

 -

 

 

(2,352)

 



Direct costs related to COVID-19

 

 

(973)

 

 

(861)

 

 

 -

 

 

(1,834)

 



Long-term incentive compensation

 

 

 -

 

 

 -

 

 

(1,821)

 

 

(1,821)

 



Medicare cap sequestration adjustment

 

 

(675)

 

 

 -

 

 

 -

 

 

(675)

 



Pretax impact on earnings

 

 

(1,648)

 

 

(3,213)

 

 

(6,866)

 

 

(11,727)

 



Excess tax benefits on stock compensation

 

 

 -

 

 

 -

 

 

4,553 

 

 

4,553 

 



Income tax benefit on the above

 

 

419 

 

 

851 

 

 

1,080 

 

 

2,350 

 



After-tax impact on earnings

 

$

(1,229)

 

$

(2,362)

 

$

(1,233)

 

$

(4,824)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

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 March 31, 2019

 



 

 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Litigation settlement

 

$

(6,000)

 

$

 -

 

$

 -

 

$

(6,000)

 



Stock option expense

 

 

 -

 

 

 -

 

 

(4,089)

 

 

(4,089)

 



Long-term incentive compensation

 

 

 -

 

 

 -

 

 

(1,488)

 

 

(1,488)

 



Non cash ASC 842 (expenses)/benefit

 

 

(656)

 

 

(55)

 

 

163 

 

 

(548)

 



Medicare cap sequestration adjustment

 

 

(515)

 

 

 -

 

 

 -

 

 

(515)

 



Amortization of reacquired franchise agreements

 

 

 -

 

 

(441)

 

 

 -

 

 

(441)

 



Acquisition expense

 

 

 -

 

 

 -

 

 

(120)

 

 

(120)

 



Pretax impact on earnings

 

 

(7,171)

 

 

(496)

 

 

(5,534)

 

 

(13,201)

 



Excess tax benefits on stock compensation

 

 

 -

 

 

 -

 

 

6,732 

 

 

6,732 

 



Income tax benefit on the above

 

 

1,819 

 

 

132 

 

 

1,010 

 

 

2,961 

 



After-tax impact on earnings

 

$

(5,352)

 

$

(364)

 

$

2,208 

 

$

(3,508)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(c)

VITAS has 11 large (greater than 450 ADC), 22 medium (greater than 200 but less than 450 ADC) and 15 small (less than 200 ADC) hospice programs.  Of Vitas' 30 Medicare provider numbers, for the first six months of the current cap year, 23 provider numbers have a Medicare cap cushion of 10% or greater, two provider numbers have a cap cushion between 5% and 10%, two 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
Apr. 28, 2020
Document And Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Apr. 28, 2020
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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