Company Quick10K Filing
Chemed
Price423.18 EPS9
Shares17 P/E45
MCap7,006 P/FCF29
Net Debt121 EBIT185
TEV7,127 TEV/EBIT38
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-04
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-27
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-07-30
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-10-27
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-04-28
10-K 2016-12-31 Filed 2017-02-27
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-01
10-Q 2013-06-30 Filed 2013-07-25
10-Q 2013-03-31 Filed 2013-04-26
10-K 2012-12-31 Filed 2013-02-27
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-04-29
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-07-30
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-05-18
8-K 2020-04-28
8-K 2020-04-22
8-K 2020-04-15
8-K 2020-03-13
8-K 2020-02-18
8-K 2019-10-29
8-K 2019-09-17
8-K 2019-08-05
8-K 2019-07-25
8-K 2019-05-20
8-K 2019-04-29
8-K 2019-02-25
8-K 2019-02-20
8-K 2018-10-29
8-K 2018-10-01
8-K 2018-07-25
8-K 2018-06-20
8-K 2018-05-21
8-K 2018-04-19
8-K 2018-03-06
8-K 2018-02-14

CHE 10Q Quarterly Report

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 2(C). Purchases of Equity Securities By Issuer and Affiliated Purchasers
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 che-20200331xex31_1.htm
EX-31.2 che-20200331xex31_2.htm
EX-31.3 che-20200331xex31_3.htm
EX-32.1 che-20200331xex32_1.htm
EX-32.2 che-20200331xex32_2.htm
EX-32.3 che-20200331xex32_3.htm

Chemed Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
1.31.00.80.50.30.02012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x    Quarterly Report Under Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2020

o    Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 1-8351

CHEMED CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

31-0791746

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

255 E. Fifth Street, Suite 2600, Cincinnati, Ohio

45202

(Address of principal executive offices)

(Zip code)

(513) 762-6690

(Registrant’s telephone number, including area code)

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 periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

x

No

o

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

x

No

o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Large Accelerated Filer

x

Accelerated Filer

o

Non-accelerated Filer

o

Smaller Reporting Company

o

Emerging growth company o

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

o

No

x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

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

Title of Each Class

Trading Symbol

Name of Each Exchange

on which Registered

Amount

Date

Capital Stock $1 Par Value

CHE

New York Stock Exchange

15,873,532 Shares

March 31, 2020

 


-1-


CHEMED CORPORATION AND

SUBSIDIARY COMPANIES

Index

Page No.

PART I. FINANCIAL INFORMATION:

Item 1. Financial Statements

Unaudited Consolidated Balance Sheets -

March 31, 2020 and December 31, 2019

3

Unaudited Consolidated Statements of Income -

Three months ended March 31, 2020 and 2019

4

Unaudited Consolidated Statements of Cash Flows -

Three months ended March 31, 2020 and 2019

5

Unaudited Consolidated Statements of Changes in Stockholders’ Equity-

Three months ended March 31, 2020 and 2019

6

Notes to Unaudited Consolidated Financial Statements

7

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

22

Item 3. Quantitative and Qualitative Disclosures about Market Risk

33

Item 4. Controls and Procedures

34

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

34

Item 1A. Risk Factors

34

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

34

Item 3. Defaults Upon Senior Securities

34

Item 4. Mine Safety Disclosures

34

Item 5. Other Information

35

Item 6. Exhibits

36

EX – 31.1

EX – 31.2

EX – 31.3

EX – 32.1

EX – 32.2

EX – 32.3

EX – 101

EX – 104


-2-


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

March 31, 2020

December 31, 2019

ASSETS

Current assets

Cash and cash equivalents

$

28,951

$

6,158

Accounts receivable less allowances of $1,427 (2019 - $353)

134,695

143,827

Inventories

7,313

7,462

Prepaid income taxes

5,917

10,074

Prepaid expenses

21,939

23,150

Total current assets

198,815

190,671

Investments of deferred compensation plans

72,296

77,446

Properties and equipment, at cost, less accumulated depreciation of $278,768 (2019 - $270,140)

183,729

175,763

Lease right of use asset

112,302

111,652

Identifiable intangible assets less accumulated amortization of $40,094 (2019 - $37,620)

124,219

126,370

Goodwill

577,236

577,367

Other assets

8,962

9,048

Total Assets

$

1,277,559

$

1,268,317

LIABILITIES

Current liabilities

Accounts payable

$

37,838

$

51,101

Accrued insurance

56,480

50,328

Accrued compensation

63,622

70,814

Accrued legal

7,114

6,941

Short-term lease liability

36,252

39,280

Other current liabilities

45,431

43,756

Total current liabilities

246,737

262,220

Deferred income taxes

20,681

18,504

Long-term debt

160,000

90,000

Deferred compensation liabilities

70,363

76,446

Long-term lease liability

88,278

86,656

Other liabilities

7,899

7,883

Total Liabilities

593,958

541,709

Commitments and contingencies (Note 11)

