$ADUS
Addus HomeCare Corp

2023 Q2 Form 10-Q Financial Statement

#000095017023016717 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $260.0M $251.6M $226.6M
YoY Change 9.72% 11.02% 10.39%
Cost Of Revenue $177.0M $173.2M $156.4M
YoY Change 9.68% 10.7% 8.57%
Gross Profit $83.02M $78.42M $70.19M
YoY Change 9.82% 11.72% 14.69%
Gross Profit Margin 31.93% 31.17% 30.97%
Selling, General & Admin $57.40M $56.36M $51.05M
YoY Change 4.18% 10.4% 14.72%
% of Gross Profit 69.14% 71.87% 72.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.382M $3.447M $3.521M
YoY Change -6.29% -2.1% -2.22%
% of Gross Profit 4.07% 4.4% 5.02%
Operating Expenses $60.78M $59.81M $56.67M
YoY Change 3.53% 5.53% 15.6%
Operating Profit $22.24M $18.61M $13.51M
YoY Change 31.64% 37.7% 11.04%
Interest Expense -$2.040M $2.461M $1.820M
YoY Change -202.72% 35.22% 49.67%
% of Operating Profit -9.17% 13.23% 13.47%
Other Income/Expense, Net
YoY Change
Pretax Income $19.50M $16.25M $11.75M
YoY Change 29.85% 38.31% 7.06%
Income Tax $4.647M $3.578M $3.281M
% Of Pretax Income 23.83% 22.01% 27.92%
Net Earnings $14.85M $12.68M $8.470M
YoY Change 32.02% 49.65% -4.77%
Net Earnings / Revenue 5.71% 5.04% 3.74%
Basic Earnings Per Share $0.93 $0.79 $0.54
Diluted Earnings Per Share $0.91 $0.78 $0.53
COMMON SHARES
Basic Shares Outstanding 16.20M 16.13M 15.81M
Diluted Shares Outstanding 16.28M 16.30M 16.08M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.19M $73.54M $124.8M
YoY Change -30.38% -41.05% -0.59%
Cash & Equivalents $84.19M $73.54M $124.8M
Short-Term Investments
Other Short-Term Assets $18.77M $2.825M $7.182M
YoY Change 220.22% -60.67% 28.04%
Inventory
Prepaid Expenses
Receivables $104.3M $125.4M $136.8M
Other Receivables $582.0K $606.0K $5.406M
Total Short-Term Assets $207.8M $209.2M $276.2M
YoY Change -18.95% -24.26% 0.41%
LONG-TERM ASSETS
Property, Plant & Equipment $68.08M $20.25M $60.60M
YoY Change 283.91% -66.59% 5.2%
Goodwill $583.7M $584.0M $574.1M
YoY Change 1.55% 1.72% 22.4%
Intangibles $68.86M $70.60M $76.30M
YoY Change -7.53% -7.47% 9.95%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $720.6M $721.9M $711.0M
YoY Change 1.76% 1.53% 18.01%
TOTAL ASSETS
Total Short-Term Assets $207.8M $209.2M $276.2M
Total Long-Term Assets $720.6M $721.9M $711.0M
Total Assets $928.4M $931.1M $987.2M
YoY Change -3.75% -5.69% 12.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.70M $21.76M $21.00M
YoY Change -3.03% 3.59% -10.62%
Accrued Expenses $103.2M $34.02M $38.82M
YoY Change 171.31% -12.37% 0.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $133.9M $124.7M $104.4M
YoY Change 4.61% 19.45% -11.64%
LONG-TERM LIABILITIES
Long-Term Debt $78.70M $108.5M $256.1M
YoY Change -59.92% -57.64% 32.13%
Other Long-Term Liabilities $49.43M $6.057M $40.95M
YoY Change 2297.14% -85.21% 14.7%
Total Long-Term Liabilities $128.1M $157.5M $256.1M
YoY Change -45.88% -38.49% 32.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $133.9M $124.7M $104.4M
Total Long-Term Liabilities $128.1M $157.5M $256.1M
Total Liabilities $262.0M $282.2M $401.4M
YoY Change -28.16% -29.7% 15.45%
SHAREHOLDERS EQUITY
Retained Earnings $267.8M $253.0M
YoY Change 25.15%
Common Stock $398.5M $395.9M
YoY Change 3.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $666.4M $648.9M $585.8M
YoY Change
Total Liabilities & Shareholders Equity $928.4M $931.1M $987.2M
YoY Change -3.75% -5.69% 12.49%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $14.85M $12.68M $8.470M
YoY Change 32.02% 49.65% -4.77%
Depreciation, Depletion And Amortization $3.382M $3.447M $3.521M
YoY Change -6.29% -2.1% -2.22%
Cash From Operating Activities $41.61M $18.80M $5.983M
YoY Change -26.37% 214.21% -132.58%
INVESTING ACTIVITIES
Capital Expenditures $994.0K $777.0K $1.104M
YoY Change -329.03% -29.62% 8.13%
Acquisitions $965.0K $84.49M
YoY Change -98.86%
Other Investing Activities $25.00K -$965.0K -$84.49M
YoY Change -98.86%
Cash From Investing Activities -$969.0K -$1.742M -$85.59M
YoY Change 123.27% -97.96% 8283.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.00M -23.48M 35.48M
YoY Change -49.94% -166.17% -24738.19%
NET CHANGE
Cash From Operating Activities 41.61M 18.80M 5.983M
Cash From Investing Activities -969.0K -1.742M -85.59M
Cash From Financing Activities -30.00M -23.48M 35.48M
Net Change In Cash 10.65M -6.418M -44.13M
YoY Change -376.78% -85.46% 125.96%
FREE CASH FLOW
Cash From Operating Activities $41.61M $18.80M $5.983M
Capital Expenditures $994.0K $777.0K $1.104M
Free Cash Flow $40.62M $18.02M $4.879M
YoY Change -28.68% 269.38% -125.17%

