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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from to

Commission file number 001-34504

 

ADDUS HOMECARE CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

 

Delaware

 

20-5340172

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

6303 Cowboys Way, Suite 600

Frisco, TX

 

75034

(Address of principal executive offices)

 

(Zip Code)

(469) 535-8200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

ADUS

The Nasdaq Global Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 

 

 

 

 

 

 

Large Accelerated Filer

 

 

Accelerated Filer

 

Non-Accelerated Filer

 

 

Smaller Reporting Company

 

Emerging Growth Company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of October 25, 2022, Addus HomeCare Corporation had 16,110,364 shares of Common Stock outstanding.

 

 

 


Table of Contents

 

 

ADDUS HOMECARE CORPORATION

FORM 10-Q

INDEX

 

PART I. FINANCIAL INFORMATION

3

 

 

Item 1. Financial Statements (Unaudited)

3

 

 

Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021

3

 

 

Condensed Consolidated Statements of Income For the Three and Nine Months Ended September 30, 2022 and 2021

4

 

 

Condensed Consolidated Statement of Stockholders’ Equity For the Three and Nine Months Ended September 30, 2022 and 2021

5

 

 

Condensed Consolidated Statements of Cash Flows For the Nine Months Ended September 30, 2022 and 2021

7

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

38

 

 

Item 4. Controls and Procedures

38

 

 

PART II. OTHER INFORMATION

39

 

 

Item 1. Legal Proceedings

39

 

 

Item 1A. Risk Factors

39

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

39

 

 

Item 3. Defaults Upon Senior Securities

39

 

 

Item 4. Mine Safety Disclosures

39

 

 

Item 5. Other Information

39

 

 

Item 6. Exhibits

40

 

2


Table of Contents

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

 

ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

As of September 30, 2022 and December 31, 2021

(Amounts and Shares in Thousands, Except Per Share Data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

September 30, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash

 

$

105,644

 

 

$

168,895

 

Accounts receivable, net of allowances for credit losses

 

 

126,253

 

 

 

136,955

 

Prepaid expenses and other current assets

 

 

8,245

 

 

 

18,491

 

Total current assets

 

 

240,142

 

 

 

324,341

 

Property and equipment, net of accumulated depreciation and amortization

 

 

17,428

 

 

 

18,483

 

Other assets

 

 

 

 

 

 

Goodwill

 

 

575,205

 

 

 

504,392

 

Intangibles, net of accumulated amortization

 

 

72,655

 

 

 

64,321

 

Operating lease assets, net

 

 

40,503

 

 

 

36,048

 

Total other assets

 

 

688,363

 

 

 

604,761

 

Total assets

 

$

945,933

 

 

$

947,585

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

19,545

 

 

$

19,358

 

Accrued payroll

 

 

35,084

 

 

 

44,083

 

Accrued expenses

 

 

39,557

 

 

 

37,077

 

Government stimulus advances

 

 

21,158

 

 

 

4,173

 

Accrued workers' compensation insurance

 

 

12,844

 

 

 

12,998

 

Total current liabilities

 

 

128,188

 

 

 

117,689

 

Long-term liabilities

 

 

 

 

 

 

Long-term debt, net of debt issuance costs

 

 

163,557

 

 

 

220,912

 

Long-term operating lease liabilities

 

 

37,168

 

 

 

32,859

 

Other long-term liabilities

 

 

2,183

 

 

 

1,781

 

Total long-term liabilities

 

 

202,908

 

 

 

255,552

 

Total liabilities

 

$

331,096

 

 

$

373,241

 

Stockholders' equity

 

 

 

 

 

 

Common stock—$.001 par value; 40,000 authorized and 16,090 and 15,940 shares
   issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

$

16

 

 

$

16

 

Additional paid-in capital

 

 

389,267

 

 

 

380,037

 

Retained earnings

 

 

225,554

 

 

 

194,291

 

Total stockholders' equity

 

 

614,837

 

 

 

574,344

 

Total liabilities and stockholders' equity

 

$

945,933

 

 

$

947,585

 

 

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

3


Table of Contents

 

ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the Three and Nine Months Ended September 30, 2022 and 2021

(Amounts and Shares in Thousands, Except Per Share Data)

(Unaudited)

 

 

 

For the Three Months
Ended September 30,

 

 

For the Nine Months
Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net service revenues

 

$

240,495

 

 

$

216,662

 

 

$

704,070

 

 

$

639,857

 

Cost of service revenues

 

 

165,310

 

 

 

149,616

 

 

 

483,100

 

 

 

442,804

 

Gross profit

 

 

75,185

 

 

 

67,046

 

 

 

220,970

 

 

 

197,053

 

General and administrative expenses

 

 

54,228

 

 

 

46,280

 

 

 

162,476

 

 

 

139,881

 

Depreciation and amortization

 

 

3,441

 

 

 

3,406

 

 

 

10,571

 

 

 

10,594

 

Total operating expenses

 

 

57,669

 

 

 

49,686

 

 

 

173,047

 

 

 

150,475

 

Operating income

 

 

17,516

 

 

 

17,360

 

 

 

47,923

 

 

 

46,578

 

Interest income

 

 

(83

)

 

 

(37

)

 

 

(249

)

 

 

(90

)

Interest expense

 

 

2,472

 

 

 

1,614

 

 

 

6,278

 

 

 

4,092

 

Total interest expense, net

 

 

2,389

 

 

 

