$ADUS
Addus HomeCare Corp

2021 Q3 Form 10-Q Financial Statement

#000156459021053535 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $216.7M $194.0M $184.6M
YoY Change 11.69% 14.79% 23.95%
Cost Of Revenue $149.6M $137.7M $129.6M
YoY Change 8.66% 11.2% 18.64%
Gross Profit $67.05M $56.30M $55.00M
YoY Change 19.08% 24.63% 38.56%
Gross Profit Margin 30.94% 29.02% 29.8%
Selling, General & Admin $45.88M $39.90M $41.30M
YoY Change 14.99% 13.68% 38.59%
% of Gross Profit 68.43% 70.87% 75.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.406M $3.100M $2.900M
YoY Change 9.87% 10.71% 16.0%
% of Gross Profit 5.08% 5.51% 5.27%
Operating Expenses $49.29M $43.00M $44.20M
YoY Change 14.62% 13.63% 36.83%
Operating Profit $17.76M $12.52M $9.607M
YoY Change 41.82% 70.73% 29.98%
Interest Expense $1.614M $680.0K $721.0K
YoY Change 137.35% -21.48% 6.03%
% of Operating Profit 9.09% 5.43% 7.5%
Other Income/Expense, Net
YoY Change
Pretax Income $15.78M $11.93M $9.041M
YoY Change 32.3% 64.44% 32.84%
Income Tax $4.206M $2.800M $2.100M
% Of Pretax Income 26.65% 23.47% 23.23%
Net Earnings $11.58M $9.119M $6.907M
YoY Change 26.95% 85.65% 30.52%
Net Earnings / Revenue 5.34% 4.7% 3.74%
Basic Earnings Per Share $0.74 $0.58 $0.44
Diluted Earnings Per Share $722.2K $0.57 $0.43
COMMON SHARES
Basic Shares Outstanding 15.75M 15.62M 15.58M
Diluted Shares Outstanding 16.03M 15.96M 15.92M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.4M $170.3M $158.5M
YoY Change -10.52% -28.92% 189.23%
Cash & Equivalents $152.4M $170.3M
Short-Term Investments
Other Short-Term Assets $5.362M $3.489M $3.653M
YoY Change 53.68% -30.62% -15.5%
Inventory
Prepaid Expenses
Receivables $133.8M $118.6M $126.4M
Other Receivables $3.362M $4.700M $4.600M
Total Short-Term Assets $299.7M $299.4M $296.3M
YoY Change 0.1% -22.54% 50.63%
LONG-TERM ASSETS
Property, Plant & Equipment $55.04M $55.10M $34.50M
YoY Change -0.11% 86.78% 201.89%
Goodwill $497.9M $286.6M $275.4M
YoY Change 73.76% 88.9%
Intangibles $66.33M $52.87M $53.07M
YoY Change 25.46% 45.49%
Long-Term Investments
YoY Change
Other Assets $5.919M $1.500M $1.500M
YoY Change 294.6%
Total Long-Term Assets $625.2M $396.0M $364.6M
YoY Change 57.88% 70.24% 72.01%
TOTAL ASSETS
Total Short-Term Assets $299.7M $299.4M $296.3M
Total Long-Term Assets $625.2M $396.0M $364.6M
Total Assets $924.9M $695.4M $660.9M
YoY Change 33.0% 12.32% 61.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.17M $17.30M $17.20M
YoY Change 33.91% 17.36% 30.02%
Accrued Expenses $35.78M $33.40M $32.67M
YoY Change 7.14% 74.54% 71.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.095M $948.0K
YoY Change -100.0% 115.98% -0.73%
Total Short-Term Liabilities $112.5M $93.70M $93.69M
YoY Change 20.1% 22.83% 35.14%
LONG-TERM LIABILITIES
Long-Term Debt $220.7M $59.56M $59.05M
YoY Change 270.56% 0.53% 62.98%
Other Long-Term Liabilities $33.62M $34.50M $655.0K
YoY Change -2.54% 171.65% 170.66%
Total Long-Term Liabilities $220.7M $59.56M $72.38M
YoY Change 270.56% 0.53% 44.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $112.5M $93.70M $93.69M
Total Long-Term Liabilities $220.7M $59.56M $72.38M
Total Liabilities $366.9M $187.8M $166.1M
YoY Change 95.35% 38.56% 39.15%
SHAREHOLDERS EQUITY
Retained Earnings $131.6M
YoY Change 21.6%
Common Stock $363.3M
YoY Change 100.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $558.1M $507.6M $494.9M
YoY Change
Total Liabilities & Shareholders Equity $924.9M $695.4M $660.9M
YoY Change 33.0% 12.32% 61.72%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $11.58M $9.119M $6.907M
YoY Change 26.95% 85.65% 30.52%
Depreciation, Depletion And Amortization $3.406M $3.100M $2.900M
YoY Change 9.87% 10.71% 16.0%
Cash From Operating Activities $17.61M $22.40M $30.50M
YoY Change -21.39% 83.61% -3488.89%
INVESTING ACTIVITIES
Capital Expenditures -$1.367M -$1.100M -$2.100M
YoY Change 24.27% 0.0% 110.0%
Acquisitions
YoY Change
Other Investing Activities -$29.14M -$11.50M $0.00
YoY Change 153.37% -50.85% -100.0%
Cash From Investing Activities -$30.51M -$12.50M -$2.200M
YoY Change 144.04% -48.98% -92.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.88M 1.900M -200.0K
YoY Change 1261.89% -99.04% -100.99%
NET CHANGE
Cash From Operating Activities 17.61M 22.40M 30.50M
Cash From Investing Activities -30.51M -12.50M -2.200M
Cash From Financing Activities 25.88M 1.900M -200.0K
Net Change In Cash 12.98M 11.80M 28.10M
YoY Change 9.99% -93.61% -346.49%
FREE CASH FLOW
Cash From Operating Activities $17.61M $22.40M $30.50M
Capital Expenditures -$1.367M -$1.100M -$2.100M
Free Cash Flow $18.98M $23.50M $32.60M
YoY Change -19.26% 76.69% 32500.0%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.24%;color:#000000;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 U.S. Generally Accepted Accounting Principles (“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, allowance for doubtful accounts, intangible assets acquired in business combinations and, when required, the quantitative impairment assessment of goodwill and indefinite lived intangible assets. Actual results could differ from those estimates.</p>
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BusinessAcquisitionProFormaEarningsPerShareBasic
0.68
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
2.12
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.92
CY2021Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.74
CY2020Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.66
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
2.08
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.88
CY2020Q4 us-gaap Goodwill
Goodwill
469072000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
28594000
us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
