$AVAH
Aveanna Healthcare Holdings, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022016576 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $443.0M $450.5M $414.1M
YoY Change 1.57% 8.0%
Cost Of Revenue $297.9M $305.7M $289.7M
YoY Change 2.9% 7.08%
Gross Profit $145.0M $144.8M $124.4M
YoY Change -1.05% 9.98%
Gross Profit Margin 32.74% 32.15% 30.04%
Selling, General & Admin $89.00M $88.74M $106.6M
YoY Change 14.51% 27.92%
% of Gross Profit 61.36% 61.28% 85.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.038M $5.819M $5.387M
YoY Change 16.83% 19.98%
% of Gross Profit 4.16% 4.02% 4.33%
Operating Expenses $89.00M $88.74M $111.7M
YoY Change 14.51% 27.92%
Operating Profit -$456.4M $13.78M $12.71M
YoY Change -1606.51% -51.31%
Interest Expense $22.92M $22.36M -$10.19M
YoY Change 18.99% -0.27%
% of Operating Profit 162.34% -80.2%
Other Income/Expense, Net $4.926M $36.46M $1.127M
YoY Change -769.29% 22828.93%
Pretax Income -$474.2M $27.93M -$122.1M
YoY Change -33055.59% 357.36%
Income Tax -$300.0K $2.600M $4.080M
% Of Pretax Income 9.31%
Net Earnings -$473.9M $25.33M -$126.2M
YoY Change -37710.08% 336.94%
Net Earnings / Revenue -106.98% 5.62% -30.48%
Basic Earnings Per Share -$2.56 $0.14
Diluted Earnings Per Share -$2.56 $0.14 -$682.6K
COMMON SHARES
Basic Shares Outstanding 185.0M 184.9M 184.7M
Diluted Shares Outstanding 185.0M 185.4M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.46M $17.44M $30.49M
YoY Change -83.61% -74.01%
Cash & Equivalents $17.46M $17.44M $30.49M
Short-Term Investments
Other Short-Term Assets $3.389M $5.649M $9.202M
YoY Change -70.58% -39.87% -18.85%
Inventory
Prepaid Expenses $19.63M $15.33M $14.23M
Receivables $246.0M $240.9M $218.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $293.1M $286.2M $279.2M
YoY Change -15.29% -2.39% -18.03%
LONG-TERM ASSETS
Property, Plant & Equipment $27.49M $29.49M $31.37M
YoY Change -13.57% -8.32% -3.91%
Goodwill $1.367B $1.837B $1.836B
YoY Change -3.68% 39.48% 39.44%
Intangibles $100.4M $102.2M $102.9M
YoY Change 29.43% 41.42% 39.8%
Long-Term Investments
YoY Change
Other Assets $47.60M $41.79M $7.829M
YoY Change 510.49% 343.33% 2.65%
Total Long-Term Assets $1.616B $2.090B $2.055B
YoY Change 0.13% 38.9% 36.7%
TOTAL ASSETS
Total Short-Term Assets $293.1M $286.2M $279.2M
Total Long-Term Assets $1.616B $2.090B $2.055B
Total Assets $1.909B $2.376B $2.334B
YoY Change -2.59% 32.17% 26.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.37M $57.31M $52.62M
YoY Change 25.36% 36.78%
Accrued Expenses $56.08M $66.70M $71.77M
YoY Change -16.46% 5.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $7.451M
YoY Change -100.0% -100.0%
Long-Term Debt Due $8.600M $8.600M $8.600M
YoY Change -31.6% -26.65% -13.22%
Total Short-Term Liabilities $361.2M $367.8M $344.8M
YoY Change 63.95% 77.26% 32.42%
LONG-TERM LIABILITIES
Long-Term Debt $1.239B $1.225B $1.227B
YoY Change 48.69% 5.36% 5.42%
Other Long-Term Liabilities $1.026M $1.093M $16.69M
YoY Change -96.05% -96.11% -46.08%
Total Long-Term Liabilities $1.240B $1.227B $1.243B
YoY Change 44.31% 2.97% 4.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $361.2M $367.8M $344.8M
Total Long-Term Liabilities $1.240B $1.227B $1.243B
Total Liabilities $1.707B $1.708B $1.696B
YoY Change 41.1% 12.06% 7.58%
SHAREHOLDERS EQUITY
Retained Earnings -$1.023B -$549.3M -$574.7M
YoY Change 127.09% 21.58% 25.58%
Common Stock $1.223B $1.215B $1.210B
YoY Change 2.06% 68.0% 67.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $200.1M $666.0M $635.8M
YoY Change
Total Liabilities & Shareholders Equity $1.909B $2.376B $2.334B
YoY Change -2.59% 32.17% 26.59%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$473.9M $25.33M -$126.2M
YoY Change -37710.08% 336.94%
Depreciation, Depletion And Amortization $6.038M $5.819M $5.387M
YoY Change 16.83% 19.98%
Cash From Operating Activities -$19.88M -$9.476M -$33.54M
YoY Change -203.07% -71.21%
INVESTING ACTIVITIES
Capital Expenditures -$2.001M $3.984M -$5.644M
YoY Change -41.29% 49.49%
Acquisitions $1.394M
YoY Change 178.8%
Other Investing Activities $188.0K -$12.66M -$562.7M
YoY Change -100.18% 2431.8%
Cash From Investing Activities -$1.813M -$16.64M -$568.3M
YoY Change -98.28% 425.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.72M 13.07M 510.6M
YoY Change -82.7% -138.25%
NET CHANGE
Cash From Operating Activities -19.88M -9.476M -33.54M
Cash From Investing Activities -1.813M -16.64M -568.3M
Cash From Financing Activities 21.72M 13.07M 510.6M
Net Change In Cash 24.00K -13.05M -91.22M
YoY Change -99.94% -81.42%
FREE CASH FLOW
Cash From Operating Activities -$19.88M -$9.476M -$33.54M
Capital Expenditures -$2.001M $3.984M -$5.644M
Free Cash Flow -$17.88M -$13.46M -$27.89M
YoY Change -178.78% -62.17%

