ADUS Addus HomeCare Corp

Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the second quarter and six months ended June 30, 2024.

Second Quarter 2024 Highlights:

• Net Service Revenues Increased 10.4% to $286.9 Million
• Net Income of $18.1 Million, or $1.10 per Diluted Share
• Adjusted Net Income per Diluted Share Increased to $1.35
• Adjusted EBITDA Increased 24.7% to $35.3 Million
• Cash Flow from Operations of $18.8 Million
• Announced a Definitive Agreement to Acquire the Personal Care Operations of Gentiva
• Announced a Definitive Agreement to Sell the Company’s New York Operations
• Completed a Public Offering of 1,725,000 Shares of Common Stock for net proceeds of approximately $176.1 million

Overview

Net service revenues were $286.9 million for the second quarter of 2024, a 10.4% increase compared with $260.0 million for the second quarter of 2023. Net income was $18.1 million for the second quarter of 2024, compared with $14.9 million for the second quarter of 2023, while net income per diluted share was $1.10 compared with $0.91 for the same period a year ago. Adjusted EBITDA increased 24.7% to $35.3 million for the second quarter of 2024 from $28.3 million for the second quarter of 2023. Adjusted net income per diluted share was $1.35 for the second quarter of 2024 compared with $1.07 for the second quarter of 2023. Adjusted net income per diluted share for the second quarter of 2024 excludes acquisition expenses of $0.13 and stock-based compensation expense of $0.12 (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)

For the first six months of 2024, net service revenues increased 11.0% to $567.7 million from $511.6 million for the prior-year period. Net income was $33.9 million for the first six months of 2024 compared with $27.5 million for the same period in 2023, and net income per diluted share was $2.06 compared with $1.69 per diluted share. Adjusted EBITDA increased 24.2% to $67.7 million for the first six months of 2024 from $54.6 million for the first six months of 2023. Adjusted net income was $42.1 million for the first six months of 2024 compared with $33.4 million for the first six months of 2023, while adjusted net income per diluted share was $2.56 compared with $2.05 for the prior-year period.

Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Addus delivered another strong financial and operating performance for the second quarter of 2024, demonstrating consistent execution of our growth strategy. Our results were highlighted by top line revenue growth of 10.4% and adjusted EBITDA growth of 24.7% over the same period last year. The growing recognition of the value and cost-effectiveness of home-based care has supported robust demand for our services. Addus is well positioned to meet this demand as we continue to expand our market coverage and leverage our proven operating model across the continuum of home-based care. Our team has done an exceptional job in providing quality care for a growing number of patients and clients in the home, while allowing us to deliver consistent financial results.

“Our strong organic growth was led by our personal care services, which accounted for 74.2% of our revenues for the second quarter. On a same-store basis, personal care revenues increased 8.8% over the same period last year, reflecting both higher volumes and rate increases in key markets. We also benefitted from a stable labor environment, and we continued to see our investments in hiring and onboarding processes contribute to a higher number of billable hours.

“Our second quarter 2024 results included the operations from Tennessee Quality Care, a provider of home health, hospice, and private duty nursing services, which we acquired August 1, 2023. Our hospice care business, which contributed 19.5% of our revenues for the second quarter, has shown steady improvement with 6.3% organic revenue growth and higher admissions, patient days, and revenue per patient day compared with the second quarter of last year. We are also pleased that our home health business, which is our smallest segment, returned to positive growth trends with higher same-store revenue, admissions and volumes compared with the second quarter of 2023,” added Allison.

Acquisitions Support Continued Growth

“In addition to our strong organic growth opportunities, acquisitions represent a key driver in expanding our market reach. In the second quarter, we announced a definitive agreement to acquire the personal care operations of Gentiva for an anticipated purchase price, after customary purchase price adjustments, of approximately $350.0 million. Based in Atlanta, Georgia, Gentiva provides personal care services to over 16,000 patients per day in a seven-state service area of Texas, Arkansas, Missouri, California, Arizona, Tennessee and North Carolina. We expect to close the transaction in the fourth quarter of 2024, following the completion of regulatory approvals and subject to customary closing conditions.

