$ADUS
Addus HomeCare Corp

2024 Q2 Form 10-Q Financial Statement

#000095017024054603 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $286.9M $280.7M
YoY Change 10.36% 11.58%
Cost Of Revenue $193.8M $192.6M
YoY Change 9.49% 11.19%
Gross Profit $93.16M $88.18M
YoY Change 12.21% 12.45%
Gross Profit Margin 32.47% 31.41%
Selling, General & Admin $63.58M $61.06M
YoY Change 10.77% 8.34%
% of Gross Profit 68.25% 69.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.401M $3.469M
YoY Change 0.56% 0.64%
% of Gross Profit 3.65% 3.93%
Operating Expenses $66.98M $64.53M
YoY Change 10.2% 7.9%
Operating Profit $26.18M $23.65M
YoY Change 17.73% 27.07%
Interest Expense $2.114M $2.758M
YoY Change -203.63% 12.07%
% of Operating Profit 8.07% 11.66%
Other Income/Expense, Net
YoY Change
Pretax Income $24.54M $21.31M
YoY Change 25.86% 31.11%
Income Tax $6.462M $5.480M
% Of Pretax Income 26.33% 25.72%
Net Earnings $18.08M $15.83M
YoY Change 21.73% 24.89%
Net Earnings / Revenue 6.3% 5.64%
Basic Earnings Per Share $1.12 $0.99
Diluted Earnings Per Share $1.10 $0.97
COMMON SHARES
Basic Shares Outstanding 16.37M 16.23M
Diluted Shares Outstanding 16.50M 16.37M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $173.3M $76.72M
YoY Change 105.85% 4.32%
Cash & Equivalents $173.3M $76.72M
Short-Term Investments
Other Short-Term Assets $2.580M $1.722M
YoY Change -86.25% -39.04%
Inventory
Prepaid Expenses
Receivables $109.2M $104.7M
Other Receivables $0.00 $699.0K
Total Short-Term Assets $295.0M $191.8M
YoY Change 41.96% -8.3%
LONG-TERM ASSETS
Property, Plant & Equipment $23.38M $23.87M
YoY Change -65.66% 17.9%
Goodwill $663.9M $663.4M
YoY Change 13.74% 13.6%
Intangibles $88.40M $90.19M
YoY Change 28.38% 27.74%
Long-Term Investments
YoY Change
Other Assets $1.791M
YoY Change
Total Long-Term Assets $821.6M $822.2M
YoY Change 14.01% 13.89%
TOTAL ASSETS
Total Short-Term Assets $295.0M $191.8M
Total Long-Term Assets $821.6M $822.2M
Total Assets $1.117B $1.014B
YoY Change 20.27% 8.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.19M $22.02M
YoY Change -2.47% 1.21%
Accrued Expenses $35.63M $38.77M
YoY Change -65.49% 13.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $147.5M $141.6M
YoY Change 10.18% 13.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $99.35M
YoY Change -100.0% -8.42%
Other Long-Term Liabilities $9.008M $8.875M
YoY Change -81.78% 46.52%
Total Long-Term Liabilities $47.37M $147.3M
YoY Change -63.03% -6.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $147.5M $141.6M
Total Long-Term Liabilities $47.37M $147.3M
Total Liabilities $194.9M $288.9M
YoY Change -25.62% 2.36%
SHAREHOLDERS EQUITY
Retained Earnings $336.7M $318.7M
YoY Change 25.72% 25.96%
Common Stock $584.9M $406.5M
YoY Change 46.78% 2.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $921.7M $725.1M
YoY Change
Total Liabilities & Shareholders Equity $1.117B $1.014B
YoY Change 20.27% 8.91%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $18.08M $15.83M
YoY Change 21.73% 24.89%
Depreciation, Depletion And Amortization $3.401M $3.469M
YoY Change 0.56% 0.64%
Cash From Operating Activities $18.81M $38.68M
YoY Change -54.79% 105.74%
INVESTING ACTIVITIES
Capital Expenditures $1.071M $1.350M
YoY Change 7.75% 73.75%
Acquisitions $400.0K
YoY Change -58.55%
Other Investing Activities $4.619M -$400.0K
YoY Change 18376.0% -58.55%
Cash From Investing Activities $3.548M -$1.750M
YoY Change -466.15% 0.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 74.23M -25.00M
YoY Change -347.42% 6.5%
NET CHANGE
Cash From Operating Activities 18.81M 38.68M
Cash From Investing Activities 3.548M -1.750M
Cash From Financing Activities 74.23M -25.00M
Net Change In Cash 96.59M 11.93M
YoY Change 807.34% -285.85%
FREE CASH FLOW
Cash From Operating Activities $18.81M $38.68M
Capital Expenditures $1.071M $1.350M
Free Cash Flow $17.74M $37.33M
YoY Change -56.32% 107.12%

Facts In Submission

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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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>
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16063000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15949000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16373000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16297000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
44699000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
45433000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
11307000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
11339000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
39044000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
39711000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
50351000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
51050000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3296000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3042000
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
201000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
416000
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
3497000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
3458000
CY2024Q1 us-gaap Sublease Income
SubleaseIncome
598000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
700000
CY2024Q1 us-gaap Lease Cost
LeaseCost
2899000
CY2023Q1 us-gaap Lease Cost
LeaseCost
2758000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M9D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y3M3D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0564
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0547
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
10663000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
11299000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
8959000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
6493000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
5496000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
17390000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
60300000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9949000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
50351000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3589000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3374000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2137000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
10836000
CY2023Q4 us-gaap Goodwill
Goodwill
662995000
CY2024Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
400000
CY2024Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-4000
CY2024Q1 us-gaap Goodwill
Goodwill
663391000
CY2024Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
170022000
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
79831000
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
90191000
CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
170022000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
78039000
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
91983000
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000
CY2024Q1 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P10Y1M20D
CY2023Q4 adus Prepaid Payroll
PrepaidPayroll
8735000
CY2024Q1 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
2329000
CY2023Q4 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
3696000
CY2024Q1 adus Prepaid Licensing Fees
PrepaidLicensingFees
5651000
CY2023Q4 adus Prepaid Licensing Fees
PrepaidLicensingFees
4481000
CY2024Q1 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
699000
CY2023Q4 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
577000
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
1722000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
2225000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
10401000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
19714000
CY2024Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
7297000
CY2023Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
7400000
CY2024Q1 adus Payor Advance Current
PayorAdvanceCurrent
429000
CY2023Q4 adus Payor Advance Current
PayorAdvanceCurrent
1218000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
9112000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
7304000
CY2024Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
13013000
CY2023Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
8572000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8921000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8742000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
38772000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
33236000
CY2023Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
106000
CY2024Q1 us-gaap Interest Expense
InterestExpense
2758000
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2006000
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2221000
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
99347000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
124132000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.220
CY2024Q1 adus Percentage Of Excess Tax Benefit Expense
PercentageOfExcessTaxBenefitExpense
-0.001
CY2023Q1 adus Percentage Of Excess Tax Benefit Expense
PercentageOfExcessTaxBenefitExpense
-0.012
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
280746000
CY2024Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
192569000
CY2024Q1 us-gaap Gross Profit
GrossProfit
88177000
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
CY2024Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
27642000
CY2023Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
24531000
CY2024Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3469000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3447000
CY2024Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
423000
CY2023Q1 us-gaap Interest Expense
InterestExpense
2461000
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
21310000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
16253000

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