FRISCO, Texas, Nov. 2,
2020 /PRNewswire/ -- Addus HomeCare Corporation (NASDAQ: ADUS), a
provider of home care services, today announced its financial
results for the third quarter and nine months ended September 30, 2020.
Net service revenues increased 14.8% for the third quarter to
$194.0 million from $169.0 million for the third quarter of 2019. Net
income increased 85.6% to $9.1
million for the third quarter of 2020 from $4.9 million for the third quarter last year,
while net income from continuing operations per diluted share was
$0.57 compared with $0.39 for the same period a year ago. Adjusted
net income from continuing operations per diluted share was
$0.76 for the third quarter of 2020
compared with $0.75 for the third
quarter of 2019.
Adjusted net income for the third quarter of 2020 excludes
COVID-19 adjustment of $0.02, M&A
expenses of $0.02, restructure and
other costs of $0.08, which consisted
primarily of the impairment of right of use assets from the
Company's former corporate office space, and stock-based
compensation expense of $0.07.
Adjusted net income from continuing operations per diluted share
for the third quarter of 2019 excludes interest income from the
State of Illinois of $0.02, the impact of a retroactive Illinois rate increase of $0.12, M&A expenses of $0.10, restructure and other costs of
$0.08, and stock-based compensation
expense of $0.08. Adjusted EBITDA
increased 12.2% to $19.5 million for
the third quarter of 2020 from $17.4
million for the third quarter of 2019. (See page 8 for a
reconciliation of all non-GAAP and GAAP financial measures in this
news release.)
For the first nine months of 2020, net service revenues
increased 24.6% to $568.8 million
from $456.4 million for the first
nine months of 2019. Net income increased 70.2% to $24.7 million for the first nine months of 2020
from $14.5 million for the first nine
months of last year, while net income from continuing operations
per diluted share increased to $1.55
from $1.10. Adjusted net income from
continuing operations per diluted share grew 28.4% to $2.26 for the first nine months of 2020 from
$1.76 for the same period in
2019.
Commenting on the results, Dirk
Allison, President and Chief Executive Officer, said, "We
are pleased with our consistent profitable growth as reflected in
our third quarter financial and operating performance. This is in
spite of the effects of the ongoing pandemic, as well as the
short-term negative impact of the July 1,
2020, minimum wage increase in our Chicago market, which is scheduled to be
funded by a reimbursement rate increase on January 1, 2021. We experienced improving volumes
during the third quarter as some COVID–19 restrictions were lifted,
although our census has not fully returned to pre-pandemic levels.
With the number of COVID-19 cases currently spiking across the
country, we may see an ongoing impact to our volumes, but we
believe Addus is well positioned to meet expected demand as
conditions evolve and more customers return to us for safe and
cost-effective care. Across our operations and service areas, we
are proud of the dedicated efforts of our employees and caregivers
and all healthcare workers who have continued to provide the
essential home care services that are especially vital as the
COVID-19 pandemic persists."
At September 30, 2020, the Company
had cash of $170.3 million and bank
debt of $61.7 million, with
availability under its revolving credit facility of $219.0 million. Net cash provided by operating
activities was $22.4 million for the
third quarter of 2020.
Mr. Allison added, "Acquisitions have continued to be an
important part of our growth strategy, and we have the capital
structure to allow us to pursue acquisition opportunities as they
occur. We have continued to identify new growth opportunities in
all segments of our business and on November
1, 2020, we completed the acquisition of County HomeMakers,
Inc., a personal care operator in Pennsylvania, with 800 employees in 22
locations serving over 1,000 clients. County HomeMakers had annual
revenues of $14.8 million in 2019,
and we expect this acquisition will be immediately accretive to our
2020 financial results. Importantly, this acquisition aligns with
our strategy to expand coverage in existing states where we already
have a presence, especially markets like Pennsylvania with managed Medicaid. We welcome
the professional team associated with County HomeMakers to the
Addus family, and we look forward to a smooth operational
integration.
