Addus HomeCare Announces Fourth-Quarter 2021 Financial Results

Revenues Grow 14.6% to $224.6 Million

Net Income Increases 54.6% to $13.1 Million, or $0.81 per Diluted Share

Adjusted Earnings per Diluted Share Increases 18.3% to $0.97

Adjusted EBITDA Increases 27.5% to $26.7 Million

Personal Care Same Store Revenue Increases 8.0%

FRISCO, Texas--()--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, 2021.

Net service revenues increased 14.6% for the fourth quarter to $224.6 million from $196.0 million for the fourth quarter of 2020. Net income increased 54.6% to $13.1 million for the fourth quarter of 2021 from $8.4 million for the fourth quarter last year, while net income per diluted share was $0.81 compared with $0.53 for the same period a year ago. Adjusted EBITDA increased 27.5% to $26.7 million for the fourth quarter of 2021 from $20.9 million for the fourth quarter of 2020. Adjusted net income per diluted share was $0.97 for the fourth quarter of 2021 compared with $0.82 for the fourth quarter of 2020. (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)

Adjusted net income for the fourth quarter of 2021 excludes the favorable impact of the retroactive Illinois rate increase of $0.05, acquisition and de novo expenses of $0.09, restructure and other non-recurring costs of $0.01 and stock-based compensation expense of $0.11.

For 2021, net service revenues increased 13.0% to $864.5 million from $764.8 million for 2020. Net income increased 36.2% to $45.1 million for 2021 from $33.1 million for the prior year, while net income per diluted share increased to $2.81 from $2.08. Adjusted EBITDA was $97.7 million for 2021, an increase of 27.0% compared with $76.9 million for 2020. Adjusted net income per diluted share grew 17.9% to $3.63 for 2021 from $3.08 for 2020.

Adjusted net income for the full year 2021 excludes COVID-19 net expenses of $(0.03), acquisition and de novo expenses of $0.36, restructure and other non-recurring costs of $0.05 and stock-based compensation expense of $0.44.

Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Our fourth quarter financial and operating performance marked a strong finish to 2021 for Addus. We are very pleased with the positive trends across each of our operating segments, reflecting favorable demand for home-based care, despite ongoing COVID-19 and labor challenges. Over the past two years we have continued to show remarkable flexibility in adapting to the challenges of each new COVID-19 wave, including the recent rapid onset of the Omicron variant that we have seen at the end of 2021 and early 2022. While this latest wave has been the most significant to date, it appears to be subsiding, and we remain optimistic about our position going forward.”

Allison continued, “For the fourth quarter, revenues for our personal care service line, which accounted for 78.0% of total revenue, were up 8.0% on a same-store basis, significantly exceeding our target range of 3-5% organic revenue growth. This improvement primarily reflects scheduled rate increases in Illinois that were effective November 1, 2021. Our home health services same-store revenue increased 7.1% over the prior year, with solid growth in admissions that included the acquired operations of Armada Home Health and Summit Home Health. We also saw favorable growth trends in our hospice business, with revenues up 1.3% over the prior year, and continued sequential improvement in average daily census, median length of stay and patient days. These results reflect the strength of our operating model across the care continuum, supported by our team of dedicated caregivers who have continued to provide extraordinary care and support to our patients and their families, despite ongoing pressures related to the pandemic.”

As of December 31, 2021, the Company had cash of $168.9 million and bank debt of $224.9 million, with capacity and availability under its revolving credit facility of $376.6 million and $143.6 million, respectively. Net cash provided by operating activities was $25.2 million for the fourth quarter of 2021 and $39.5 million for the full year 2021, even after using $27.9 million of previously received government stimulus funds and repayment of deferred payroll taxes. Exclusive of these payments, net cash provided by operating activities for the full year 2021 would have been $67.4 million.

