$ADUS
Addus HomeCare Corp

2019 Q3 Form 10-Q Financial Statement

#000156459019042077 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $169.0M $137.6M $130.9M
YoY Change 22.79% 26.74% 26.31%
Cost Of Revenue $123.8M $100.9M $95.52M
YoY Change 22.68% 26.89% 27.35%
Gross Profit $45.18M $36.42M $35.38M
YoY Change 24.06% 25.04% 23.78%
Gross Profit Margin 26.73% 26.46% 27.03%
Selling, General & Admin $35.10M $28.30M $26.50M
YoY Change 24.03% 31.63% 25.59%
% of Gross Profit 77.7% 77.72% 74.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.800M $2.600M $2.300M
YoY Change 7.69% 44.44% 53.33%
% of Gross Profit 6.2% 7.14% 6.5%
Operating Expenses $37.84M $30.80M $28.83M
YoY Change 22.85% 32.5% 27.57%
Operating Profit $7.335M $5.613M $6.547M
YoY Change 30.68% -4.49% 9.28%
Interest Expense $866.0K $1.543M $1.382M
YoY Change -43.88% 77.36% -165.81%
% of Operating Profit 11.81% 27.49% 21.11%
Other Income/Expense, Net
YoY Change
Pretax Income $7.255M $4.558M $5.563M
YoY Change 59.17% -9.4% 42.64%
Income Tax $1.769M $927.0K $1.245M
% Of Pretax Income 24.38% 20.34% 22.38%
Net Earnings $4.912M $3.358M $4.052M
YoY Change 46.28% -3.06% 47.02%
Net Earnings / Revenue 2.91% 2.44% 3.1%
Basic Earnings Per Share $0.36 $0.28 $0.35
Diluted Earnings Per Share $0.35 $0.27 $0.34
COMMON SHARES
Basic Shares Outstanding 13.77M 12.18M 11.53M
Diluted Shares Outstanding 14.20M 12.57M 11.84M

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $239.6M $147.5M $69.20M
YoY Change 62.44% 222.76% 335.22%
Cash & Equivalents $239.6M $147.5M $69.22M
Short-Term Investments
Other Short-Term Assets $5.029M $1.644M $4.600M
YoY Change 205.9% -70.64% 39.39%
Inventory
Prepaid Expenses
Receivables $138.0M $106.7M $98.70M
Other Receivables $1.700M $1.300M $1.300M
Total Short-Term Assets $386.5M $261.1M $173.9M
YoY Change 48.05% 76.04% 10.27%
LONG-TERM ASSETS
Property, Plant & Equipment $29.50M $9.453M $8.400M
YoY Change 212.07% 26.04% 16.67%
Goodwill $134.1M
YoY Change
Intangibles $26.20M
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $232.6M $169.7M $169.5M
YoY Change 37.06% 41.9% 72.08%
TOTAL ASSETS
Total Short-Term Assets $386.5M $261.1M $173.9M
Total Long-Term Assets $232.6M $169.7M $169.5M
Total Assets $619.1M $430.8M $343.4M
YoY Change 43.72% 60.8% 34.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.74M $6.737M $7.100M
YoY Change 118.81% 37.49% 108.82%
Accrued Expenses $19.13M $52.44M $46.70M
YoY Change -63.51% 11.8% 15.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $970.0K $2.318M $2.500M
YoY Change -58.15% -31.82% -19.35%
Total Short-Term Liabilities $76.29M $62.34M $56.30M
YoY Change 22.37% 12.73% 19.53%
LONG-TERM LIABILITIES
Long-Term Debt $59.25M $98.89M $99.40M
YoY Change -40.09% 144.78% 142.44%
Other Long-Term Liabilities $12.70M $641.0K $400.0K
YoY Change 1881.28%
Total Long-Term Liabilities $59.25M $100.6M $99.80M
YoY Change -41.12% 149.08% 143.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $76.29M $62.34M $56.30M
Total Long-Term Liabilities $59.25M $100.6M $99.80M
Total Liabilities $135.5M $163.0M $157.1M
YoY Change -16.83% 70.47% 78.32%
SHAREHOLDERS EQUITY
Retained Earnings $91.81M
YoY Change
Common Stock $13.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $462.2M $269.2M $187.6M
YoY Change
Total Liabilities & Shareholders Equity $619.1M $430.8M $343.4M
YoY Change 43.72% 60.8% 34.04%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $4.912M $3.358M $4.052M
YoY Change 46.28% -3.06% 47.02%
Depreciation, Depletion And Amortization $2.800M $2.600M $2.300M
YoY Change 7.69% 44.44% 53.33%
Cash From Operating Activities $12.20M $4.500M $5.900M
YoY Change 171.11% -91.67% -128.1%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$1.700M -$1.300M
YoY Change -35.29% 30.77% 116.67%
Acquisitions
YoY Change
Other Investing Activities -$23.40M -$500.0K -$58.50M
YoY Change 4580.0% -97.77%
Cash From Investing Activities -$24.50M -$2.200M -$59.80M
YoY Change 1013.64% -90.72% 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 197.1M 76.00M 59.70M
YoY Change 159.34% -19100.0% 226.23%
NET CHANGE
Cash From Operating Activities 12.20M 4.500M 5.900M
Cash From Investing Activities -24.50M -2.200M -59.80M
Cash From Financing Activities 197.1M 76.00M 59.70M
Net Change In Cash 184.8M 78.30M 5.800M
YoY Change 136.02% 161.87% -275.76%
FREE CASH FLOW
Cash From Operating Activities $12.20M $4.500M $5.900M
Capital Expenditures -$1.100M -$1.700M -$1.300M
Free Cash Flow $13.30M $6.200M $7.200M
YoY Change 114.52% -88.79% -135.29%

Facts In Submission

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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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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
5393000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
5536000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
26590000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-16000
CY2019Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
7186000
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
83769000
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
49836000
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
33933000
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
CY2018Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1900000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4400000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4900000
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P7Y9M18D
CY2019Q3 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
1704000
CY2019Q3 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
1429000
CY2018Q4 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
1840000
CY2019Q3 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
660000
CY2018Q4 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
564000
CY2019Q3 us-gaap Other Assets Current
OtherAssetsCurrent
5029000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
3002000
CY2019Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
4139000
CY2018Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
3926000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3268000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2260000
CY2019Q3 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
1681000
CY2018Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
769000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4117000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4631000
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
31000
CY2018Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
81000
CY2019Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2626000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2797000
CY2019Q3 us-gaap Long Term Debt
LongTermDebt
60218000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
17284000
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.244
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.203
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.216
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.204
us-gaap Litigation Settlement Expense
LitigationSettlementExpense
600000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2018Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
15694000
CY2019Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
786000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
46907000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
43739000
us-gaap Investment Income Interest
InvestmentIncomeInterest
1096000
us-gaap Investment Income Interest
InvestmentIncomeInterest
2468000

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