"Looking ahead, while we continue to face the ongoing challenges
related to the COVID-19 pandemic, we are mindful of our critical
role in providing home care services that allow individuals to
avoid the risks found in settings outside of their homes. Our top
priority is to protect the health and safety of the patients and
customers we serve and our caregivers and other employees, and we
remain steadfast in our mission. Our results to date in 2020
reflect our ability to execute our strategy through a very
challenging period, and we remain confident Addus will have
continued success as a leading provider of comprehensive home care
services. We look forward to the opportunities ahead to provide
quality care to more individuals while delivering 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 Tuesday, November 3, 2020, 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 8552728. A telephonic replay of the
conference call will be available through midnight on November 17, 2020, by dialing (855) 859-2056
(international dial-in number is (404) 537–3406) and entering pass
code 8552728.
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 215 locations across 25 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 September 30,
|
|
For the Nine
Months
Ended September 30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net service
revenues
|
$
193,987
|
|
$
168,993
|
|
$
568,779
|
|
$
456,415
|
Cost of service
revenues
|
137,686
|
|
123,817
|
|
401,646
|
|
334,719
|
Gross
profit
|
56,301
|
|
45,176
|
|
167,133
|
|
121,696
|
|
29.0%
|
|
26.7%
|
|
29.4%
|
|
26.7%
|
General and
administrative expenses
|
40,806
|
|
35,085
|
|
125,189
|
|
94,109
|
(Gain) loss on sale
of assets
|
(73)
|
|
-
|
|
281
|
|
-
|
Depreciation and
amortization
|
3,045
|
|
2,756
|
|
8,872
|
|
7,365
|
Total operating
expenses
|
43,778
|
|
37,841
|
|
134,342
|
|
101,474
|
Operating income from
continuing operations
|
12,523
|
|
7,335
|
|
32,791
|
|
20,222
|
Total interest
expense, net
|
593
|
|
80
|
|
1,733
|
|
1,068
|
Income before income
taxes
|
11,930
|
|
7,255
|
|
31,058
|
|
19,154
|
Income tax
expense
|
2,811
|
|
1,769
|
|
6,374
|
|
4,080
|
Net income from
continuing operations
|
9,119
|
|
5,486
|
|
24,684
|
|
15,074
|
|
|
|
|
|
|
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
Loss from Home
Health Business, net of tax
|
-
|
|
(574)
|
|
-
|
|
(574)
|
Loss from
discontinued operations
|
-
|
|
(574)
|
|
-
|
|
(574)
|
Net income
|
$
9,119
|
|
$
4,912
|
|
$
24,684
|
|
$
14,500
|
|
|
|
|
|
|
|
|
Net income (loss) per
diluted share:
|
|
|
|
|
|
|
|
Continuing
operations
|
$
0.57
|
|
$
0.39
|
|
$
1.55
|
|
$
1.10
|
Discontinued
operations
|
$
-
|
|
$
(0.04)
|
|
$
-
|
|
$
(0.04)
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares
outstanding - diluted
|
15,957
|
|
14,203
|
|
15,934
|
|
13,687
|
|
|
|
|
|
|
|
|
Cash Flow
Information:
|
For the Three
Months
Ended September 30
|
|
For the Nine
Months
Ended September 30
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Net cash provided by
operating activities
|
$
22,412
|
|
$
12,163
|
|
$
73,299
|
|
$
8,084
|
Net cash used in
investing activities
|
(12,542)
|
|
(24,497)
|
|
(17,507)
|
|
(56,301)
|
Net cash provided by
financing activities
|
1,912
|
|
197,152
|
|
2,825
|
|
217,420
|
|
|
|
|
|
|
|
|
Net change in
cash
|
11,782
|
|
184,818
|
|
58,617
|
|
169,203
|
Cash at the beginning
of the period
|
158,549
|
|
54,792
|
|
111,714
|
|
70,406