“The Gentiva acquisition fits squarely into our growth strategy to leverage our strong personal care experience to build scale in existing markets as well as enter select new markets where we can immediately establish a significant presence. We are excited about the opportunity to expand our personal care market coverage in seven states, including Texas and Missouri, which are new markets for Addus, and where we will be the largest provider in Texas. We will also continue to look for accretive operations that provide the opportunity to add complementary clinical services. As we add more coverage density in select markets, we have the ability to participate in additional value-based contracting models, as payors continue to recognize the cost benefits and high quality of our home-based care services.

“Following the recently announced divestiture of our New York operations, where our ability to pursue our strategy to develop multiple levels of care was substantially limited, we look forward to continuing to pursue acquisition growth opportunities in markets that are consistent with our strategic vision,” added Allison.

Cash and Liquidity

As of June 30, 2024, the Company had cash of $173.3 million, with capacity and availability under its revolving credit facility of $504.4 million and $496.4 million, respectively. Net cash provided by operating activities was $18.8 million for the second quarter of 2024.

On June 28, 2024, the Company completed a public offering of 1,725,000 shares of common stock at $108.00 per share. The net proceeds from the offering to Addus, after deducting underwriting discounts and commissions and estimated offering expenses, were approximately $176.1 million. The Company used approximately $81.4 million of the net proceeds for the repayment of all indebtedness outstanding under its credit facility and the remainder will be used for general corporate purposes, including funding the Gentiva acquisition and any future acquisitions or investments.

Looking Ahead

Allison added, “We are pleased with the momentum in our business, supported by the growing demand for our home-based care services as more consumers and families depend on Addus to receive safe, quality care in the preferred setting of their home. We are fortunate to have a great team of dedicated caregivers who support our mission and represent Addus in the marketplace. They are the reason for our success and provide us with confidence in our future growth. Together, we look forward to the opportunities before us to extend our reach to support more clients and patients with the care our services provide.”

Non-GAAP Financial Measures

The information provided in this release includes adjusted net income, adjusted EBITDA, and adjusted net income per diluted share, which are non-GAAP financial measures. The Company defines adjusted net income as net income before acquisition expenses, stock-based compensation expenses, restructure and other non-recurring costs and retroactive rate increases from New York. The Company defines adjusted EBITDA as earnings before interest expense, other non-operating income, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, restructure and other non-recurring costs and retroactive rate increases from New York. The Company defines adjusted net income per diluted share as net income per share, adjusted for acquisition expenses, stock-based compensation expense, restructure and other non-recurring costs, and retroactive rate increases from New York. The Company defines adjusted net service revenues as revenue adjusted for the closure of certain sites. The Company has provided, in the financial statement tables included in this press release, a reconciliation of adjusted net income to net income, a reconciliation of adjusted EBITDA to net income, a reconciliation of adjusted diluted net income per share to net income per share, and a reconciliation of adjusted net service revenues to net service revenues, in each case, the most directly comparable GAAP measure. Management believes that adjusted net income, adjusted EBITDA, adjusted diluted net income per share, and adjusted net service revenues are useful to investors, management and others in evaluating the Company’s operating performance, to provide investors with insight and consistency in the Company’s financial reporting and to present a basis for comparison of the Company’s business operations among periods, and to facilitate comparison with the results of the Company’s peers.

Conference Call

Addus will host a conference call on Tuesday, August 6, 2024, at 9:00 a.m. Eastern time. To access the live call, dial (833-629-0620) (international dial-in number is (412-317-1805) and ask to join the Addus HomeCare earnings call. A telephonic replay of the conference call will be available through midnight on August 13, 2024, by dialing (877) 344-7529 (international dial-in number is (412) 317-0088) and entering pass code 4781847.

A live broadcast of Addus HomeCare’s conference call will be available under the Investor Relations section of the Company’s website: www.addus.com. An online replay will also be available on the Company’s website for one month, beginning approximately two hours following the conclusion of the live broadcast.

