FRISCO, Texas, Feb. 25, 2021 /PRNewswire/ -- Addus HomeCare
Corporation (NASDAQ: ADUS), a provider of home care services, today
announced its financial results for the fourth quarter and year
ended December 31, 2020.
Net service revenues increased 1.9% for the fourth quarter to
$196.0 million from $192.4 million for the fourth quarter of 2019.
Net income was $8.4 million for the
fourth quarter of 2020, compared with $10.7
million for the fourth quarter last year, while net income
per diluted share was $0.53 compared
with $0.68 for the same period a year
ago. Adjusted EBITDA increased 11.6% to $20.9 million for the fourth quarter of 2020 from
$18.8 million for the fourth quarter
of 2019. Adjusted net income per diluted share was $0.82 for the fourth quarter of 2020 compared
with $0.73 for the fourth quarter of
2019. (See page 8 for a reconciliation of all non-GAAP and GAAP
financial measures in this news release.)
Adjusted net income per diluted share for the fourth quarter of
2020 excludes COVID-19 expenses of $0.01, M&A expenses of $0.15, restructure and other non-recurring costs
of $0.03, and stock-based
compensation expense of $0.10.
Adjusted net income per diluted share for the fourth quarter of
2019 excluded the favorable impact of the retroactive Illinois rate increase of $0.12, M&A expenses of $0.08, restructure and other non-recurring costs
of $0.01 and stock-based compensation
expense of $0.08.
For 2020, net service revenues increased 17.9% to $764.8 million from $648.8
million for 2019. Net income from continuing operations
increased 28.4% to $33.1 million for
2020 compared with $25.8 million for
the prior year, while net income from continuing operations per
diluted share increased to $2.08 from
$1.81. Adjusted EBITDA was
$76.9 million for 2020, an increase
of 31.0% compared with $58.7 million
for 2019. Adjusted net income from continuing operations per
diluted share grew 23.2% to $3.08 for
2020 from $2.50 for 2019.
Adjusted net income per diluted share for the full year 2020
excludes loss on sale of assets of $0.01, COVID-19 expenses of $0.07, M&A expenses of $0.34, restructure and other non-recurring costs
of $0.28, and stock-based
compensation expense of $0.30.
Adjusted net income per diluted share for the full year 2019
excluded interest income from Illinois of $0.03, M&A expenses of $0.26, restructure and other non-recurring costs
of $0.14, and stock-based
compensation expense of $0.32.
Commenting on the results, Dirk
Allison, President and Chief Executive Officer, said, "We
are pleased to report solid financial and operating results for the
fourth quarter and 2020, capping off another year of impressive
growth and progress for Addus. These results were achieved despite
some extraordinary challenges, including the substantial surge of
COVID-19 cases during November and December. We commend the heroic
work and dedication of our team of frontline caregivers and support
staff who continue our mission to provide essential home care
services and serve the needs of patients who count on Addus for
safe and cost-effective care. As conditions surrounding the
pandemic begin to improve and vaccinations become more widely
distributed across the country, we are confident that Addus is well
positioned to meet expected demand in a less restrictive and more
favorable environment."
At December 31, 2020, the Company
had cash of $145.1 million and bank
debt of $196.6 million, with
availability under its revolving credit facility of $112.6 million. Net cash provided by operating
activities was $36.1 million for the
fourth quarter of 2020 and $109.4
million for 2020, the highest annual level in Addus
history.
Mr. Allison added, "In addition to organic growth, we continued
to pursue strategic acquisition opportunities in 2020. Despite the
pandemic, we were able to complete four acquisitions for the year
with a total of approximately $84
million in annualized revenue. The integration process has
gone well for these transactions, and we are excited to have these
new providers and caregivers join the Addus family. We intend to
continue pursuing aggressive acquisition objectives in 2021 with a
strong pipeline in each of our personal care, hospice, and home
health segments. Our capital structure supports this important
aspect of our growth strategy and allows us to take advantage of
future acquisition opportunities as they occur.
"Looking ahead to 2021, we are confident that we are
well-positioned to achieve further profitable growth both
organically and from acquisitions. We remain focused on our mission
to provide home care services that allow individuals to remain in
the safety and comfort of their preferred home setting. We are
proud of our ability to execute our strategy this past year, and we
believe we have an exceptional team in place that provides a stable
foundation for continued success as a leading provider of home care
services. Addus offers a strong value proposition, and we look
forward to extending our market reach while continuing to deliver
value to our shareholders," Mr. Allison concluded.