We have continued to focus on pursuing acquisitions that enhance our organic growth opportunities,” added Allison. “Our objective is to expand our reach and create multiple markets where we provide all three levels of home care. In line with this strategy, we recently acquired the operations of JourneyCare, a leading provider of hospice services in the greater Chicago area. Together with the acquisition of Illinois-based Summit Home Health, completed in the fourth quarter of 2021, we have achieved our goal to operate all three levels of home care in Illinois, which is the largest personal care market for Addus. Looking ahead to 2022, we are well capitalized and expect to continue pursuing acquisition opportunities that meet our strategic criteria.”

Allison concluded, “We believe the pandemic has raised awareness about the value of safe, quality, home-based care, and we expect to see continued growth in demand for our services that allow individuals to remain in their preferred home setting. We look forward to the opportunities ahead for Addus in 2022, as we continue to extend our market reach and deliver greater value to our shareholders.”

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 and de novo expenses, stock-based compensation expense, restructure expenses and other costs, gain or loss on the sale of assets, and retroactive rate increases from Illinois. The Company defines adjusted EBITDA as earnings before interest expense, taxes, depreciation, amortization, acquisition and de novo expenses, stock-based compensation expense, restructure expenses and other costs, loss on the sale of assets, and retroactive rate increases from Illinois. The Company defines adjusted diluted earnings per share as earnings per share, adjusted for acquisition and de novo expenses, stock compensation expense, restructure expenses and other costs, gain or loss on the sale of assets, and retroactive rate increases from Illinois. The Company defined adjusted net income, adjusted EBITDA, adjusted diluted earnings per share to exclude net COVID expenses arising from the pandemic from the second quarter of 2020 to the first quarter of 2021. 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 earnings per share to earnings 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 earnings 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 Friday, February 25, 2022, 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), passcode 9948689. A telephonic replay of the conference call will be available through midnight on March 4, 2022, by dialing (855) 859‑2056 (international dial-in number is (404) 537‑3406) and entering pass code 9948689.

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, any future impact to our business operations, reimbursements and patient population due to the recent COVID-19 global pandemic, 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 March 1, 2021, 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 45,000 consumers through 211 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,

 

2021

2020

2021

2020

   
Net service revenues  

$

224,642

 

$

195,996

 

$

864,499

 

$

764,775

 

Cost of service revenues  

 

151,847

 

 

136,892

 

 

594,651

 

 

538,538

 

   
Gross profit  

 

72,795

 

 

59,104

 

 

269,848

 

 

226,237

 

 

 

32.4

%

 

30.2

%

 

31.2

%

 

29.6

%

General and administrative expenses  

 

49,537

 

 

44,209

 

 

189,418

 

 

169,679

 

Depreciation and amortization  

 

3,900

 

 

3,179

 

 

14,494

 

 

12,051

 

Total operating expenses  

 

53,437

 

 

47,388

 

 

203,912

 

 

181,730

 

   
Operating income  

 

19,358

 

 

11,716

 

 

65,936

 

 

44,507

 

   
Total interest expense, net  

 

1,536

 

 

832

 

 

5,538

 

 

2,565

 

   
Income before income taxes  

 

17,822

 

 

10,884

 

 

60,398

 

 

41,942

 

Income tax expense  

 

4,764

 

 

2,435

 

 

15,272

 

 

8,809

 

   
   
Net income  

$

13,058

 

$

8,449

 

$

45,126

 

$

33,133

 

   
   
Net income per diluted share:  

$

0.81

 

$

0.53

 

$

2.81

 

$

2.08

 

   
   
Weighted average number of common shares outstanding:  
Diluted  

 

16,059

 

 

16,013

 

 

16,064

 

 

15,956

 

   
   
   
   
Cash Flow Information:  

For the Three Months
Ended December 31,

 

For the Twelve Months
Ended December 31,

 

2021

 

2020

 

2021

 

2020

   
Net cash provided by operating activities  

$

25,201

 

$

36,112

 

$

39,488

 

$

109,411

 

Net cash used in investing activities  

 

(9,582

)

 

(196,729

)

 

(42,015

)

 

(214,236

)

Net cash provided by financing activities  

 

897

 