Facts In Submission

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<p id="notes_to_unaudited_consolidated_financia" style="text-indent:-4.749%;padding-left:4.533%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">1. DESCRIPTION</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> OF BUSINESS</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Aveanna Healthcare Holdings Inc. (together with its consolidated subsidiaries, referred to herein as the “Company”) is headquartered in Atlanta, Georgia and has locations in </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">33</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> states with concentrations in California, Texas and Pennsylvania, providing a broad range of pediatric and adult healthcare services including nursing, hospice, rehabilitation services, occupational nursing in schools, therapy services, day treatment centers for medically fragile and chronically ill children and adults, as well as delivery of enteral nutrition and other products to patients. The Company also provides case management services in order to assist families and patients by coordinating the provision of services between insurers or other payers, physicians, hospitals, and other healthcare providers. In addition, the Company provides respite healthcare services, which are temporary care provider services provided in relief of the patient’s normal caregiver. The Company’s services are designed to provide a high quality, lower cost alternative to prolonged hospitalization.</span></p>
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InvestmentIncomeInterest
143000
CY2021Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
61000
us-gaap Investment Income Interest
InvestmentIncomeInterest
205000
us-gaap Investment Income Interest
InvestmentIncomeInterest
138000
CY2022Q3 us-gaap Interest Expense
InterestExpense
22919000
CY2021Q3 us-gaap Interest Expense
InterestExpense
19262000
us-gaap Interest Expense
InterestExpense
45283000
us-gaap Interest Expense
InterestExpense
41687000
CY2021Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-8918000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-8918000
CY2022Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4926000
CY2021Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-736000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
41383000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-577000
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-474231000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1439000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-446300000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
7546000
us-gaap Net Income Loss
NetIncomeLoss
-448553000
us-gaap Net Income Loss
NetIncomeLoss
7058000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
184953000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
171149000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
184940000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
156636000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.56
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
184953000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
177683000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
184940000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
161975000
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.56
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04

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