Company Quick10K Filing
Quick10K
Chemed
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$427.59 16 $6,816
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-09-17 M&A, Exhibits
8-K 2019-08-05 Regulation FD, Other Events, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-05-20 Shareholder Vote
8-K 2019-04-29 Earnings, Exhibits
8-K 2019-02-25 Other Events
8-K 2019-02-20 Earnings, Exhibits
8-K 2018-10-29 Earnings, Exhibits
8-K 2018-10-01 Other Events, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-06-20 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-21 Shareholder Vote
8-K 2018-04-19 Earnings, Exhibits
8-K 2018-03-06 Other Events, Exhibits
8-K 2018-02-14 Earnings
CVS CVS 78,140
WBA Walgreens Boots Alliance 45,970
TDOC Teladoc 4,117
AMED Amedisys 4,081
LHCG LHC Group 3,745
USPH US Physical Therapy 1,701
CIVI Civitas Solutions 603
BIOS Bioscrip 444
DPLO Diplomat Pharmacy 415
PETS PetMed Express 313
CHE 2019-06-30
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-20190630xex31_1.htm
EX-31.2 che-20190630xex31_2.htm
EX-31.3 che-20190630xex31_3.htm
EX-32.1 che-20190630xex32_1.htm
EX-32.2 che-20190630xex32_2.htm
EX-32.3 che-20190630xex32_3.htm