Non-GAAP Financial Measures
The information provided in this release includes adjusted net
income per diluted share, adjusted EBITDA, and adjusted net service
revenues, which are non-GAAP financial measures. The Company
defines adjusted net income as net income before the net-of-tax
amounts of interest income from the State
of Illinois, COVID-19 adjustments for temporary rate
increases and expenses, M&A expenses, stock-based compensation
expense, restructure charges, severance and other costs and
loss on the sale of assets associated with Hospice Partners of
Kansas. The Company defines
adjusted EBITDA as net income before interest expense, interest
income, other non-operating income, COVID-19 adjustments for
temporary rate increases and expenses, taxes, depreciation,
amortization, interest income from the State of Illinois, M&A expenses,
stock-based compensation expense, restructure charges, severance
and other costs and loss on the sale of assets associated with
Hospice Partners of Kansas. The
Company defines adjusted diluted earnings per share as earnings per
share adjusted for interest income from the State of Illinois, COVID–19 expenses, M&A
expenses, stock compensation expense and restructure expense,
severance and other costs and loss on the sale of assets
associated with Hospice Partners of Kansas. 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 and a
reconciliation of adjusted diluted earnings per share to
earnings per share, in each case, the most directly comparable GAAP
measure. Management believes that adjusted net income, adjusted
EBITDA and adjusted diluted earnings per share 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. With respect to COVID–19 expenses, the
Company views these expenses as unrelated to the Company's
long-term performance since they are directly related to the sudden
onset COVID-19 pandemic. With respect to COVID-19 temporary rate
increases, the Company similarly views these as unrelated to the
Company's long-term performance and has adjusted for those
increases, net of the amount required to be passed through to
caregivers as a condition of the increase.
Conference Call
Addus will host a conference call on Friday, February 26, 2021, beginning at
9:00 a.m. Eastern time. The toll-free
dial-in number is (877) 930-8289 (international dial-in number is
(253) 336-8714), pass code 9398711. A telephonic replay of the
conference call will be available through midnight March 5, 2021, by dialing (855) 859-2056
(international dial-in number is (404)-537-3406) and entering pass
code 9398711. A live broadcast of Addus
HomeCare's conference call will be available under the
Investor Relations section of the Company's website: www.addus.com.
An online replay will also be available on the Company's website
for one month, beginning approximately two hours following the
conclusion of the live broadcast.
Forward-Looking Statements
Certain matters discussed in this press release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements may be identified by words such as "preliminary,"
"continue," "expect," and similar expressions. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on us. Forward-looking statements involve a number of risks
and uncertainties that may cause actual results to differ
materially from those expressed or implied by such forward-looking
statements, including discretionary determinations by government
officials, the consummation and integration of acquisitions,
anticipated transition to managed care providers, our ability to
successfully execute our growth strategy, unexpected increases in
SG&A and other expenses, expected benefits and unexpected costs
of acquisitions and dispositions, management plans related to
dispositions, the possibility that expected benefits may not
materialize as expected, the failure of the business to perform as
expected, changes in reimbursement, changes in government
regulations, changes in Addus
HomeCare's relationships with referral sources, increased
competition for Addus HomeCare's
services, changes in the interpretation of government regulations,
the uncertainty regarding the outcome of discussions with managed
care organizations, changes in tax rates, the impact of adverse
weather, higher than anticipated costs, lower than anticipated cost
savings, estimation inaccuracies in future revenues, margins,
earnings and growth, whether any anticipated receipt of payments
will materialize, the anticipated impact to our business
operations, reimbursements and patient population due to the recent
COVID-19 global pandemic, caused by a novel strain of the
coronavirus (COVID-19), 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 August 10, 2020, which
is available at www.sec.gov. The financial information described
herein and the periods to which they relate are preliminary
estimates that are subject to change and finalization. There is no
assurance that the final amounts and adjustments will not differ
materially from the amounts described above, or that additional
adjustments will not be identified, the impact of which may be
material. Addus HomeCare undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
In addition, these forward-looking statements necessarily depend
upon assumptions, estimates and dates that may be incorrect or
imprecise and involve known and unknown risks, uncertainties, and
other factors. Accordingly, any forward-looking statements included
in this press release do not purport to be predictions of future
events or circumstances and may not be realized. (Unaudited tables
and notes follow).
