$ADUS
Addus HomeCare Corp

2020 Q2 Form 10-Q Financial Statement

#000156459020038971 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q2
Revenue $184.6M $190.2M $148.9M
YoY Change 23.95% 37.33% 13.77%
Cost Of Revenue $129.6M $134.4M $109.2M
YoY Change 18.64% 32.16% 14.35%
Gross Profit $55.00M $55.84M $39.69M
YoY Change 38.56% 51.61% 12.2%
Gross Profit Margin 29.8% 29.35% 26.65%
Selling, General & Admin $41.30M $41.20M $29.80M
YoY Change 38.59% 40.61% 12.45%
% of Gross Profit 75.1% 73.79% 75.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.900M $2.887M $2.500M
YoY Change 16.0% 39.2% 8.7%
% of Gross Profit 5.27% 5.17% 6.3%
Operating Expenses $44.20M $45.17M $32.30M
YoY Change 36.83% 44.18% 12.04%
Operating Profit $9.607M $10.66M $7.391M
YoY Change 29.98% 93.98% 12.89%
Interest Expense $721.0K $908.0K $680.0K
YoY Change 6.03% 46.93% -50.8%
% of Operating Profit 7.5% 8.52% 9.2%
Other Income/Expense, Net
YoY Change
Pretax Income $9.041M $10.09M $6.806M
YoY Change 32.84% 98.06% 22.34%
Income Tax $2.100M $1.429M $1.514M
% Of Pretax Income 23.23% 14.17% 22.25%
Net Earnings $6.907M $8.658M $5.292M
YoY Change 30.52% 101.54% 30.6%
Net Earnings / Revenue 3.74% 4.55% 3.55%
Basic Earnings Per Share $0.44 $0.56 $0.41
Diluted Earnings Per Share $0.43 $0.54 $0.39
COMMON SHARES
Basic Shares Outstanding 15.58M 15.52M 13.04M
Diluted Shares Outstanding 15.92M 15.91M 13.43M

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $158.5M $130.5M $54.80M
YoY Change 189.23% 97.13% -20.81%
Cash & Equivalents $130.5M $54.79M
Short-Term Investments
Other Short-Term Assets $3.653M $2.915M $4.323M
YoY Change -15.5% -22.35% -6.02%
Inventory
Prepaid Expenses
Receivables $126.4M $141.1M $132.8M
Other Receivables $4.600M $2.100M $1.600M
Total Short-Term Assets $296.3M $278.1M $196.7M
YoY Change 50.63% 43.75% 13.11%
LONG-TERM ASSETS
Property, Plant & Equipment $34.50M $34.50M $11.43M
YoY Change 201.89% 218.18% 36.05%
Goodwill $275.4M $275.4M $145.8M
YoY Change 88.9% 103.37%
Intangibles $53.07M $55.30M $36.48M
YoY Change 45.49% 145.46%
Long-Term Investments
YoY Change
Other Assets $1.500M $1.600M
YoY Change
Total Long-Term Assets $364.6M $366.7M $212.0M
YoY Change 72.01% 97.72% 25.06%
TOTAL ASSETS
Total Short-Term Assets $296.3M $278.1M $196.7M
Total Long-Term Assets $364.6M $366.7M $212.0M
Total Assets $660.9M $644.8M $408.7M
YoY Change 61.72% 70.17% 19.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.20M $17.60M $13.23M
YoY Change 30.02% 52.96% 86.34%
Accrued Expenses $32.67M $22.12M $19.09M
YoY Change 71.18% 28.57% -59.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $948.0K $956.0K $955.0K
YoY Change -0.73% 2483.78% -61.8%
Total Short-Term Liabilities $93.69M $84.60M $69.32M
YoY Change 35.14% 25.55% 23.13%
LONG-TERM LIABILITIES
Long-Term Debt $59.05M $59.11M $36.23M
YoY Change 62.98% 240.21% -63.55%
Other Long-Term Liabilities $655.0K $14.30M $242.0K
YoY Change 170.66% 5809.09% -39.5%
Total Long-Term Liabilities $72.38M $59.11M $50.02M
YoY Change 44.7% 97.63% -49.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.69M $84.60M $69.32M
Total Long-Term Liabilities $72.38M $59.11M $50.02M
Total Liabilities $166.1M $158.0M $119.3M
YoY Change 39.15% 62.39% -24.03%
SHAREHOLDERS EQUITY
Retained Earnings $131.6M $108.2M
YoY Change 21.6%
Common Stock $363.3M $181.1M
YoY Change 100.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $494.9M $486.8M $281.5M
YoY Change
Total Liabilities & Shareholders Equity $660.9M $644.8M $408.7M
YoY Change 61.72% 70.17% 19.01%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q2
OPERATING ACTIVITIES
Net Income $6.907M $8.658M $5.292M
YoY Change 30.52% 101.54% 30.6%
Depreciation, Depletion And Amortization $2.900M $2.887M $2.500M
YoY Change 16.0% 39.2% 8.7%
Cash From Operating Activities $30.50M $20.44M -$900.0K
YoY Change -3488.89% -739.41% -115.25%
INVESTING ACTIVITIES
Capital Expenditures -$2.100M $2.747M -$1.000M
YoY Change 110.0% 173.06% -23.08%
Acquisitions $87.00K
YoY Change
Other Investing Activities $0.00 -$100.0K -$29.80M
YoY Change -100.0% -49.06%
Cash From Investing Activities -$2.200M -$2.834M -$30.80M
YoY Change -92.86% 181.71% -48.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -200.0K 1.141M 20.30M
YoY Change -100.99% -3557.58% -66.0%
NET CHANGE
Cash From Operating Activities 30.50M 20.44M -900.0K
Cash From Investing Activities -2.200M -2.834M -30.80M
Cash From Financing Activities -200.0K 1.141M 20.30M
Net Change In Cash 28.10M 18.75M -11.40M
YoY Change -346.49% -542.61% -296.55%
FREE CASH FLOW
Cash From Operating Activities $30.50M $20.44M -$900.0K
Capital Expenditures -$2.100M $2.747M -$1.000M
Free Cash Flow $32.60M $17.70M $100.0K
YoY Change 32500.0% -521.01% -98.61%