Chemed Earnings 2019-06-30

CHE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

che-20190630x10q
PT15Mfalse--12-31Q220190000019584YesYes00000195842019-02-280000019584us-gaap:CommonStockMember2019-04-012019-06-300000019584us-gaap:CommonStockMember2019-01-012019-06-300000019584us-gaap:CommonStockMember2018-04-012018-06-300000019584us-gaap:CommonStockMember2018-01-012018-06-300000019584us-gaap:TreasuryStockMember2019-04-012019-06-300000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2019-04-012019-06-300000019584us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300000019584us-gaap:TreasuryStockMember2019-01-012019-06-300000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2019-01-012019-06-300000019584us-gaap:AdditionalPaidInCapitalMember2019-01-012019-06-300000019584us-gaap:TreasuryStockMember2018-04-012018-06-300000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2018-04-012018-06-300000019584us-gaap:AdditionalPaidInCapitalMember2018-04-012018-06-300000019584us-gaap:TreasuryStockMember2018-01-012018-06-300000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2018-01-012018-06-300000019584us-gaap:AdditionalPaidInCapitalMember2018-01-012018-06-300000019584us-gaap:TreasuryStockMember2019-06-300000019584us-gaap:RetainedEarningsMember2019-06-300000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2019-06-300000019584us-gaap:CommonStockMember2019-06-300000019584us-gaap:AdditionalPaidInCapitalMember2019-06-300000019584us-gaap:TreasuryStockMember2019-03-310000019584us-gaap:RetainedEarningsMember2019-03-310000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2019-03-310000019584us-gaap:CommonStockMember2019-03-310000019584us-gaap:AdditionalPaidInCapitalMember2019-03-3100000195842019-03-310000019584us-gaap:TreasuryStockMember2018-12-310000019584us-gaap:RetainedEarningsMember2018-12-310000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2018-12-310000019584us-gaap:CommonStockMember2018-12-310000019584us-gaap:AdditionalPaidInCapitalMember2018-12-310000019584us-gaap:TreasuryStockMember2018-06-300000019584us-gaap:RetainedEarningsMember2018-06-300000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2018-06-300000019584us-gaap:CommonStockMember2018-06-300000019584us-gaap:AdditionalPaidInCapitalMember2018-06-300000019584us-gaap:TreasuryStockMember2018-03-310000019584us-gaap:RetainedEarningsMember2018-03-310000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2018-03-310000019584us-gaap:CommonStockMember2018-03-310000019584us-gaap:AdditionalPaidInCapitalMember2018-03-3100000195842018-03-310000019584us-gaap:TreasuryStockMember2017-12-310000019584us-gaap:RetainedEarningsMember2017-12-310000019584us-gaap:DeferredCompensationShareBasedPaymentsMember2017-12-310000019584us-gaap:CommonStockMember2017-12-310000019584us-gaap:AdditionalPaidInCapitalMember2017-12-310000019584che:PerformanceBasedTotalShareholderReturnTargetsMember2019-02-222019-02-220000019584che:PerformanceBasedEarningsPerShareTargetsMember2019-02-222019-02-220000019584che:PerformanceBasedTotalShareholderReturnTargetsMember2019-01-012019-06-300000019584che:PerformanceBasedEarningsPerShareTargetsMember2019-01-012019-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:MedicareMember2019-04-012019-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:MedicaidMember2019-04-012019-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2019-04-012019-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:MedicareMember2019-04-012019-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:MedicaidMember2019-04-012019-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2019-04-012019-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:MedicareMember2019-04-012019-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:MedicaidMember2019-04-012019-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2019-04-012019-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:MedicareMember2019-04-012019-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:MedicaidMember2019-04-012019-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:CommercialInsuranceMember2019-04-012019-06-300000019584che:WaterRestorationMemberche:SegmentRotoRooterMember2019-04-012019-06-300000019584che:ShortTermCoreServiceJobsMemberche:SegmentRotoRooterMember2019-04-012019-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMember2019-04-012019-06-300000019584che:InpatientCareMemberche:SegmentVitasMember2019-04-012019-06-300000019584che:FranchiseFeesMemberche:SegmentRotoRooterMember2019-04-012019-06-300000019584che:ContractorRevenueMemberche:SegmentRotoRooterMember2019-04-012019-06-300000019584che:ContinuousCareMemberche:SegmentVitasMember2019-04-012019-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMember2019-04-012019-06-300000019584che:AllOtherRevenueSelfPayRespiteCareEct.Memberche:SegmentVitasMember2019-04-012019-06-300000019584che:AllOtherMemberche:SegmentRotoRooterMember2019-04-012019-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:MedicareMember2019-01-012019-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:MedicaidMember2019-01-012019-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2019-01-012019-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:MedicareMember2019-01-012019-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:MedicaidMember2019-01-012019-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2019-01-012019-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:MedicareMember2019-01-012019-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:MedicaidMember2019-01-012019-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2019-01-012019-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:MedicareMember2019-01-012019-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