 

 

STOCKHOLDERS' EQUITY

Capital stock - authorized 80,000,000 shares $1 par; issued 35,911,724 shares (2019 - 35,810,528 shares)

35,912

35,811

Paid-in capital

878,550

860,671

Retained earnings

1,476,151

1,425,752

Treasury stock - 20,116,345 shares (2019 - 19,867,220 shares)

(1,709,390)

(1,597,940)

Deferred compensation payable in Company stock

2,378

2,314

Total Stockholders' Equity

683,601

726,608

Total Liabilities and Stockholders' Equity

$

1,277,559

$

1,268,317

See accompanying Notes to Unaudited Consolidated Financial Statements.

 


-3-


CHEMED CORPORATION AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

Three Months Ended March 31,

2020

2019

Service revenues and sales

$

515,798

$

462,034 

Cost of services provided and goods sold (excluding depreciation)

351,745

321,951 

Selling, general and administrative expenses

70,583

74,029 

Depreciation

11,388

9,710 

Amortization

2,477

519 

Other operating expenses

242

6,353 

Total costs and expenses

436,435

412,562 

Income from operations

79,363

49,472 

Interest expense

(975)

(1,124)

Other (expense)/income - net

(9,466)

2,439 

Income before income taxes

68,922

50,787 

Income taxes

(13,031)

(6,120)

Net income

$

55,891

$

44,667 

Earnings Per Share:

Net income

$

3.50

$

2.80 

Average number of shares outstanding

15,991

15,954 

Diluted Earnings Per Share:

Net income

$

3.38

$

2.70 

Average number of shares outstanding

16,516

16,525 

Cash Dividends Per Share

$

0.32

$

0.30 

See accompanying Notes to Unaudited Consolidated Financial Statements.

 


-4-


 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended March 31,

2020

2019

Cash Flows from Operating Activities

Net income

$

55,891

$

44,667 

Adjustments to reconcile net income to net cash provided

by operating activities:

Depreciation and amortization

13,865 

10,229 

Stock option expense

5,045 

4,089 

Provision/(benefit) for deferred income taxes

2,290 

(3,489)

Noncash long-term incentive compensation

1,598 

1,119 

Provision for bad debts

594 

-

Amortization of debt issuance costs

76 

76 

Litigation settlement

-

6,000 

Changes in operating assets and liabilities:

Decrease/(increase) in accounts receivable

6,269 

(81)

Decrease/(increase) in inventories

149 

(610)

Decrease in prepaid expenses

1,211 

6 

(Decrease)/increase in accounts payable and other current liabilities

(7,037)

348 

Change in current income taxes

10,159

9,219 

Net change in lease assets and liabilities

(153)

(328)

Decrease/(increase) in other assets

5,048 

(5,006)

(Decrease)/increase in other liabilities

(6,067)

6,459 

Other sources

388 

887 

Net cash provided by operating activities

89,326 

73,585 

Cash Flows from Investing Activities

Capital expenditures

(19,897)

(13,866)

Business combinations

(1,452)

-

Other uses

(144)

(68)

Net cash used by investing activities

(21,493)

(13,934)

Cash Flows from Financing Activities

Proceeds from revolving line of credit

174,100 

125,100 

Payments on revolving line of credit

(104,100)

(114,300)

Purchases of treasury stock

(100,235)

(49,250)

Change in cash overdrafts payable

(9,849)

(13,303)

Proceeds from exercise of stock options

9,241 

11,827 

Capital stock surrendered to pay taxes on stock-based compensation

(7,951)

(11,170)

Dividends paid

(5,130)

(4,799)

Other (uses)/sources

(1,116)

181 

Net cash used by financing activities

(45,040)

(55,714)

Increase in Cash and Cash Equivalents

22,793 

3,937 

Cash and cash equivalents at beginning of year

6,158 

4,831 

Cash and cash equivalents at end of period

$

28,951 

$

8,768 

See accompanying Notes to Unaudited Consolidated Financial Statements.

 


-5-


CHEMED CORPORATION AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY

(in thousands, except per share data)

Deferred

Compensation

Treasury

Payable in

Capital

Paid-in

Retained

Stock-

Company

Stock

Capital

Earnings

at Cost

Stock

Total

Balance at December 31, 2019

35,811 

860,671 

1,425,752 

(1,597,940)

2,314 

726,608 

Net income

-

-

55,891 

-

-

55,891 

Dividends paid ($0.32 per share)

-

-

(5,130)

-

-

(5,130)

Stock awards and exercise of stock options

101 

18,972 

-

(11,140)

-