About Addus HomeCare
Addus HomeCare is a provider of
home care services that primarily include personal care services
that assist with activities of daily living, as well as hospice and
home health services. Addus
HomeCare's consumers are primarily persons who, without
these services, are at risk of hospitalization or
institutionalization, such as the elderly, chronically ill and
disabled. Addus HomeCare's payor
clients include federal, state and local governmental agencies,
managed care organizations, commercial insurers, and private
individuals. Addus HomeCare
currently provides home care services to approximately 44,000
consumers through 212 locations across 22 states. For more
information, please visit www.addus.com.
ADDUS HOMECARE
CORPORATION AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Income
|
(amounts and
shares in thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Income
Statement Information:
|
For the Three
Months
Ended December 31,
|
|
For the Twelve
Months
Ended December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
Net service
revenues
|
$
195,996
|
|
$
192,376
|
|
$
764,775
|
|
$
648,791
|
Cost of service
revenues
|
136,892
|
|
134,834
|
|
538,538
|
|
469,553
|
|
|
|
|
|
|
|
|
Gross
profit
|
59,104
|
|
57,542
|
|
226,237
|
|
179,238
|
|
30.2%
|
|
29.9%
|
|
29.6%
|
|
27.6%
|
General and
administrative expenses
|
44,209
|
|
39,803
|
|
169,679
|
|
133,912
|
Depreciation and
amortization
|
3,179
|
|
3,209
|
|
12,051
|
|
10,574
|
Total operating
expenses
|
47,388
|
|
43,012
|
|
181,730
|
|
144,486
|
|
|
|
|
|
|
|
|
Operating income from
continuing operations
|
11,716
|
|
14,530
|
|
44,507
|
|
34,752
|
|
|
|
|
|
|
|
|
Total interest
expense, net
|
832
|
|
514
|
|
2,565
|
|
1,582
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
10,884
|
|
14,016
|
|
41,942
|
|
33,170
|
Income tax
expense
|
2,435
|
|
3,279
|
|
8,809
|
|
7,359
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
8,449
|
|
10,737
|
|
33,133
|
|
25,811
|
|
|
|
|
|
|
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from Home Health Business, net of tax
|
-
|
|
-
|
|
-
|
|
(574)
|
|
|
|
|
|
|
|
|
Earnings from
discontinued operations
|
-
|
|
-
|
|
-
|
|
(574)
|
|
|
|
|
|
|
|
|
Net income
|
$
8,449
|
|
$
10,737
|
|
$
33,133
|
|
$
25,237
|
|
|
|
|
|
|
|
|
Net income (loss) per
diluted share:
|
|
|
|
|
|
|
|
Continuing Operations
|
$
0.53
|
|
$
0.68
|
|
$
2.08
|
|
$
1.81
|
Discontinued Operations
|
$
-
|
|
$
-
|
|
$
-
|
|
$
(0.04)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding:
|
|
|
|
|
|
|
|
Diluted
|
16,013
|
|
15,881
|
|
15,956
|
|
14,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow
Information:
|
For the Three
Months
Ended December 31,
|
|
For the Twelve
Months
Ended December,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
36,112
|
|
$
3,935
|
|
$
109,411
|
|
$
12,019
|
Net cash (used in)
investing activities
|
(196,729)
|
|
(132,396)
|
|
(214,236)
|
|
(188,697)
|
Net cash provided by
financing activities
|
135,364
|
|
566
|
|
138,189
|
|
217,986
|
|
|
|
|
|
|
|
|
Net change in
cash
|
(25,253)
|
|
(127,895)
|
|
33,364
|
|
41,308
|
Cash at the beginning
of the period
|
170,331
|
|
239,609
|
|
111,714
|
|
70,406
|
Cash at the end of
the period
|
$
145,078
|
|
$
111,714
|
|
$
145,078
|
|
$
111,714
|
ADDUS HOMECARE
CORPORATION AND SUBSIDIARIES
|
Condensed
Consolidated Balance Sheets
|
(Amounts in
thousands)
|
(Unaudited)
|
|
|
|
|
|
December
31,
|
|
2020
|
|
2019
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash
|
$
145,078
|
|
$
111,714
|
Accounts receivable,
net
|
132,650