|
Cash at the end of
the period
|
$
170,331
|
|
$
239,610
|
|
$
170,331
|
|
$
239,609
|
ADDUS HOMECARE
CORPORATION AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
(Amounts in
thousands)
(Unaudited)
|
|
|
|
September
30,
|
|
2020
|
|
2019
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
Cash
|
$
170,331
|
|
$
239,609
|
Accounts receivable,
net
|
118,623
|
|
126,026
|
Prepaid expenses and
other current assets
|
10,426
|
|
8,822
|
Total current
assets
|
299,380
|
|
374,457
|
|
|
|
|
Property and
equipment, net
|
19,305
|
|
11,527
|
|
|
|
|
Other
assets
|
|
|
|
Goodwill
|
286,552
|
|
162,016
|
Intangible assets,
net
|
52,873
|
|
41,119
|
Operating lease
assets
|
35,842
|
|
17,972
|
Deferred tax assets,
net
|
1,479
|
|
2,216
|
Total other
assets
|
376,746
|
|
223,323
|
|
|
|
|
Total
assets
|
$
695,431
|
|
$
609,307
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
17,270
|
|
$
14,741
|
Accrued
expenses
|
33,395
|
|
19,306
|
Accrued
payroll
|
26,315
|
|
25,722
|
Accrued workers
compensation
|
14,668
|
|
14,399
|
Current portion of
long-term debt, net of debt issuance costs
|
2,095
|
|
970
|
Total current
liabilities
|
93,743
|
|
75,138
|
|
|
|
|
Long-term debt, less
current portion, net of debt issuance costs
|
59,561
|
|
59,248
|
Long-term lease
liability, less current portion
|
33,977
|
|
12,559
|
Other long-term
liabilities
|
550
|
|
163
|
Total long-term
liabilities
|
94,088
|
|
71,970
|
|
|
|
|
Total
liabilities
|
187,831
|
|
147,108
|
|
|
|
|
Total stockholders'
equity
|
507,600
|
|
462,199
|
|
|
|
|
Total liabilities and
stockholders' equity
|
$
695,431
|
|
$
609,307
|
ADDUS HOMECARE
CORPORATION AND SUBSIDIARIES
Net Service
Revenues by Segment
(Amounts in
thousands)
(Unaudited)
|
|
|
|
|
|
For the Three
Months
Ended September 30,
|
|
For the Nine
Months
Ended September 30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Personal
care
|
$
165,916
|
|
$
153,753
|
|
$
482,849
|
|
$
419,124
|
Hospice
|
23,986
|
|
10,874
|
|
73,723
|
|
27,228
|
Home
health
|
4,085
|
|
4,366
|
|
12,207
|
|
10,063
|
Total
revenue
|
$
193,987
|
|
$
168,993
|
|
$
568,779
|
|
$
456,415
|
ADDUS HOMECARE
CORPORATION AND SUBSIDIARIES
Key Statistical
and Financial Data
(Unaudited)
|
|
|
|
|
|
For the Three Months Ended September 30
|
|
For the Nine Months Ended September 30
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Personal
Care
|
|
|
|
|
|
|
|
States served at
period end
|
-
|
|
-
|
|
24
|
|
24
|
Locations at period
end
|
-
|
|
-
|
|
153
|
|
153
|
Average billable
census - same store
|
37,778
|
|
38,871
|
|
37,550
|
|
38,808
|
Average billable
census - acquisitions (1)
|
811
|
|
471
|
|
893
|
|
471
|
Average billable
census total
|
38,589
|
|
39,342
|
|
38,443
|
|
39,279
|
Billable hours (in
thousands)
|
7,778
|
|
7,785
|
|
22,825
|
|
21,918
|
Average billable
hours per census per month
|
66.9
|
|
65.5
|
|
65.6
|
|
61.5
|
Billable hours per
business day
|
117,841
|
|
117,956
|
|
116,454
|
|
112,400
|
Revenues per billable
hour
|
$
21.29
|
|
$
19.76
|
|
$
21.11
|
|
$
19.13
|
Organic
growth
|
|
|
|
|
|
|
|
Revenue
|
4.8%
|
|
7.2%
|
|
8.8%
|
|
6.3%
|
|
|
|
|
Hospice
|
|
|
|
|
|
|
|
Locations served at
period end
|
-
|
|
-
|
|
30
|
|
14
|
Admissions
|
1,399
|
|
563
|
|
4,393
|
|
1,548
|
Average daily
census
|
1,681
|
|
791
|
|
1,762
|
|
659
|
Average length of
stay
|
108.6
|
|
120.6
|
|
103.4
|
|
121.9
|
Patient
days
|
154,609
|
|
72,261
|
|
482,765
|
|
178,792
|