 

135,364

 

 

26,344

 

 

138,189

 

   
Net change in cash  

 

16,516

 

 

(25,253

)

 

23,817

 

 

33,364

 

Cash at the beginning of the period  

 

152,379

 

 

170,331

 

 

145,078

 

 

111,714

 

Cash at the end of the period  

$

168,895

 

$

145,078

 

$

168,895

 

$

145,078

 

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

December 31,

 

2021

2020

   
Assets  
   
Current assets  
Cash  

$

168,895

$

145,078

Accounts receivable, net  

 

136,955

 

132,650

Prepaid expenses and other current assets  

 

18,491

 

9,969

   
Total current assets  

 

324,341

 

287,697

   
Property and equipment, net  

 

18,483

 

19,749

   
Other assets  
Goodwill  

 

504,392

 

469,072

Intangible assets, net  

 

64,321

 

71,549

Deferred tax assets, net  

 

-

 

6,524

Operating lease assets  

 

36,048

 

37,991

Total other assets  

 

604,761

 

585,136

   
Total assets  

$

947,585

$

892,582

   
Liabilities and stockholders' equity  
   
Current liabilities  
Accounts payable  

$

19,358

$

23,705

Accrued payroll  

 

44,083

 

35,815

Accrued expenses  

 

37,077

 

37,564

Government stimulus advance  

 

4,173

 

32,087

Accrued workers compensation  

 

12,998

 

13,759

Current portion of long-term debt, net of debt issuance costs  

 

-

 

971

Total current liabilities  

 

117,689

 

143,901

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

 

220,912

 

193,901

Long-term lease liability, less current portion  

 

32,859

 

35,516

Other long-term liabilities  

 

1,781

 

588

Total long-term liabilities  

 

255,552

 

230,005

   
Total liabilities  

 

373,241

 

373,906

   
Total stockholders' equity  

 

574,344

 

518,676

   
Total liabilities and stockholders' equity  

$

947,585

$

892,582

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

For the Three Months
Ended December 31,

 

For the Twelve Months
Ended December 31,

 

2021

 

2020

 

2021

 

2020

Net Service Revenues by Segment  
   
Personal Care  

$

175,110

$

164,384

$

685,854

$

647,233

Hospice  

 

40,155

 

27,574

 

152,253

 

101,297

Home Health  

 

9,377

 

4,038

 

26,392

 

16,245

Total Revenue  

$

224,642

$

195,996

$

864,499

$

764,775

   
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,
 

2021

 

2020

 

2021

 

2020

General        
       
Personal Care        
       
States served at period end  

 

-

 

 

 

-

 

 

 

22

 

 

 

22

 

Locations at period end  

 

-

 

 

 

-

 

 

 

162

 

 

 

170

 

Average billable census - same store  

 

36,717

 

 

 

38,435

 

 

 

37,330

 

 

 

38,432

 

Average billable census - acquisitions (1)  

 

688

 

 

 

768

 

 

 

721

 

 

 

767

 

Average billable census total (2)  

 

37,405

 

 

 

39,203

 

 

 

38,051

 

 

 

39,199

 

Billable hours (in thousands)  

 

7,425

 

 

 

7,820

 

 

 

30,151

 

 

 

30,645

 

Average billable hours per census per month  

 

65.8

 

 

 

66.0

 

 

 

65.7

 

 

 

64.7

 

Billable hours per business day  

 

112,498

 

 

 

118,490

 

 

 

115,521

 

 

 

116,967

 

Revenues per billable hour  

$

23.28

 

 

$

20.98

 

 

$

22.71

 

 

$

21.07

 

Organic growth        
- Revenue (3)  

 

8.0

%

 

 

2.6

%

 

 

7.3

%

 

 

5.9

%

       
Hospice        
       
Locations served at period end  

 

-

 

 

 

-

 

 

 

32

 

 

 

34

 

Admissions  

 

2,381

 

 

 

1,983

 

 

 

9,592

 

 

 

6,376

 