|
|
149,680
|
Prepaid expenses and
other current assets
|
9,969
|
|
7,993
|
Total current
assets
|
287,697
|
|
269,387
|
|
|
|
|
Property and
equipment, net
|
19,749
|
|
12,156
|
|
|
|
|
Other
assets
|
|
|
|
Goodwill
|
469,072
|
|
275,368
|
Intangible assets,
net
|
71,549
|
|
57,079
|
Deferred tax assets,
net
|
6,524
|
|
1,647
|
Operating lease
assets
|
37,991
|
|
21,111
|
Total other
assets
|
585,136
|
|
355,205
|
|
|
|
|
Total
assets
|
$
892,582
|
|
$
636,748
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
23,705
|
|
$
19,641
|
Accrued
payroll
|
35,815
|
|
30,587
|
Accrued
expenses
|
37,564
|
|
22,429
|
Government stimulus
advances
|
32,087
|
|
-
|
Accrued workers
compensation
|
13,759
|
|
14,143
|
Current portion of
long-term debt, net of debt issuance costs
|
971
|
|
728
|
Total current
liabilities
|
143,901
|
|
87,528
|
|
|
|
|
Long-term debt, less
current portion, net of debt issuance costs
|
193,901
|
|
59,164
|
Long-term lease
liability, less current portion
|
35,516
|
|
14,301
|
Other long-term
liabilities
|
588
|
|
163
|
Total long-term
liabilities
|
230,005
|
|
73,628
|
|
|
|
|
Total
liabilities
|
373,906
|
|
161,156
|
|
|
|
|
Total stockholders'
equity
|
518,676
|
|
475,592
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
892,582
|
|
$
636,748
|
ADDUS HOMECARE
CORPORATION AND SUBSIDIARIES
|
|
Net Service
Revenues by Segment
|
(Amounts in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months
Ended December 31,
|
|
For the Twelve
Months
Ended December 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Care
|
$
164,384
|
|
$
161,604
|
|
$
647,233
|
|
$
580,728
|
|
Hospice
|
27,574
|
|
26,373
|
|
101,297
|
|
53,601
|
|
Home
Health
|
4,038
|
|
4,399
|
|
16,245
|
|
14,462
|
|
Total
Revenue
|
$
195,996
|
|
$
192,376
|
|
$
764,775
|
|
$
648,791
|
|
ADDUS HOMECARE
CORPORATION AND SUBSIDIARIES
|
|
Key Statistical
and Financial Data (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months
Ended December 31,
|
|
For the Twelve
Months
Ended December 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
General
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personal
Care
|
|
|
|
|
|
|
|
|
States served at
period end
|
-
|
|
-
|
|
22
|
|
24
|
|
Locations at period
end
|
-
|
|
-
|
|
170
|
|
152
|
|
Average billable
census - same store
|
37,665
|
|
39,179
|
|
37,641
|
|
37,892
|
|
Average billable
census - acquisitions (1)
|
1,538
|
|
-
|
|
1,558
|
|
1,296
|
|
Average billable
census total
|
39,203
|
|
39,179
|
|
39,199
|
|
39,188
|
|
Billable hours (in
thousands)
|
7,820
|
|
7,814
|
|
30,645
|
|
29,732
|
|
Average billable
hours per census per month
|
66.0
|
|
66.0
|
|
64.7
|
|
62.7
|
|
Billable hours per
business day
|
118,490
|
|
118,393
|
|
116,967
|
|
113,915
|
|
Revenues per billable
hour
|
$
20.98
|
|
$
20.10
|
|
$
21.07
|
|
$
19.50
|
|
Organic
growth
|
|
|
|
|
|
|
|
|
-
Revenue
|
2.6
|
%
|
13.6
|
%
|
5.9
|
%
|
8.2
|
%
|
|
|
|
|
|
|
|
|
|
Hospice
|
|
|
|
|
|
|
|
|
Locations served at
period end
|
-
|
|
-
|
|
34
|
|
35
|
|
Admissions
|
1,983
|
|
1,547
|
|
6,376
|
|
3,095
|
|
Average daily
census
|
2,492
|
|
1,841
|
|
2,619
|
|
1,783
|
|
Average length of
stay
|
108.3
|
|
92.6
|
|
104.9
|
|
106.8
|
|
Patient
days
|
174,407
|
|
170,336
|
|
657,172
|
|
349,866
|
|
Revenue per patient
day
|
$
158.10
|
|
$
154.83
|
|
$
154.14
|
|
$
153.20
|
|
Organic
growth
|
|
|
|
|
|
|
|
|
-
Revenue
|
(10.6)
|
%
|
20.4
|
%
|
(5.3)
|
%
|
-
|
%
|
- Average
daily census
|
(13.5)
|
%
|
22.7
|
%
|
1.2
|
%
|
-
|
%
|
|
|
|
|
|
|
|
|
|
Home
Health
|
|
|
|
|
|
|
|
|
Locations served at
period end