Forward-Looking Statements

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “preliminary,” “continue,” “expect,” and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including discretionary determinations by government officials, the consummation and integration of acquisitions, transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare’s relationships with referral sources, increased competition for Addus HomeCare’s services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize, any security breaches, cyber-attacks, loss of data or cybersecurity threats or incidents, and other risks set forth in the Risk Factors section in Addus HomeCare’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2024, 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 49,500 consumers through 214 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 June 30,

 

For the Six Months Ended June 30,

2024

 

2023

 

2024

 

2023

  Net service revenues

$

286,922

$

259,980

$

567,668

$

511,579

Cost of service revenues

 

193,764

 

 

177,662

 

 

386,333

 

 

350,846

 

  Gross profit

 

93,158

 

 

82,318

 

 

181,335

 

 

160,733

 

 

32.5

%

 

31.7

%

 

31.9

%

 

31.4

%

General and administrative expenses

 

63,576

 

 

57,397

 

 

124,639

 

 

113,757

 

Depreciation and amortization

 

3,401

 

 

3,382

 

 

6,870

 

 

6,829

 

Total operating expenses

 

66,977

 

 

60,779

 

 

131,509

 

 

120,586

 

  Operating income

 

26,181

 

 

21,539

 

 

49,826

 

 

40,147

 

  Total interest expense, net

 

1,640

 

 

2,040

 

 

3,975

 

 

4,395

 

  Income before income taxes

 

24,541

 

 

19,499

 

 

45,851

 

 

35,752

 

Income tax expense

 

6,462

 

 

4,647

 

 

11,942

 

 

8,225

 

  Net income

$

18,079

 

$

14,852

 

$

33,909

 

$

27,527

 

  Net income per diluted share:

$

1.10

 

$

0.91

 

$

2.06

 

$

1.69

 

    Weighted average number of common shares outstanding: Diluted

 

16,498

 

 

16,283

 

 

16,449

 

 

16,304

 

  Cash Flow Information:

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

2024

 

2023

 

2024

 

2023

  Net cash provided by operating activities

$

18,813

 

$

41,614

 

$

57,491

 

$

60,413

 

Net cash provided by (used in) investing activities

 

3,548

 

 

(969

)

 

1,798

 

 

(2,711

)

Net cash provided by (used in) financing activities

 

74,225

 

 

(30,000

)

 

49,225

 

 

(53,475

)

  Net change in cash

 

96,586

 

 

10,645

 

 

108,514

 

 

4,227

 

Cash at the beginning of the period

 

76,719

 

 

73,543

 

 

64,791

 

 

79,961

 

Cash at the end of the period

$

173,305

 

$

84,188

 

$

173,305

 

$

84,188

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited)  

June 30,

2024

 

2023

  Assets   Current assets Cash

$

173,305

$

84,188

Accounts receivable, net

 

109,195

 

 

104,252

 

Prepaid expenses and other current assets

 

12,488

 

 

19,350

 

  Total current assets

 

294,988

 

 

207,790

 

  Property and equipment, net

 

23,381

 

 

19,607

 

  Other assets Goodwill

 

663,851

 

 

583,656

 

Intangible assets, net

 

88,398

 

 

68,859

 

Operating lease assets

 

44,145

 

 

48,472

 

Other long-term assets

 

1,791

 

 

-

 

Total other assets

 

798,185

 

 

700,987

 

  Total assets

$

1,116,554

 

$

928,384

 

  Liabilities and stockholders' equity   Current liabilities Accounts payable

$

20,188

 

$

20,699

 

Accrued payroll

 

55,102

 

 

47,795

 

Accrued expenses

 

35,633

 

 

31,966

 

Operating lease liabilities - current portion

 

11,224

 

 

11,334

 

Government stimulus advance

 

13,000

 

 

9,959

 

Accrued workers compensation

 

12,385

 

 

12,149

 

Total current liabilities

 

147,532

 

 

133,902

 

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

 

-

 

 

78,702

 

Long-term lease liability, less current portion

 

38,359

 

 

43,214

 

Other long-term liabilities

 

9,008

 

 

6,215

 

Total long-term liabilities

 

47,367

 

 

128,131

 

  Total liabilities

 

194,899

 

 

262,033

 

  Total stockholders' equity

 

921,655

 

 

666,351

 

  Total liabilities and stockholders' equity

$

1,116,554

 

$

928,384

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES Net Service Revenue by Segment (Amounts in thousands) (Unaudited)  

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

2024

 

2023

 

2024

 

2023

Net Service Revenues by Segment   Personal Care

$

212,817

$

198,314

$

420,820

$

388,346

Hospice

 