Facts In Submission

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
79961000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
168895000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
73543000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
124763000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
2310000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1619000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The financial statements are prepared by management in conformity with GAAP and include estimated amounts and certain disclosures based on assumptions about future events. The Company’s critical accounting estimates include the following areas: revenue recognition, goodwill and intangibles in business combinations and when required, the quantitative assessment of goodwill. Actual results could differ from those estimates.</span></p>
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15949000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15811000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16297000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16079000
CY2022Q4 us-gaap Goodwill
Goodwill
582837000
CY2023Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
599000
CY2023Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
536000
CY2023Q1 us-gaap Goodwill
Goodwill
583972000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
47049000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
38980000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
11099000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10801000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
42994000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
35479000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
54093000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
46280000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3042000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
2801000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
416000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
751000
CY2023Q1 adus Lease Cost Gross
LeaseCostGross
3458000
CY2022Q1 adus Lease Cost Gross
LeaseCostGross
3552000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
700000
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
177000
CY2023Q1 us-gaap Lease Cost
LeaseCost
2758000
CY2022Q1 us-gaap Lease Cost
LeaseCost
3375000
CY2023Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
27108000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
116174000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
72678000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
43496000
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
70604000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y8M4D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y9M25D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0504
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0398
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
13454000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
11420000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
8226000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
6471000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
5262000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
20218000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
65051000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10958000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
54093000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3374000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3194000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
10836000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
9199000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
CY2023Q1 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P9Y8M12D
CY2023Q1 us-gaap Prepaid Taxes
PrepaidTaxes
0
CY2022Q4 us-gaap Prepaid Taxes
PrepaidTaxes
7566000
CY2023Q1 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
2138000
CY2022Q4 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
3399000
CY2023Q1 adus Prepaid Licensing Fees
PrepaidLicensingFees
4657000
CY2022Q4 adus Prepaid Licensing Fees
PrepaidLicensingFees
3722000
CY2023Q1 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
606000
CY2022Q4 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
666000
CY2023Q1 us-gaap Other Assets Current
OtherAssetsCurrent
2825000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
1992000
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10226000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
17345000
CY2023Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
8524000
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
5152000
CY2023Q1 adus Payor Advance Current
PayorAdvanceCurrent
2893000
CY2022Q4 adus Payor Advance Current
PayorAdvanceCurrent
4473000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4253000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3576000
CY2023Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
9893000
CY2022Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
6175000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8455000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8131000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
34018000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
27507000
CY2022Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
58000
CY2023Q1 us-gaap Interest Expense
InterestExpense
2461000
CY2022Q1 us-gaap Interest Expense
InterestExpense
1820000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
16253000
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2866000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
3081000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
108487000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
131772000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.220
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.279
CY2023Q1 adus Percentage Of Excess Tax Benefit Expense
PercentageOfExcessTaxBenefitExpense
-0.012
CY2022Q1 adus Percentage Of Excess Tax Benefit Expense
PercentageOfExcessTaxBenefitExpense
0.027
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
251599000
CY2023Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
173184000
CY2023Q1 us-gaap Gross Profit
GrossProfit
78415000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
226634000
CY2022Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
156448000
CY2022Q1 us-gaap Gross Profit
GrossProfit
70186000
CY2023Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
24531000
CY2022Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
24077000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3447000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3521000
CY2023Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
106000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
11751000

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