Revenue per patient
day
|
$
155.14
|
|
$
150.48
|
|
$
152.71
|
|
$
152.29
|
Organic
growth
|
|
|
|
|
|
|
|
Revenue
|
(5.6)%
|
|
25.8%
|
|
0.0%
|
|
-%
|
Average daily
census
|
(6.2)%
|
|
24.2%
|
|
3.9%
|
|
-%
|
|
|
|
|
Home
Health
|
|
|
|
|
|
|
|
Locations served at
period end
|
-
|
|
-
|
|
10
|
|
12
|
New
admissions
|
1,096
|
|
910
|
|
3,186
|
|
2,325
|
Recertifications
|
607
|
|
764
|
|
2,006
|
|
1,949
|
Total
volume
|
1,703
|
|
1,674
|
|
5,192
|
|
4,274
|
Visits
|
28,073
|
|
31,477
|
|
91,580
|
|
75,188
|
Organic
growth
|
|
|
|
|
|
|
|
Revenue
|
(8.9)%
|
|
48.1%
|
|
(0.6)%
|
|
-%
|
Total
volume
|
12.2%
|
|
3.1%
|
|
5.8%
|
|
-%
|
|
|
|
|
Percentage of
Revenues by Payor:
|
|
|
|
|
|
|
|
Personal
Care
|
|
|
|
|
|
|
|
State, local and
other governmental programs
|
51.5%
|
|
48.9%
|
|
50.3%
|
|
52.8%
|
Managed care
organizations
|
43.2
|
|
44.5
|
|
44.1
|
|
40.6
|
Private
duty
|
3.1
|
|
3.7
|
|
3.2
|
|
3.8
|
Commercial
|
1.5
|
|
1.8
|
|
1.5
|
|
1.6
|
Other
|
0.7%
|
|
1.1%
|
|
0.9%
|
|
1.2%
|
|
|
|
|
Hospice
|
|
|
|
|
|
|
|
Medicare
|
93.4%
|
|
92.4%
|
|
92.8%
|
|
92.7%
|
Managed care
organizations
|
4.7
|
|
5.4
|
|
5.0
|
|
5.2
|
Other
|
1.9%
|
|
2.2%
|
|
2.2%
|
|
2.1%
|
|
|
|
|
Home
Health
|
|
|
|
|
|
|
|
Medicare
|
78.0%
|
|
76.5%
|
|
79.2%
|
|
79.0%
|
Managed care
organizations
|
20.3
|
|
22.0
|
|
19.0
|
|
18.6
|
Other
|
1.7%
|
|
1.5%
|
|
1.8%
|
|
2.4%
|
|
|
|
|
(1)
|
The average billable
census in acquisitions of 951 and 945 for the three and nine months
ended September 30, 2019, was reclassified to average
billable census - same stores for comparability purposes. The
average billable census for the three and nine months ended
September 30, 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 September
30
|
|
For the Nine
Months Ended September
30
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Reconciliation of
Adjusted EBITDA to Net Income: (1)
|
|
|
|
Net income
|
$
9,119
|
|
$
4,912
|
|
$
24,684
|
|
$
14,500
|
Loss from
discontinued operations, net of tax (2)
|
-
|
|
574
|
|
-
|
|
574
|
|
|
|
|
|
|
|
|
Net income from
continuing operations
|
9,119
|
|
5,486
|
|
24,684
|
|
15,074
|
Interest expense,
net
|
593
|
|
541
|
|
1,733
|
|
1,642
|
Interest income from
Illinois
|
-
|
|
(461)
|
|
-
|
|
(574)
|
Impact of retroactive
Illinois rate increase
|
-
|
|
2,485
|
|
-
|
|
2,485
|
(Gain) loss on sale
of assets
|
(73)
|
|
-
|
|
281
|
|
-
|
Secondary offering
costs
|
-
|
|
127
|
|
-
|
|
127
|
Income tax
expense
|
2,811
|
|
1,769
|
|
6,374
|
|
4,080
|
Depreciation and
amortization
|
3,045
|
|
2,756
|
|
8,872
|
|
7,365
|
COVID-19 adjustment,
net
|
702
|
|
-
|
|
1,228
|
|
-
|
M&A
expenses
|
338
|
|
1,946
|
|
3,883
|
|
3,182
|
Stock-based
compensation expense
|
1,462
|
|
1,470
|
|
3,987
|
|
4,186
|
Restructure and other
costs
|
1,529
|
|
1,290
|
|
4,921
|
|
2,363
|
Adjusted
EBITDA
|
$
19,526
|
|
$
17,409
|
|
$
55,963
|
|
$
39,930
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Net Income to Net Income: (3)
|
|
|
|
Net income
|
$
9,119
|
|
$
4,912
|
|
$
24,684
|
|
$
14,500
|
Loss from
discontinued operations, net of tax (2)
|
-
|
|
574
|
|
-
|
|
574
|
Interest income from
Illinois, net of tax
|
-
|
|
(353)
|
|
-
|
|
(448)
|
Impact of retroactive
Illinois rate increase, net of tax
|
-
|
|
1,903
|
|
-
|
|
1,903
|
(Gain) loss on sale
of assets, net of tax
|
(56)
|
|
-
|
|
223
|
|
-
|
COVID-19 adjustment,
net of tax
|
537
|
|
-
|
|
976
|
|
-
|
M&A expenses, net
of tax
|
258