:MedicaidMember2019-01-012019-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:CommercialInsuranceMember2019-01-012019-06-300000019584che:WaterRestorationMemberche:SegmentRotoRooterMember2019-01-012019-06-300000019584che:ShortTermCoreServiceJobsMemberche:SegmentRotoRooterMember2019-01-012019-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMember2019-01-012019-06-300000019584che:InpatientCareMemberche:SegmentVitasMember2019-01-012019-06-300000019584che:FranchiseFeesMemberche:SegmentRotoRooterMember2019-01-012019-06-300000019584che:ContractorRevenueMemberche:SegmentRotoRooterMember2019-01-012019-06-300000019584che:ContinuousCareMemberche:SegmentVitasMember2019-01-012019-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMember2019-01-012019-06-300000019584che:AllOtherRevenueSelfPayRespiteCareEct.Memberche:SegmentVitasMember2019-01-012019-06-300000019584che:AllOtherMemberche:SegmentRotoRooterMember2019-01-012019-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:MedicareMember2018-04-012018-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:MedicaidMember2018-04-012018-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2018-04-012018-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:MedicareMember2018-04-012018-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:MedicaidMember2018-04-012018-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2018-04-012018-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:MedicareMember2018-04-012018-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:MedicaidMember2018-04-012018-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2018-04-012018-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:MedicareMember2018-04-012018-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:MedicaidMember2018-04-012018-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:CommercialInsuranceMember2018-04-012018-06-300000019584che:WaterRestorationMemberche:SegmentRotoRooterMember2018-04-012018-06-300000019584che:ShortTermCoreServiceJobsMemberche:SegmentRotoRooterMember2018-04-012018-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMember2018-04-012018-06-300000019584che:InpatientCareMemberche:SegmentVitasMember2018-04-012018-06-300000019584che:FranchiseFeesMemberche:SegmentRotoRooterMember2018-04-012018-06-300000019584che:ContractorRevenueMemberche:SegmentRotoRooterMember2018-04-012018-06-300000019584che:ContinuousCareMemberche:SegmentVitasMember2018-04-012018-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMember2018-04-012018-06-300000019584che:AllOtherRevenueSelfPayRespiteCareEct.Memberche:SegmentVitasMember2018-04-012018-06-300000019584che:AllOtherMemberche:SegmentRotoRooterMember2018-04-012018-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:MedicareMember2018-01-012018-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:MedicaidMember2018-01-012018-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2018-01-012018-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:MedicareMember2018-01-012018-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:MedicaidMember2018-01-012018-06-300000019584che:InpatientCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2018-01-012018-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:MedicareMember2018-01-012018-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:MedicaidMember2018-01-012018-06-300000019584che:ContinuousCareMemberche:SegmentVitasMemberche:CommercialInsuranceMember2018-01-012018-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:MedicareMember2018-01-012018-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:MedicaidMember2018-01-012018-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMemberche:CommercialInsuranceMember2018-01-012018-06-300000019584che:WaterRestorationMemberche:SegmentRotoRooterMember2018-01-012018-06-300000019584che:ShortTermCoreServiceJobsMemberche:SegmentRotoRooterMember2018-01-012018-06-300000019584che:RoutineHomeCareMemberche:SegmentVitasMember2018-01-012018-06-300000019584che:InpatientCareMemberche:SegmentVitasMember2018-01-012018-06-300000019584che:FranchiseFeesMemberche:SegmentRotoRooterMember2018-01-012018-06-300000019584che:ContractorRevenueMemberche:SegmentRotoRooterMember2018-01-012018-06-300000019584che:ContinuousCareMemberche:SegmentVitasMember2018-01-012018-06-300000019584che:CareServicesTotalMemberche:SegmentVitasMember2018-01-012018-06-300000019584che:AllOtherRevenueSelfPayRespiteCareEct.Memberche:SegmentVitasMember2018-01-012018-06-300000019584che:AllOtherMemberche:SegmentRotoRooterMember2018-01-012018-06-300000019584che:TransportationEquipmentHeldForSaleMember2019-04-012019-06-300000019584che:GainOnSaleOfFixedAssetsMember2019-04-012019-06-300000019584us-gaap:OtherRestructuringMember2019-01-012019-06-300000019584che:TransportationEquipmentHeldForSaleMember2019-01-012019-06-300000019584che:GainOnSaleOfFixedAssetsMember2019-01-012019-06-300000019584us-gaap:OtherRestructuringMember2018-04-012018-06-300000019584che:GainOnSaleOfFixedAssetsMember2018-04-012018-06-300000019584us-gaap:OtherRestructuringMember2018-01-012018-06-300000019584che:GainOnSaleOfFixedAssetsMember2018-01-012018-06-300000019584us-gaap:AccountingStandardsUpdate201602Member2019-01-0100000195842019-01-010000019584us-gaap:AccountingStandardsUpdate201602Member2019-03-310000019584us-gaap:AccountingStandardsUpdate201602Member2019-03-310000019584che:RotoRooterAndVitasSegmentMember2019-01-012019-06-300000019584che:SegmentVitasMember2018-01-012018-12-310000019584che:SegmentRotoRooterMember2018-01-012018-12-310000019584us-gaap:OperatingSegmentsMemberche:SegmentVitasMember2019-04-012019-06-300000019584us-gaap:OperatingSegmentsMemberche:SegmentRotoRooterMember2019-04-012019-06-300000019584us-gaap:OperatingSegmentsMember2019-04-012019-06-300000019584us-gaap:CorporateMember2019-04-012019-06-300000019584us-gaap:OperatingSegmentsMemberche:SegmentVitasMember2019-01-012019-06-300000019584us-gaap:OperatingSegmentsMemberche:SegmentRotoRooterMember2019-01-012019-06-300000019584us-gaap:OperatingSegmentsMember2019-01-012019-06-300000019584us-gaap:CorporateMember2019-01-012019-06-300000019584us-gaap:OperatingSegmentsMemberche:SegmentVitasMember2018-04-012018-06-300000019584us-gaap:OperatingSegmentsMemberche:SegmentRotoRooterMember2018-04-012018-06-300000019584us-gaap:OperatingSegmentsMember2018-04-012018-06-300000019584us-gaap:CorporateMember2018-04-012018-06-300000019584us-gaap:OperatingSegmentsMemberche:SegmentVitasMember2018-01-012018-06-300000019584us-gaap:OperatingSegmentsMemberche:SegmentRotoRooterMember2018-01-012018-06-300000019584us-gaap:OperatingSegmentsMember2018-01-012018-06-300000019584us-gaap:CorporateMember2018-01-012018-06-300000019584che:SeperChhinaV.VitasMember2019-03-012019-03-310000019584che:TwoThousandEighteenCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2018-06-200000019584che:TwoThousandEighteenCreditAgreementMemberche:ExpansionFeatureMember2018-06-200000019584che:TwoThousandEighteenCreditAgreementMember2019-01-012019-06-300000019584srt:MinimumMember2019-06-300000019584srt:MaximumMember2019-06-300000019584us-gaap:FairValueInputsLevel1Member2019-06-300000019584us-gaap:FairValueInputsLevel1Member2018-12-310000019584che:RotoRooterMember2019-01-012019-06-300000019584che:SegmentVitasMember2019-06-300000019584che:RotoRooterMember2019-06-300000019584che:SegmentVitasMember2018-12-310000019584che:RotoRooterMember2018-12-310000019584che:PerformanceBasedTotalShareholderReturnTargetsMember2019-02-220000019584che:PerformanceBasedEarningsPerShareTargetsMember2019-02-220000019584us-gaap:RetainedEarningsMember2019-04-012019-06-300000019584us-gaap:RetainedEarningsMember2019-01-012019-06-300000019584us-gaap:RetainedEarningsMember2018-04-012018-06-300000019584us-gaap:RetainedEarningsMember2018-01-012018-06-300000019584che:TwoThousandEighteenCreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2019-06-300000019584us-gaap:FairValueInputsLevel2Member2019-06-300000019584us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-06-300000019584us-gaap:FairValueInputsLevel2Member2018-12-310000019584us-gaap:CarryingReportedAmountFairValueDisclosureMember2018-12-310000019584che:TwoThousandEighteenCreditAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LondonInterbankOfferedRateLIBORMember2019-01-012019-06-300000019584che:PuchasesFromVendorMemberche:SegmentVitasMember2019-01-012019-06-300000019584che:PuchasesFromVendorMemberche:SegmentVitasMember2018-01-012018-06-3000000195842018-06-3000000195842017-12-310000019584us-gaap:AccountingStandardsUpdate201815Memberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2019-06-300000019584us-gaap:AccountingStandardsUpdate201815Memberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2019-01-012019-06-300000019584che:RotoRooterMemberus-gaap:SubsequentEventMember2019-07-012019-07-010000019584che:SettlementAgreementMember2017-10-302017-10-300000019584che:RoomAndBoardMemberche:SegmentVitasMember2019-04-012019-06-300000019584che:RoomAndBoardMemberche:SegmentVitasMember2019-01-012019-06-300000019584che:RoomAndBoardMemberche:SegmentVitasMember2018-04-012018-06-300000019584che:RoomAndBoardMemberche:SegmentVitasMember2018-01-012018-06-300000019584che:SegmentVitasMember2019-04-012019-06-300000019584che:SegmentVitasMember2018-04-012018-06-300000019584che:SegmentVitasMember2018-01-012018-06-300000019584che:LaxV.RotoRooterMember2018-11-302018-11-300000019584che:CherePhillipsAndLadyMooreV.VitasMember2017-05-192017-05-190000019584che:ChhinaV.VitasMember2016-09-272016-09-270000019584che:SeperV.VitasMember2016-09-262016-09-260000019584che:SegmentVitasMember2013-01-012013-12-310000019584che:VitasMember2017-05-222017-05-2200000195842019-04-012019-06-3000000195842018-04-012018-06-300000019584che:SegmentVitasMember2019-01-012019-06-300000019584che:MedicareCapServiceMemberche:SegmentVitasMember2019-04-012019-06-300000019584che:MedicareCapServiceMemberche:SegmentVitasMember2019-01-012019-06-300000019584che:MedicareCapServiceMemberche:SegmentVitasMember2018-04-012018-06-300000019584che:MedicareCapServiceMemberche:SegmentVitasMember2018-01-012018-06-300000019584che:SegmentRotoRooterMember2019-04-012019-06-300000019584che:SegmentRotoRooterMember2018-04-012018-06-300000019584che:SegmentRotoRooterMember2018-01-012018-06-300000019584che:ImplicitPriceConcessionsMemberche:SegmentVitasMember2019-04-012019-06-300000019584che:ImplicitPriceConcessionsMemberche:SegmentVitasMember2019-01-012019-06-300000019584che:ImplicitPriceConcessionsMemberche:SegmentVitasMember2018-04-012018-06-300000019584che:ImplicitPriceConcessionsMemberche:SegmentVitasMember2018-01-012018-06-300000019584srt:MinimumMember2019-01-012019-06-300000019584srt:MaximumMember2019-01-012019-06-300000019584srt:MinimumMemberche:SegmentRotoRooterMember2019-01-012019-06-300000019584srt:MaximumMemberche:SegmentRotoRooterMember2019-01-012019-06-300000019584che:SegmentRotoRooterMember2019-01-012019-06-3000000195842018-12-3100000195842019-01-012019-06-3000000195842018-01-012018-06-300000019584che:ThreeProgramProjectedMeasurementPeriodLiabilityMemberche:SegmentVitasMember2019-04-012019-06-300000019584che:FourProgramsProjectedMeasurementPeriodLiabilityMemberche:SegmentVitasMember2019-01-012019-06-300000019584che:OneProgramProjectedMeasurmentPeriodLiabilityMemberche:SegmentVitasMember2018-04-012018-06-300000019584che:TwoProgramProjectedMeasurmentPeriodLiabilityMemberche:SegmentVitasMember2018-01-012018-06-3000000195842019-06-30iso4217:USDxbrli:sharesxbrli:sharesche:itemxbrli:pureiso4217:USD