56,030

 

 

50,210

 

 

111,893

 

 

99,292

 

Home Health

 

18,075

 

 

11,456

 

 

34,955

 

 

23,941

 

Total Revenue

$

286,922

 

$

259,980

 

$

567,668

 

$

511,579

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES Key Statistical and Financial Data (Unaudited) Key Statistical and Financial Data (Unaudited)

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

2024

 

2023

 

2024

 

2023

    Personal Care   States served at period end

 

-

 

 

-

 

 

21

 

 

21

 

Locations at period end

 

-

 

 

-

 

 

153

 

 

157

 

Average billable census total

 

37,993

 

 

39,099

 

 

37,854

 

 

38,707

 

Billable hours (in thousands)

 

7,732

 

 

7,681

 

 

15,322

 

 

15,274

 

Average billable hours per census per month

 

67.7

 

 

65.3

 

 

67.4

 

 

65.6

 

Billable hours per business day

 

118,956

 

 

118,177

 

 

117,862

 

 

117,491

 

Revenues per billable hour

$

27.47

 

$

25.57

 

$

27.41

 

$

25.27

 

Organic growth - Revenue

 

8.8

%

 

12.6

%

 

9.3

%

 

11.7

%

  Hospice   Locations served at period end

 

-

 

 

-

 

 

38

 

 

34

 

Admissions

 

3,194

 

 

3,076

 

 

6,666

 

 

6,400

 

Average daily census

 

3,477

 

 

3,225

 

 

3,418

 

 

3,210

 

Average discharge length of stay

 

92.6

 

 

94.4

 

 

91.1

 

 

90.9

 

Patient days

 

316,451

 

 

293,502

 

 

622,081

 

 

581,053

 

Revenue per patient day

$

179.47

 

$

174.32

 

$

181.10

 

$

175.26

 

Organic growth - Revenue

 

6.3

%

 

(1.1

)%

 

6.1

%

 

0.5

%

- Average daily census

 

1.7

%

 

(3.2

)%

 

0.4

%

 

1.4

%

  Home Health   Locations served at period end

 

-

 

 

-

 

 

23

 

 

13

 

New Admissions

 

4,933

 

 

3,439

 

 

9,820

 

 

7,332

 

Recertifications

 

3,277

 

 

1,595

 

 

6,445

 

 

3,144

 

Total Volume

 

8,210

 

 

5,034

 

 

16,265

 

 

10,476

 

Visits

 

111,053

 

 

68,293

 

 

217,984

 

 

146,121

 

Organic growth - Revenue

 

1.6

%

 

(10.9

)%

 

(7.1

)%

 

0.7

%

- New admissions

 

9.4

%

 

(17.5

)%

 

2.3

%

 

(10.5

)%

- Volume

 

6.9

%

 

(11.8

)%

 

1.7

%

 

(10.9

)%

  Percentage of Revenues by Payor:   Personal Care   State, local and other governmental programs

 

53.1

%

 

50.6

%

 

52.5

%

 

50.4

%

Managed care organizations

 

44.2

 

 

46.0

 

 

44.8

 

 

46.1

 

Private duty

 

1.7

 

 

2.2

 

 

1.8

 

 

2.2

 

Commercial

 

0.7

 

 

0.8

 

 

0.7

 

 

0.9

 

Other

 

0.3

%

 

0.4

%

 

0.2

%

 

0.4

%

  Hospice   Medicare

 

91.2

%

 

90.7

%

 

91.0

%

 

90.8

%

Commercial

 

5.1

 

 

5.4

 

 

5.3

 

 

5.3

 

Managed care organizations

 

3.4

 

 

3.1

 

 

3.3

 

 

3.2

 

Other

 

0.3

%

 

0.8

%

 

0.4

%

 

0.7

%

  Home Health   Medicare

 

69.3

%

 

76.1

%

 

69.2

%

 

75.1

%

Managed care organizations

 

25.9

 

 

19.6

 

 

26.0

 

 

20.0

 

Commercial

 

4.2

 

 

3.8

 

 

4.1

 

 

4.5

 

Other

 

0.6

%

 

0.5

%

 

0.7

%

 