|
|
1,495
|
|
3,047
|
|
2,495
|
Stock-based
compensation expense, net of tax
|
1,119
|
|
1,108
|
|
3,154
|
|
3,279
|
Restructure and other
costs, net of tax
|
1,169
|
|
1,063
|
|
3,896
|
|
1,942
|
Adjusted net
income
|
$
12,146
|
|
$
10,702
|
|
$
35,980
|
|
$
24,245
|
|
|
|
|
|
|
|
|
Reconciliation of
Net Income per Diluted Share to Adjusted Net Income per Diluted
Share: (4)
|
|
|
|
Net income per
diluted share
|
$
0.57
|
|
$
0.35
|
|
$
1.55
|
|
$
1.06
|
Loss from
discontinued operations per diluted share (2)
|
-
|
|
0.04
|
|
-
|
|
0.04
|
Interest income from
Illinois per diluted share
|
-
|
|
(0.02)
|
|
-
|
|
(0.03)
|
Impact of retroactive
Illinois rate increase
per diluted share
|
-
|
|
0.12
|
|
-
|
|
0.12
|
Loss on sale of
assets per diluted share
|
-
|
|
-
|
|
0.01
|
|
-
|
COVID-19 adjustment,
net, per diluted share
|
0.02
|
|
-
|
|
0.06
|
|
-
|
M&A expenses per
diluted share
|
0.02
|
|
0.10
|
|
0.19
|
|
0.17
|
Restructure and other
costs per diluted share
|
0.08
|
|
0.08
|
|
0.25
|
|
0.15
|
Stock-based
compensation expense per diluted share
|
0.07
|
|
0.08
|
|
0.20
|
|
0.25
|
Adjusted net income
per diluted share
|
$
0.76
|
|
$
0.75
|
|
$
2.26
|
|
$
1.76
|
|
|
|
|
|
|
|
|
(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-19 adjustment, M&A expenses,
stock-based compensation expense, restructure expenses and other
costs
and loss on the sale of assets associated with Hospice Partners of
Kansas. Adjusted EBITDA is a performance measure used by
management
that is not calculated in accordance with generally accepted
accounting principles in the United States (GAAP). It should not be
considered in
isolation or as a substitute for net income, operating income or
any other measure of financial performance calculated in accordance
with GAAP.
|
(2)
|
As a result of the
settlement of outstanding litigation, the results for the third
quarter of 2019 included a charge of $574,000, or $0.04 per
diluted
share, net of tax, for discontinued operations related to the loss
from home health business.
|
(3)
|
We define Adjusted
Net Income as net income before interest income from the state of
Illinois, COVID-19 adjustment, M&A expenses, stock–based
compensation expense, restructure expenses and other costs and loss
on the sale of assets associated with Hospice Partners of Kansas.
Adjusted
Net Income is a performance measure used by management that is not
calculated in accordance with generally accepted accounting
principles in the
United States (GAAP). It should not be considered in isolation or
as a substitute for net income, operating income or any other
measure of financial
performance calculated in accordance with GAAP.
|
(4)
|
We define Adjusted
diluted earnings per share as earnings per share, adjusted for
interest income from the State of Illinois, COVID-19
adjustment,
M&A expenses, stock compensation expense and restructure
expense and other costs and loss on the sale of assets associated
with Hospice Partners
of Kansas. Adjusted diluted earnings per share is a performance
measure used by management that is not calculated in accordance
with generally
accepted accounting principles in the United States (GAAP). It
should not be considered in isolation or as a substitute for net
income, operating income
or any other measure of financial performance calculated in
accordance with GAAP.
|
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SOURCE Addus HomeCare Corporation