|
-
|
|
-
|
|
10
|
|
11
|
|
New
Admissions
|
1,088
|
|
1,022
|
|
4,122
|
|
3,347
|
|
Recertifications
|
572
|
|
709
|
|
2,578
|
|
2,658
|
|
Total
Volume
|
1,660
|
|
1,731
|
|
6,700
|
|
6,005
|
|
Visits
|
26,890
|
|
33,675
|
|
118,470
|
|
108,863
|
|
Organic
growth
|
|
|
|
|
|
|
|
|
-
Revenue
|
(8.2)
|
%
|
12.3
|
%
|
(3.0)
|
%
|
-
|
%
|
- Total
volume
|
(4.1)
|
%
|
7.0
|
%
|
9.1
|
%
|
-
|
%
|
|
|
|
|
|
|
|
|
|
Percentage of
Revenues by Payor:
|
|
|
|
|
|
|
|
|
Personal
Care
|
|
|
|
|
|
|
|
|
State, local and
other governmental programs
|
49.8
|
%
|
50.8
|
%
|
50.2
|
%
|
52.2
|
%
|
Managed care
organizations
|
45.0
|
|
43.0
|
|
44.3
|
|
41.3
|
|
Private
duty
|
3.0
|
|
3.6
|
|
3.2
|
|
3.7
|
|
Commercial
|
1.5
|
|
1.6
|
|
1.5
|
|
1.6
|
|
Other
|
0.7
|
%
|
1.0
|
%
|
0.8
|
%
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
Hospice
|
|
|
|
|
|
|
|
|
Medicare
|
93.2
|
%
|
92.6
|
%
|
92.9
|
%
|
92.6
|
%
|
Managed care
organizations
|
4.4
|
|
5.1
|
|
4.9
|
|
5.2
|
|
Other
|
2.4
|
%
|
2.3
|
%
|
2.2
|
%
|
2.2
|
%
|
|
|
|
|
|
|
|
|
|
Home
Health
|
|
|
|
|
|
|
|
|
Medicare
|
76.8
|
%
|
74.4
|
%
|
78.6
|
%
|
77.6
|
%
|
Managed care
organizations
|
21.3
|
|
24.3
|
|
19.6
|
|
20.3
|
|
Other
|
1.9
|
%
|
1.3
|
%
|
1.8
|
%
|
2.1
|
%
|
|
|
|
|
|
|
|
|
|
(1) The average
billable census in acquisitions of 1,199 for the three months ended
December 31, 2019, was reclassified to average billable census -
same stores for comparability purposes. The average billable
census for the three and twelve months ended December 31, 2020, was
prorated for the date of the acquisition.
|
ADDUS HOMECARE
CORPORATION AND SUBSIDIARIES
|
|
Reconciliation of
Non-GAAP Financial Measures
|
|
(Amounts in
thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months
Ended December 31,
|
|
For the Twelve
Months
Ended December 31,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
Reconciliation of
Adjusted EBITDA to Net Income: (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
8,449
|
|
$
10,737
|
|
$
33,133
|
|
$
25,237
|
|
Less: Loss from
discontinued operations, net of tax
|
-
|
|
-
|
|
-
|
|
574
|
|
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
8,449
|
|
10,737
|
|
33,133
|
|
25,811
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
832
|
|
591
|
|
2,565
|
|
2,233
|
|
Interest income from
Illinois
|
-
|
|
(77)
|
|
-
|
|
(651)
|
|
Impact of retroactive
Illinois rate increase
|
-
|
|
(2,485)
|
|
-
|
|
-
|
|
Loss on sale of
assets
|
13
|
|
-
|
|
294
|
|
-
|
|
Secondary offering
costs
|
-
|
|
-
|
|
-
|
|
127
|
|
Income tax
expense
|
2,435
|
|
3,279
|
|
8,809
|
|
7,359
|
|
Depreciation and
amortization
|
3,179
|
|
3,209
|
|
12,051
|
|
10,574
|
|
COVID-19 expense,
net
|
252
|
|
-
|
|
1,480
|
|
-
|
|
M&A
expenses
|
3,074
|
|
1,593
|
|
6,956
|
|
4,775
|
|
Stock-based
compensation expense
|
2,017
|
|
1,581
|
|
6,005
|
|
5,766
|
|
Restructure and other
non-recurring costs
|
694
|
|
339
|
|
5,614
|
|
2,703
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
20,945
|
|
$
18,767
|
|
$
76,907
|
|
$
58,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Net Income to Net Income: (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
$
8,449
|
|
$
10,737
|
|
$
33,133
|
|
$
25,237
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of tax
|
-
|
|
-
|
|
-
|
|
574
|
|
Interest income from
Illinois, net of tax
|
-
|
|
(59)
|
|
-
|
|
(507)
|
|
Impact of retroactive
Illinois rate increase, net of tax
|
-
|
|
(1,903)
|
|
-
|
|
-
|
|
Loss on sale of
assets, net of tax
|
10
|
|
-
|
|
232
|
|
-
|
|
COVID-19 expense, net
of tax
|
196
|
|
-
|
|