0.4

%

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES Reconciliation of Non-GAAP Financial Measures (Amounts in thousands, except per share data) (Unaudited) (1)

 

 

 

 

 

 

 

For the Three Months Ended June 30,

 

For the Six Months Ended June 30,

2024

 

2023

 

2024

 

2023

Reconciliation of Adjusted EBITDA to Net Income: (1)   Net income

$

18,079

 

$

14,852

 

$

33,909

 

$

27,527

 

  Interest expense, net

 

1,640

 

 

2,040

 

 

3,975

 

 

4,395

 

(Gain) on sale of assets

 

(5

)

 

(3

)

 

(5

)

 

(3

)

Income tax expense

 

6,462

 

 

4,647

 

 

11,942

 

 

8,225

 

Depreciation and amortization

 

3,401

 

 

3,382

 

 

6,870

 

 

6,829

 

Impact of retroactive New York rate increase

 

-

 

 

(1,090

)

 

-

 

 

(868

)

Acquisition expenses

 

2,864

 

 

1,782

 

 

5,575

 

 

3,029

 

Stock-based compensation expense

 

2,856

 

 

2,613

 

 

5,474

 

 

5,259

 

Restructure and other non-recurring costs

 

-

 

 

75

 

 

-

 

 

170

 

Adjusted EBITDA

$

35,297

 

$

28,298

 

$

67,740

 

$

54,563

 

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

$

18,079

 

$

14,852

 

$

33,909

 

$

27,527

 

  (Gain) on sale of assets

 

(5

)

 

(3

)

 

(5

)

 

(3

)

Impact of retroactive New York rate increase

 

-

 

 

(1,090

)

 

-

 

 

(868

)

Acquisition expenses

 

2,864

 

 

1,782

 

 

5,575

 

 

3,029

 

Stock-based compensation expense

 

2,856

 

 

2,613

 

 

5,474

 

 

5,259

 

Restructure and other non-recurring costs

 

-

 

 

75

 

 

-

 

 

170

 

Tax Effect

 

(1,506

)

 

(819

)

 

(2,876

)

 

(1,745

)

  Adjusted Net Income

$

22,288

 

$

17,410

 

$

42,077

 

$

33,369

 

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

$

1.10

 

$

0.91

 

$

2.06

 

$

1.69

 

  Impact of retroactive New York rate increase per diluted share

 

-

 

 

(0.05

)

 

-

 

 

(0.04

)

Acquisition expenses per diluted share

 

0.13

 

 

0.08

 

 

0.25

 

 

0.14

 

Restructure and other non-recurring costs per diluted share

 

-

 

 

-

 

 

-

 

 

0.01

 

Stock-based compensation expense per diluted share

 

0.12

 

 

0.13

 

 

0.25

 

 

0.25

 

  Adjusted net income per diluted share

$

1.35

 

$

1.07

 

$

2.56

 

$

2.05

 

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

$

286,922

 

$

259,980

 

$

567,668

 

$

511,579

 

  Revenues associated with the closure of certain sites

 

-

 

 

(542

)

 

-

 

 

(1,066

)

  Adjusted net service revenues

$

286,922

 

$

259,438

 

$

567,668

 

$

510,513

 

  Footnotes: (1) We define Adjusted EBITDA as earnings before net interest expense, income tax expense, depreciation and amortization, acquisition expenses, stock-based compensation expense, restructure expenses and other non-recurring costs, gain on the sale of assets, and retroactive rate increases from New York. Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.   (2) We define Adjusted Net Income as net income before acquisition expenses, stock-based compensation expense, restructure and other non-recurring costs, gain on the sale of assets, and retroactive rate increases from New York. Adjusted Net Income is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.   (3) We define Adjusted diluted earnings per share as earnings per share, adjusted for acquisition expenses, stock-based compensation expense and restructure and other non-recurring costs, gain on the sale of assets, and retroactive rate increases from New York. Adjusted diluted earnings per share is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.   (4) We define Adjusted net service revenues as revenue adjusted for the closure of certain sites. Adjusted net service revenues is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

 

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Brian W. Poff Executive Vice President, Chief Financial Officer Addus HomeCare Corporation (469) 535-8200 investorrelations@addus.com

Dru Anderson FINN Partners (615) 324-7346 dru.anderson@finnpartners.com