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 June 30, 2019

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

15,921,808 Shares

June 30, 2019

 


-1-


CHEMED CORPORATION AND

SUBSIDIARY COMPANIES

Index

Page No.

PART I. FINANCIAL INFORMATION:

Item 1. Financial Statements

Unaudited Consolidated Balance Sheets -

June 30, 2019 and December 31, 2018

3

Unaudited Consolidated Statements of Income -

Three and six months ended June 30, 2019 and 2018

4

Unaudited Consolidated Statements of Cash Flows -

Six months ended June 30, 2019 and 2018

5

Unaudited Consolidated Statements of Changes in Stockholders’ Equity-

Three and six months ended June 30, 2019 and 2018

6

Notes to Unaudited Consolidated Financial Statements

7

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

23

Item 3. Quantitative and Qualitative Disclosures about Market Risk

41

Item 4. Controls and Procedures

41

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

41

Item 1A. Risk Factors

41

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

42

Item 3. Defaults Upon Senior Securities

42

Item 4. Mine Safety Disclosures

42

Item 5. Other Information

42

Item 6. Exhibits

43

EX – 31.1

EX – 31.2

EX – 31.3

EX – 32.1

EX – 32.2

EX – 32.3

EX – 101.INS

EX – 101.SCH

EX – 101.CAL

EX – 101.DEF

EX – 101.LAB

EX – 101.PRE


-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)

June 30, 2019

December 31, 2018

ASSETS

Current assets

Cash and cash equivalents

$

3,323 

$

4,831 

Accounts receivable

136,113 

119,504 

Inventories

6,336 

5,705 

Prepaid income taxes

12,951 

10,646 

Prepaid expenses

21,455 

19,154 

Total current assets

180,178 

159,840 

Investments of deferred compensation plans

70,460 

65,624 

Properties and equipment, at cost, less accumulated depreciation of $259,495 (2018 - $248,370)