253000
CY2021Q3 us-gaap Goodwill
Goodwill
497919000
CY2021Q3 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
21221000
CY2021Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45111000
CY2021Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
66332000
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1900000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6200000
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1700000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5300000
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P9Y4M24D
CY2021Q3 us-gaap Prepaid Taxes
PrepaidTaxes
2256000
CY2021Q3 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
1969000
CY2020Q4 adus Prepaid Workers Compensation And Liability Insurance Current
PrepaidWorkersCompensationAndLiabilityInsuranceCurrent
2838000
CY2021Q3 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
1748000
CY2020Q4 adus Workers Compensation Insurance Receivable
WorkersCompensationInsuranceReceivable
1860000
CY2021Q3 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
1614000
CY2021Q3 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
565000
CY2020Q4 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
528000
CY2021Q3 us-gaap Other Assets Current
OtherAssetsCurrent
5362000
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
4743000
CY2021Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
13514000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9969000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9713000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9283000
CY2021Q3 adus Payor Advance Current
PayorAdvanceCurrent
6684000
CY2020Q4 adus Payor Advance Current
PayorAdvanceCurrent
4206000
CY2021Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
4380000
CY2020Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
5607000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2860000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4220000
CY2021Q3 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
1199000
CY2020Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
4543000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10944000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9705000
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
35780000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
37564000
CY2021Q3 adus Deferred Payroll Taxes
DeferredPayrollTaxes
7141000
CY2020Q4 adus Deferred Payroll Taxes
DeferredPayrollTaxes
7141000
CY2021Q3 adus Provider Relief Fund Current
ProviderReliefFundCurrent
533000
CY2020Q4 adus Provider Relief Fund Current
ProviderReliefFundCurrent
12252000
CY2021Q3 adus Government Stimulus Advances Current
GovernmentStimulusAdvancesCurrent
7674000
CY2020Q4 adus Government Stimulus Advances Current
GovernmentStimulusAdvancesCurrent
32087000
CY2021Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
4146000
CY2020Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1716000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
220707000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
194872000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
971000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
220707000
CY2020Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
193901000
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.266
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.236
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.247
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.205
adus Percentage Of Excess Tax Benefit
PercentageOfExcessTaxBenefit
0.021
adus Percentage Of Excess Tax Benefit
PercentageOfExcessTaxBenefit
0.068
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
216662000
CY2021Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
149616000
CY2021Q3 us-gaap Gross Profit
GrossProfit
67046000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
193987000
CY2020Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
137686000
CY2020Q3 us-gaap Gross Profit
GrossProfit
56301000
CY2021Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
20757000
CY2020Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
19067000
CY2021Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3406000
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
3045000
CY2021Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
37000
CY2020Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
87000
CY2021Q3 us-gaap Interest Expense
InterestExpense
1614000
CY2020Q3 us-gaap Interest Expense
InterestExpense
680000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
15783000
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
11930000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
639857000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
442804000
us-gaap Gross Profit
GrossProfit
197053000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
568779000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
401646000
us-gaap Gross Profit
GrossProfit
167133000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
63648000
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
58939000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
10594000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
8872000
us-gaap Investment Income Interest
InvestmentIncomeInterest
90000
us-gaap Investment Income Interest
InvestmentIncomeInterest
576000
us-gaap Interest Expense
InterestExpense
4092000
us-gaap Interest Expense
InterestExpense
2309000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
42576000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
31058000

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