1,577

 

 

 

6,029

 

 

 

4,002

 

Income before income taxes

 

 

15,127

 

 

 

15,783

 

 

 

41,894

 

 

 

42,576

 

Income tax expense

 

 

3,584

 

 

 

4,206

 

 

 

10,631

 

 

 

10,508

 

Net income

 

$

11,543

 

 

$

11,577

 

 

$

31,263

 

 

$

32,068

 

Net income per common share

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per share

 

$

0.73

 

 

$

0.74

 

 

$

1.97

 

 

$

2.04

 

Diluted income per share

 

$

0.71

 

 

$

0.72

 

 

$

1.94

 

 

$

2.00

 

Weighted average number of common shares and potential common
   shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

15,872

 

 

 

15,748

 

 

 

15,846

 

 

 

15,727

 

Diluted

 

 

16,184

 

 

 

16,030

 

 

 

16,146

 

 

 

16,060

 

 

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

4


Table of Contents

 

ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

For the Three and Nine Months Ended September 30, 2022

(Amounts and Shares in Thousands)

(Unaudited)

 

 

For the Three Months Ended September 30, 2022

 

 

 

Common Stock

 

 

Additional
Paid-in
 Capital

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

Balance at July 1, 2022

 

 

16,081

 

 

$

16

 

 

$

385,750

 

 

$

214,011

 

 

$

599,777

 

Issuance of shares of common stock under
   restricted stock award agreements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of shares of common stock under
   restricted stock award agreements

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,780

 

 

 

 

 

 

2,780

 

Shares issued for exercise of stock options

 

 

10

 

 

 

 

 

 

737

 

 

 

 

 

 

737

 

Net income

 

 

 

 

 

 

 

 

 

 

 

11,543

 

 

 

11,543

 

Balance at September 30, 2022

 

 

16,090

 

 

$

16

 

 

$

389,267

 

 

$

225,554

 

 

$

614,837

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2022

 

 

 

Common Stock

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2022

 

 

15,940

 

 

$

16

 

 

$

380,037

 

 

$

194,291

 

 

$

574,344

 

Issuance of shares of common stock under
   restricted stock award agreements

 

 

129

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of shares of common stock under
   restricted stock award agreements

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

7,945

 

 

 

 

 

 

7,945

 

Shares issued for exercise of stock options

 

 

25

 

 

 

 

 

 

1,285

 

 

 

 

 

 

1,285

 

Net income

 

 

 

 

 

 

 

 

 

 

 

31,263

 

 

 

31,263

 

Balance at September 30, 2022

 

 

16,090

 

 

$

16

 

 

$

389,267

 

 

$

225,554

 

 

$

614,837

 

 

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

5


Table of Contents

 

ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

For the Three and Nine Months Ended September 30, 2021

(Amounts and Shares in Thousands)

(Unaudited)

 

 

 

For the Three Months Ended September 30, 2021

 

 

 

Common Stock

 

 

Additional
Paid-in
 Capital

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

Balance at July 1, 2021

 

 

15,917

 

 

$

16

 

 

$

374,383

 

 

$

169,656

 

 

$

544,055

 

Forfeiture of shares of common stock under
   restricted stock award agreements

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,341

 

 

 

 

 

 

2,341

 

Shares issued for exercise of stock options

 

 

1

 

 

 

 

 

 

78

 

 

 

 

 

 

78

 

Net income

 

 

 

 

 

 

 

 

 

 

 

11,577

 

 

 

11,577

 

Balance at September 30, 2021

 

 

15,913

 

 

$

16

 

 

$

376,802

 

 

$

181,233

 

 

$

558,051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Nine Months Ended September 30, 2021

 

 

 

Common Stock

 

 

Additional
Paid-in
Capital

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2021

 

 

15,826

 

 

$

16

 

 

$

369,495

 

 

$

149,165

 

 

$

518,676

 

Issuance of shares of common stock under
   restricted stock award agreements

 

 

88

 

 

 

 

 

 

 

 

 

 

 

 

 

Forfeiture of shares of common stock under
   restricted stock award agreements

 

 

(5

)

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

7,105

 

 

 

 

 

 

7,105

 

Shares issued for exercise of stock options

 

 

4

 

 

 

 

 

 

202

 

 

 

 

 

 

202

 

Net income

 

 

 

 

 

 

 

 

 

 

 

32,068

 

 

 

32,068

 

Balance at September 30, 2021

 

 

15,913

 

 

$

16

 

 

$

376,802

 

 

$

181,233

 

 

$

558,051

 

 

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

 

 

6


Table of Contents

 

ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2022 and 2021

(Amounts in Thousands)

(Unaudited)

 

 

 

For the Nine Months

 

 

 

Ended September 30,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

31,263

 

 

$

32,068

 

Adjustments to reconcile net income to net cash provided by (used in) operating
   activities, net of acquisitions:

 

 

 

 

 

 

Depreciation and amortization

 

 

10,571

 

 

 

10,594

 

Deferred income taxes

 

 

413

 

 

 

605

 

Stock-based compensation

 

 

7,945

 

 

 

7,105

 

Amortization of debt issuance costs under the credit facility

 

 

645

 

 

 

590

 

Provision for credit losses

 

 

481

 

 

 

744

 

Impairment of operating lease assets

 

 

1,174

 

 

 

 

Changes in operating assets and liabilities, net of acquisitions:

 

 

 

 

 

 

Accounts receivable