$AVAH
Aveanna Healthcare Holdings, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024031321 Filed on March 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $490.7M $478.8M $1.895B
YoY Change 8.09% 12.9%
Cost Of Revenue $344.8M $330.4M $1.300B
YoY Change 7.12% 14.4%
Gross Profit $145.9M $148.4M $595.4M
YoY Change 10.3% 9.78%
Gross Profit Margin 29.73% 31.0% 31.42%
Selling, General & Admin $87.91M $115.3M $361.0M
YoY Change 28.78% 21.39%
% of Gross Profit 60.28% 77.68% 60.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.912M $3.284M $11.80M
YoY Change -33.21% -22.88%
% of Gross Profit 2.0% 2.21% 1.98%
Operating Expenses $87.91M $119.2M $361.0M
YoY Change 33.07% 21.39%
Operating Profit $22.87M $29.29M $8.072M
YoY Change 511.93% -122.35%
Interest Expense $39.65M -$60.87M $153.2M
YoY Change -313.86% 122.32%
% of Operating Profit 173.39% -207.79% 1898.49%
Other Income/Expense, Net $18.17M -$20.00K $5.851M
YoY Change -100.04% 19.07%
Pretax Income $1.490M -$31.60M -$139.0M
YoY Change -246.08% 22.38%
Income Tax $12.70M -$5.859M -$4.472M
% Of Pretax Income 852.35%
Net Earnings -$11.17M -$25.74M -$134.5M
YoY Change -205.92% 14.93%
Net Earnings / Revenue -2.28% -5.37% -7.1%
Basic Earnings Per Share -$0.06 -$0.71
Diluted Earnings Per Share -$0.06 -$0.13 -$0.71
COMMON SHARES
Basic Shares Outstanding 192.4M 190.7M 190.0M
Diluted Shares Outstanding 192.2M 190.0M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.61M $43.94M $43.94M
YoY Change -31.0% 44.12%
Cash & Equivalents $42.61M $43.94M $43.94M
Short-Term Investments
Other Short-Term Assets $8.831M $9.452M $25.14M
YoY Change -3.2% 7.26%
Inventory
Prepaid Expenses $16.03M $15.68M
Receivables $257.5M $236.6M $245.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $336.0M $314.9M $314.9M
YoY Change 0.9% 12.78%
LONG-TERM ASSETS
Property, Plant & Equipment $19.42M $20.55M $70.05M
YoY Change -17.54% -15.98%
Goodwill $1.055B $1.055B
YoY Change -22.93%
Intangibles $93.36M $94.01M
YoY Change -3.85%
Long-Term Investments
YoY Change
Other Assets $66.90M $58.18M $58.18M
YoY Change -37.1% 643.07%
Total Long-Term Assets $1.307B $1.298B $1.298B
YoY Change -21.86% -36.84%
TOTAL ASSETS
Total Short-Term Assets $336.0M $314.9M $314.9M
Total Long-Term Assets $1.307B $1.298B $1.298B
Total Assets $1.643B $1.613B $1.613B
YoY Change -18.26% -30.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $43.18M $30.13M $30.13M
YoY Change -38.46% -42.74%
Accrued Expenses $84.39M $93.31M $93.31M
YoY Change 49.32% 30.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.955M $3.955M
YoY Change -46.92%
Long-Term Debt Due $9.200M $9.200M $164.2M
YoY Change 0.0% 27.09%
Total Short-Term Liabilities $381.9M $354.8M $354.8M
YoY Change 0.87% 2.88%
LONG-TERM LIABILITIES
Long-Term Debt $1.275B $1.276B $1.276B
YoY Change -0.49% 4.0%
Other Long-Term Liabilities $3.803M $3.039M $104.5M
YoY Change 393.34% -13.9%
Total Long-Term Liabilities $1.279B $1.279B $1.381B
YoY Change -0.3% 2.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $381.9M $354.8M $354.8M
Total Long-Term Liabilities $1.279B $1.279B $1.381B
Total Liabilities $1.777B $1.740B $1.740B
YoY Change -0.16% 2.59%
SHAREHOLDERS EQUITY
Retained Earnings -$1.382B -$1.371B
YoY Change 37.27%
Common Stock $1.246B $1.242B
YoY Change 1.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$136.3M -$129.6M -$127.4M
YoY Change
Total Liabilities & Shareholders Equity $1.643B $1.613B $1.613B
YoY Change -18.26% -30.9%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$11.17M -$25.74M -$134.5M
YoY Change -205.92% 14.93%
Depreciation, Depletion And Amortization $2.912M $3.284M $11.80M
YoY Change -33.21% -22.88%
Cash From Operating Activities -$11.97M -$3.005M $22.67M
YoY Change -114.18% -299.75%
INVESTING ACTIVITIES
Capital Expenditures $1.308M $1.568M $6.116M
YoY Change -155.7% -61.66%
Acquisitions
YoY Change
Other Investing Activities $2.000K -$2.678M
YoY Change -100.24% -99.6%
Cash From Investing Activities -$1.308M -$1.568M -$8.794M
YoY Change -56.88% -98.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.95M 221.0K 10.85M
YoY Change -99.23% -98.15%
NET CHANGE
Cash From Operating Activities -11.97M -3.005M 22.67M
Cash From Investing Activities -1.308M -1.568M -8.794M
Cash From Financing Activities 11.95M 221.0K 10.85M
Net Change In Cash -1.335M -4.352M 24.73M
YoY Change -109.42% -123.14%
FREE CASH FLOW
Cash From Operating Activities -$11.97M -$3.005M $22.67M
Capital Expenditures $1.308M $1.568M $6.116M
Free Cash Flow -$13.28M -$4.573M $16.56M
YoY Change -119.05% -160.64%

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CY2023 us-gaap Nature Of Operations
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<p id="footnotes_to_financial_statements" style="text-indent:-4.749%;padding-left:4.533%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">1. DESCRI</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;">PTION OF BUSINESS</span><span style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">33</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> states </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">with concentrations in Texas, Pennsylvania, and California, 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. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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>
CY2023Q4 us-gaap Number Of States In Which Entity Operates
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s accounting and reporting policies conform with U.S. GAAP. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions that impact the amounts reported in these consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.</span></p>
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of patient accounts receivable. Should government agencies suspend or significantly reduce contributions to government insurance programs, the Company’s ability to collect its receivables would be adversely affected. The Company’s exposure to credit risk with respect to its remaining receivables is limited due to the large number of state Medicaid, Medicaid Managed Care Organization payers, and Medicare Advantage payers.</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is also subject to credit risk due to the variable interest rates on its term loan obligations. As a result, the Company has entered into interest caps and interest rate swap agreements to limit its exposure to risk on its variable rate debt. See Note 9 – </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Derivative Financial Instruments</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> for further details on the interest rate derivative instruments.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company maintains its cash in bank deposit accounts with major financial institutions, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to significant credit risk on cash and cash equivalents.</span></p>
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CY2023Q4 avah Deferred Tax Asset Interest Carryforward Not Subject To Expiration
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
185553000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
185553000
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.57
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.57
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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