Average daily census  

 

2,635

 

 

 

2,492

 

 

 

2,561

 

 

 

2,619

 

Average discharge length of stay  

 

99.3

 

 

 

108.3

 

 

 

96.5

 

 

 

104.9

 

Patient days  

 

249,266

 

 

 

174,407

 

 

 

923,014

 

 

 

657,172

 

Revenue per patient day  

$

165.64

 

 

$

158.10

 

 

$

164.95

 

 

$

154.14

 

Organic growth        
- Revenue  

 

1.3

%

 

 

(10.6

)%

 

 

(6.2

)%

 

 

(5.3

)%

- Average daily census  

 

(1.4

)%

 

 

(13.5

)%

 

 

(11.2

)%

 

 

1.2

%

       
Home Health        
       
Locations served at period end  

 

-

 

 

 

-

 

 

 

12

 

 

 

10

 

New Admissions  

 

3,819

 

 

 

1,088

 

 

 

8,781

 

 

 

4,122

 

Recertifications  

 

1,071

 

 

 

572

 

 

 

3,547

 

 

 

2,578

 

Total Volume  

 

4,890

 

 

 

1,660

 

 

 

12,328

 

 

 

6,700

 

Visits  

 

68,741

 

 

 

26,890

 

 

 

183,951

 

 

 

118,470

 

Organic growth        
- Revenue  

 

7.1

%

 

 

(8.2

)%

 

 

11.3

%

 

 

(3.0

)%

- New Admissions  

 

21.0

%

 

 

(4.1

)%

 

 

23.0

%

 

 

9.1

%

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

 

48.7

%

 

 

49.8

%

 

 

49.3

%

 

 

50.2

%

Managed care organizations  

 

46.0

 

 

 

45.0

 

 

 

45.5

 

 

 

44.3

 

Private duty  

 

2.9

 

 

 

3.0

 

 

 

2.9

 

 

 

3.2

 

Commercial  

 

1.4

 

 

 

1.5

 

 

 

1.4

 

 

 

1.5

 

Other  

 

1.0

%

 

 

0.7

%

 

 

0.9

%

 

 

0.8

%

       
Hospice        
Medicare  

 

93.1

%

 

 

93.2

%

 

 

93.3

%

 

 

92.9

%

Managed care organizations  

 

3.2

 

 

 

4.4

 

 

 

3.7

 

 

 

4.9

 

Other  

 

3.7

%

 

 

2.4

%

 

 

3.0

%

 

 

2.2

%

       
Home Health        
Medicare  

 

75.1

%

 

 

76.8

%

 

 

78.4

%

 

 

78.6

%

Managed care organizations  

 

17.0

 

 

 

21.3

 

 

 

16.9

 

 

 

19.6

 

Other  

 

7.9

%

 

 

1.9

%

 

 

4.7

%

 

 

1.8

%

       
(1) The average billable census in acquisitions of 770 and 791 for the three and twelve months ended December 31, 2020 was reclassified to average billable census - same stores for comparability purposes. The average billable census for the three and twelve months ended December 31, 2021 was prorated for the date of the acquisition.
 
(2) Exited sites would have reduced same store census for the three and twelve months ended December 31, 2020 by 293 and 648, respectively.
 
(3) Management has suspended materially all its new patient admissions under the New York consumer self-directed program based on program uncertainty and therefore excludes associated revenues from the calculation.
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 December 31,
For the Twelve Months
Ended December 31,
 

2021

2020

2021

2020

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

$

13,058

 

$

8,449

 

$

45,126

 

$

33,133

 

   
Interest expense, net  

 

1,536

 

 

832

 

 

5,538

 

 

2,565

 

Loss on sale of assets  

 

9

 

 

13

 

 

25

 

 

294

 

Income tax expense  

 

4,764

 

 

2,435

 

 

15,272

 

 

8,809

 

Depreciation and amortization  

 

3,900

 

 

3,179

 

 

14,494

 

 

12,051

 

COVID-19 expense, net  

 