1,169
|
|
-
|
|
M&A expenses, net
of tax
|
2,365
|
|
1,220
|
|
5,456
|
|
3,715
|
|
Stock-based
compensation expense, net of tax
|
1,551
|
|
1,210
|
|
4,728
|
|
4,489
|
|
Restructuring and
other non-recurring costs, net of tax
|
540
|
|
260
|
|
4,421
|
|
2,202
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net
Income
|
$
13,111
|
|
$
11,465
|
|
$
49,139
|
|
$
35,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income per Diluted Share to Adjusted Net Income per Diluted
Share: (3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
diluted share
|
$
0.53
|
|
$
0.68
|
|
$
2.08
|
|
$
1.81
|
|
|
|
|
|
|
|
|
|
|
Interest income from
Illinois per diluted share
|
-
|
|
-
|
|
-
|
|
(0.03)
|
|
Impact of retroactive
Illinois rate increase per diluted share
|
-
|
|
(0.12)
|
|
-
|
|
-
|
|
Loss on sale of
assets per diluted share
|
-
|
|
-
|
|
0.01
|
|
-
|
|
COVID-19 expense per
diluted share
|
0.01
|
|
-
|
|
0.07
|
|
-
|
|
M&A expenses per
diluted share
|
0.15
|
|
0.08
|
|
0.34
|
|
0.26
|
|
Restructure and other
non-recurring costs per diluted share
|
0.03
|
|
0.01
|
|
0.28
|
|
0.14
|
|
Stock-based
compensation expense per diluted share
|
0.10
|
|
0.08
|
|
0.30
|
|
0.32
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per diluted share
|
$
0.82
|
|
$
0.73
|
|
$
3.08
|
|
$
2.50
|
|
|
|
|
|
|
|
|
|
|
(1) We define
Adjusted EBITDA as earnings before interest expense, interest
income from the state of Illinois, other non-operating
income, taxes, depreciation, amortization, COVID expenses,
M&A expenses, stock-based compensation expense, restructure
expenses, other non-recurring costs and loss on the sale of assets
associated with Hospice Partners of Kansas. Adjusted EBITDA is a
performance measure used by management that is not calculated in
accordance with generally accepted accounting principles in the
United States (GAAP). It should not be considered in isolation or
as a substitute for net income, operating income or any other
measure of financial performance calculated in accordance with
GAAP.
|
|
(2) We define
Adjusted Net Income as net income before interest income from the
state of Illinois, COVID expenses, M&A expenses, stock-based
compensation expense, restructure expenses, other non-recurring
costs and loss on the sale of assets associated with Hospice
Partners of Kansas. Adjusted Net Income is a performance measure
used by management that is not calculated in accordance with
generally accepted accounting principles in the United States
(GAAP). It should not be considered in isolation or as a substitute
for net income, operating income or any other measure of financial
performance calculated in accordance with GAAP.
|
|
(3) We define
Adjusted diluted earnings per share as earnings per share, adjusted
for interest income from the State of Illinois, COVID expenses,
M&A expenses, stock compensation expense and restructure
expense, other non-recurring costs and loss on the sale of assets
associated with Hospice Partners of Kansas. Adjusted diluted
earnings per share is a performance measure used by management that
is not calculated in accordance with generally accepted accounting
principles in the United States (GAAP). It should not be considered
in isolation or as a substitute for net income, operating income or
any other measure of financial performance calculated in accordance
with GAAP.
|
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content:http://www.prnewswire.com/news-releases/addus-homecare-announces-fourth-quarter-financial-results-301236033.html
SOURCE Addus HomeCare Corporation