$ADUS
Addus HomeCare Corp

2019 Q2 Form 10-Q Financial Statement

#000156459019030500 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $148.9M $139.3M $130.9M
YoY Change 13.77% 24.33% 26.31%
Cost Of Revenue $109.2M $101.9M $95.52M
YoY Change 14.35% 25.49% 27.35%
Gross Profit $39.69M $37.43M $35.38M
YoY Change 12.2% 21.58% 23.78%
Gross Profit Margin 26.65% 26.87% 27.03%
Selling, General & Admin $29.80M $29.00M $26.50M
YoY Change 12.45% 26.09% 25.59%
% of Gross Profit 75.08% 77.48% 74.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.500M $1.900M $2.300M
YoY Change 8.7% 0.0% 53.33%
% of Gross Profit 6.3% 5.08% 6.5%
Operating Expenses $32.30M $31.00M $28.83M
YoY Change 12.04% 24.5% 27.57%
Operating Profit $7.391M $6.428M $6.547M
YoY Change 12.89% -13.95% 9.28%
Interest Expense $680.0K -$1.100M $1.382M
YoY Change -50.8% 37.5% -165.81%
% of Operating Profit 9.2% -17.11% 21.11%
Other Income/Expense, Net
YoY Change
Pretax Income $6.806M $4.300M $5.563M
YoY Change 22.34% -25.86% 42.64%
Income Tax $1.514M $800.0K $1.245M
% Of Pretax Income 22.25% 18.6% 22.38%
Net Earnings $5.292M $4.392M $4.052M
YoY Change 30.6% 39.56% 47.02%
Net Earnings / Revenue 3.55% 3.15% 3.1%
Basic Earnings Per Share $0.41 $0.34 $0.35
Diluted Earnings Per Share $0.39 $0.33 $0.34
COMMON SHARES
Basic Shares Outstanding 13.04M 12.96M 11.53M
Diluted Shares Outstanding 13.43M 13.38M 11.84M

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.80M $70.40M $69.20M
YoY Change -20.81% 30.86% 335.22%
Cash & Equivalents $54.79M $70.41M $69.22M
Short-Term Investments
Other Short-Term Assets $4.323M $3.196M $4.600M
YoY Change -6.02% -11.22% 39.39%
Inventory
Prepaid Expenses
Receivables $132.8M $98.32M $98.70M
Other Receivables $1.600M $1.700M $1.300M
Total Short-Term Assets $196.7M $185.5M $173.9M
YoY Change 13.11% 19.17% 10.27%
LONG-TERM ASSETS
Property, Plant & Equipment $11.43M $10.66M $8.400M
YoY Change 36.05% 42.32% 16.67%
Goodwill $145.8M $135.4M
YoY Change 49.93%
Intangibles $36.48M $23.78M
YoY Change 43.31%
Long-Term Investments
YoY Change
Other Assets $2.200M $0.00
YoY Change 37.5% -100.0%
Total Long-Term Assets $212.0M $162.6M $169.5M
YoY Change 25.06% 40.13% 72.08%
TOTAL ASSETS
Total Short-Term Assets $196.7M $185.5M $173.9M
Total Long-Term Assets $212.0M $162.6M $169.5M
Total Assets $408.7M $348.1M $343.4M
YoY Change 19.01% 28.12% 34.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.23M $12.24M $7.100M
YoY Change 86.34% 65.8% 108.82%
Accrued Expenses $19.09M $11.59M $46.70M
YoY Change -59.13% -74.02% 15.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $955.0K $62.00K $2.500M
YoY Change -61.8% -98.0% -19.35%
Total Short-Term Liabilities $69.32M $61.50M $56.30M
YoY Change 23.13% 11.67% 19.53%
LONG-TERM LIABILITIES
Long-Term Debt $36.23M $17.22M $99.40M
YoY Change -63.55% -56.79% 142.44%
Other Long-Term Liabilities $242.0K $877.0K $400.0K
YoY Change -39.5% 96.64%
Total Long-Term Liabilities $50.02M $18.35M $99.80M
YoY Change -49.88% -54.47% 143.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.32M $61.50M $56.30M
Total Long-Term Liabilities $50.02M $18.35M $99.80M
Total Liabilities $119.3M $79.60M $157.1M
YoY Change -24.03% -16.54% 78.32%
SHAREHOLDERS EQUITY
Retained Earnings $108.2M $97.84M
YoY Change 21.79%
Common Stock $181.1M $177.7M
YoY Change 85.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $281.5M $268.5M $187.6M
YoY Change
Total Liabilities & Shareholders Equity $408.7M $348.1M $343.4M
YoY Change 19.01% 28.12% 34.04%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income $5.292M $4.392M $4.052M
YoY Change 30.6% 39.56% 47.02%
Depreciation, Depletion And Amortization $2.500M $1.900M $2.300M
YoY Change 8.7% 0.0% 53.33%
Cash From Operating Activities -$900.0K $8.500M $5.900M
YoY Change -115.25% -16.67% -128.1%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$1.900M -$1.300M
YoY Change -23.08% 280.0% 116.67%
Acquisitions
YoY Change
Other Investing Activities -$29.80M -$100.0K -$58.50M
YoY Change -49.06% -85.71%
Cash From Investing Activities -$30.80M -$2.100M -$59.80M
YoY Change -48.49% 75.0% 9866.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.30M -83.60M 59.70M
YoY Change -66.0% 8260.0% 226.23%
NET CHANGE
Cash From Operating Activities -900.0K 8.500M 5.900M
Cash From Investing Activities -30.80M -2.100M -59.80M
Cash From Financing Activities 20.30M -83.60M 59.70M
Net Change In Cash -11.40M -77.20M 5.800M
YoY Change -296.55% -1065.0% -275.76%
FREE CASH FLOW
Cash From Operating Activities -$900.0K $8.500M $5.900M
Capital Expenditures -$1.000M -$1.900M -$1.300M
Free Cash Flow $100.0K $10.40M $7.200M
YoY Change -98.61% -2.8% -135.29%

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<p style="margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Estimates</p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:4.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;s critical accounting estimates include the following areas: implicit price concessions, reserve for workers&#8217; compensation insurance claims, accounting for stock-based compensation, accounting for income taxes, business combinations and when required, the quantitative assessment of goodwill. Actual results could differ from these estimates.</p>
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0571
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6582000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5548000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4105000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2270000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1499000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
20959000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2187000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
6374000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4820000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3460000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2377000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2130000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1382000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
20543000
us-gaap Operating Lease Payments
OperatingLeasePayments
3465000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3743000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
10374000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-4000
CY2019Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
2871000
CY2019Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
81673000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
48064000
CY2019Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
33609000
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1400000
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2700000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000000
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P7Y8M12D
CY2019Q2 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
1600000
CY2018Q4 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
1692000
CY2019Q2 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
1562000
CY2018Q4 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
1840000
CY2019Q2 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
1663000
CY2018Q4 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
564000
CY2019Q2 us-gaap Other Assets Current
OtherAssetsCurrent
4323000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
3002000
CY2019Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
4351000
CY2018Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
3926000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2983000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2260000
CY2019Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
1178000
CY2018Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
769000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4732000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4631000
CY2019Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
37000
CY2018Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
81000
CY2019Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2451000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2797000
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
37186000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
17284000
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.226
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.225
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.200
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.205
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2019Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
14786000
CY2018Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
14989000
CY2019Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
95000
CY2018Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
32000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
29227000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
28045000
us-gaap Investment Income Interest
InvestmentIncomeInterest
310000
us-gaap Investment Income Interest
InvestmentIncomeInterest
2355000

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