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’s critical accounting estimates include revenue recognition, accounts receivable and allowances and goodwill and intangible assets. Actual results could differ from those estimates.</p>
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6462000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3795000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2140000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1259000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
104000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
21794000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1720000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
20074000
us-gaap Operating Lease Payments
OperatingLeasePayments
4321000
us-gaap Operating Lease Payments
OperatingLeasePayments
3465000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2441000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3743000
CY2020Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
177488000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
348976000
CY2020Q2 adus Business Acquisition Pro Forma Operating Income
BusinessAcquisitionProFormaOperatingIncome
10038000
adus Business Acquisition Pro Forma Operating Income
BusinessAcquisitionProFormaOperatingIncome
18407000
CY2020Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
7378000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
13999000
CY2020Q2 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.57
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.08
CY2019Q4 us-gaap Goodwill
Goodwill
275368000
us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
1167000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
1232000
CY2020Q2 us-gaap Goodwill
Goodwill
275433000
CY2020Q2 us-gaap Goodwill Written Off Related To Sale Of Business Unit
GoodwillWrittenOffRelatedToSaleOfBusinessUnit
1200000
CY2020Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
13296000
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
95269000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
55492000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
39777000
CY2020Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
53073000
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1800000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3500000
CY2019Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1400000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2700000
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P8Y7M6D
CY2020Q2 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
2764000
CY2020Q2 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
2042000
CY2019Q4 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
2040000
CY2020Q2 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
1890000
CY2019Q4 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
1989000
CY2020Q2 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
1049000
CY2019Q4 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
1567000
CY2020Q2 us-gaap Other Assets Current
OtherAssetsCurrent
3653000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
2397000
CY2020Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11398000
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7993000
CY2020Q2 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
8345000
CY2019Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
1843000
CY2020Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7402000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7234000
CY2020Q2 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
5007000
CY2019Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
4140000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3773000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2517000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
8147000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6695000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
32674000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
22429000
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
1000
CY2019Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
21000
CY2020Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2083000
CY2019Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2452000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
59996000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
59892000
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
948000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
728000
CY2020Q2 us-gaap Gross Profit
GrossProfit
54997000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
148915000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.236
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.186
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.194
adus Effective Income Tax Rate Reconciliation Excess Tax Benefits Percentage
EffectiveIncomeTaxRateReconciliationExcessTaxBenefitsPercentage
0.075
adus Effective Income Tax Rate Reconciliation Excess Tax Benefits Percentage
EffectiveIncomeTaxRateReconciliationExcessTaxBenefitsPercentage
0.065
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
184576000
CY2020Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
129579000
CY2019Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
109222000
CY2019Q2 us-gaap Gross Profit
GrossProfit
39693000
CY2020Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
20667000
CY2019Q2 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
14786000
CY2020Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2940000
CY2019Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2535000
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
155000
CY2019Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
95000
CY2020Q2 us-gaap Interest Expense
InterestExpense
721000
CY2019Q2 us-gaap Interest Expense
InterestExpense
680000
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
9041000
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6806000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
374792000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
263960000
us-gaap Gross Profit
GrossProfit
110832000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
287422000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
210902000
us-gaap Gross Profit
GrossProfit
76520000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
39873000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
29227000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
5827000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
4609000
us-gaap Investment Income Interest
InvestmentIncomeInterest
489000
us-gaap Investment Income Interest
InvestmentIncomeInterest
310000
us-gaap Interest Expense
InterestExpense
1629000
us-gaap Interest Expense
InterestExpense
1298000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
19128000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
11899000

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