-

 

 

252

 

 

(591

)

 

1,480

 

Illinois retro, net  

 

(1,005

)

 

-

 

 

-

 

 

-

 

Acquisition and de novo expenses  

 

1,923

 

 

3,074

 

 

7,306

 

 

6,956

 

Stock-based compensation expense  

 

2,329

 

 

2,017

 

 

9,434

 

 

6,005

 

Restructure and other non-recurring costs  

 

200

 

 

694

 

 

1,057

 

 

5,614

 

   
Adjusted EBITDA  

$

26,714

 

$

20,945

 

$

97,661

 

$

76,907

 

   
Reconciliation of Adjusted Net Income to Net Income: (3)  
   
Net income  

$

13,058

 

$

8,449

 

$

45,126

 

$

33,133

 

   
Loss on sale of assets, net of tax  

 

7

 

 

10

 

 

19

 

 

232

 

COVID-19 expense, net of tax  

 

-

 

 

196

 

 

(445

)

 

1,169

 

Illinois retro, net of tax  

 

(739

)

 

-

 

 

-

 

 

-

 

Acquisition and de novo expenses, net of tax  

 

1,413

 

 

2,365

 

 

5,750

 

 

5,456

 

Stock-based compensation expense, net of tax  

 

1,712

 

 

1,551

 

 

7,049

 

 

4,728

 

Restructure and other non-recurring costs, net of tax  

 

147

 

 

540

 

 

790

 

 

4,421

 

Adjusted Net Income  

$

15,598

 

$

13,111

 

$

58,289

 

$

49,139

 

   
Reconciliation of Net Income per Diluted Share to Adjusted Net Income per Diluted Share: (4)
   
Net income per diluted share  

$

0.81

 

$

0.53

 

$

2.81

 

$

2.08

 

   
Loss on sale of assets per diluted share  

 

-

 

 

-

 

 

-

 

 

0.01

 

COVID-19 expense per diluted share  

 

-

 

 

0.01

 

 

(0.03

)

 

0.07

 

Illinois retro, net per diluted share  

 

(0.05

)

 

-

 

 

-

 

 

-

 

Acquisition and de novo expenses per diluted share  

 

0.09

 

 

0.15

 

 

0.36

 

 

0.34

 

Restructure and other non-recurring costs per diluted share  

 

0.01

 

 

0.03

 

 

0.05

 

 

0.28

 

Stock-based compensation expense per diluted share  

 

0.11

 

 

0.10

 

 

0.44

 

 

0.30

 

Adjusted net income per diluted share  

$

0.97

 

$

0.82

 

$

3.63

 

$

3.08

 

   
Reconciliation of Net Service Revenues to Adjusted Net Service Revenues: (5)
   
Net service revenues  

$

224,642

 

$

195,996

 

$

864,499

 

$

764,775

 

Revenues associated with the closure of certain sites  

 

-

 

 

(579

)

 

2

 

 

(7,712

)

Adjusted net service revenues  

$

224,642

 

$

195,417

 

$

864,501

 

$

757,063

 

   
(1) The Company defined adjusted net income, adjusted EBITDA, and adjusted diluted earnings per share to exclude net COVID expenses arising from the pandemic from the second quarter of 2020 to the first quarter of 2021.
 
(2) We define Adjusted EBITDA as earnings before interest expense, other non-operating income, taxes, depreciation, amortization, acquisition and de novo expenses, stock-based compensation expense, restructure expenses and other costs, gain or loss on the sale of assets, and retroactive rate increases from Illinois. 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.
 
(3) We define Adjusted Net Income as net income before acquisition and de novo expenses, stock-based compensation expense, restructure expenses and other costs, gain or loss on the sale of assets, and retroactive rate increases from Illinois. 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 acquisition and de novo expenses, stock-based compensation expense, restructure expense and other costs, loss on the sale of assets, and retroactive rate increases from Illinois. 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.
 
(5) 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.

 

Contacts

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

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

$Cashtags

Contacts

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

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