149,917 

162,033 

Assets held for sale

15,750 

-

Lease right of use assets less accumulated amortization of $13,415

90,755 

-

Identifiable intangible assets less accumulated amortization of $34,210 (2018 - $33,284)

67,511 

68,253 

Goodwill

510,627 

510,570 

Other assets

8,874 

9,209 

Total Assets

$

1,094,072 

$

975,529 

LIABILITIES

Current liabilities

Accounts payable

$

51,143 

$

50,150 

Accrued insurance

46,912 

46,095 

Accrued compensation

50,123 

63,329 

Accrued legal

8,431 

1,857 

Short-term lease liability

31,614 

-

Other current liabilities

35,446 

30,239 

Total current liabilities

223,669 

191,670 

Deferred income taxes

18,828 

21,598 

Long-term debt

85,000 

89,200 

Deferred compensation liabilities

70,273 

64,616 

Long-term lease liability

69,979 

-

Other liabilities

7,754 

17,111 

Total Liabilities

475,503 

384,195 

Commitments and contingencies (Note 11)

 

 

STOCKHOLDERS' EQUITY

Capital stock - authorized 80,000,000 shares $1 par; issued 35,590,832 shares (2018 - 35,311,418 shares)

35,591 

35,311 

Paid-in capital

817,255 

774,358 

Retained earnings

1,311,446 

1,225,617 

Treasury stock - 19,749,166 shares (2018 - 19,438,358)

(1,548,138)

(1,446,296)

Deferred compensation payable in Company stock

2,415 

2,344 

Total Stockholders' Equity

618,569 

591,334 

Total Liabilities and Stockholders' Equity

$

1,094,072 

$

975,529 

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 June 30,

Six Months Ended June 30,

2019

2018

2019

2018

Service revenues and sales

$

473,584 

$

441,813 

$

935,618 

$

880,989 

Cost of services provided and goods sold (excluding depreciation)

323,637 

305,741 

645,588 

610,277 

Selling, general and administrative expenses

71,556 

68,297 

145,585 

137,297 

Depreciation

9,887 

9,718 

19,597 

18,985 

Amortization

406 

34 

925 

61 

Other operating expenses/(income)

2,570 

(118)

8,923 

(169)

Total costs and expenses

408,056 

383,672 

820,618 

766,451 

Income from operations

65,528 

58,141 

115,000 

114,538 

Interest expense

(1,237)

(1,524)

(2,361)

(2,731)

Other income - net

13 

1,038 

2,452 

2,056 

Income before income taxes

64,304 

57,655 

115,091 

113,863 

Income taxes

(13,575)

(2,684)

(19,695)

(13,896)

Net income

$

50,729 

$

54,971 

$

95,396 

$

99,967 

Earnings Per Share:

Net income

$

3.18 

$

3.43 

$

5.98 

$

6.22 

Average number of shares outstanding

15,928 

16,035 

15,941 

16,067 

Diluted Earnings Per Share:

Net income

$

3.08 

$

3.27 

$

5.79 

$

5.93 

Average number of shares outstanding

16,449 

16,811 

16,489 

16,854 

Cash Dividends Per Share

$

0.30 

$

0.28 

$

0.60 

$

0.56 

See accompanying notes to unaudited consolidated financial statements.

 


-4-


CHEMED CORPORATION AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Six Months Ended June 30,

2019

2018

Cash Flows from Operating Activities

Net income

$

95,396 

$

99,967 

Adjustments to reconcile net income to net cash provided

by operating activities:

Depreciation and amortization

20,522 

19,046 

Stock option expense

8,018 

7,305 

Litigation settlement

6,000 

-

(Benefit)/provision for deferred income taxes

(2,769)

2,173 

Noncash long-term incentive compensation

2,506 

2,942 

Asset impairment loss

2,266 

-

Noncash directors' compensation

767 

766 

Amortization of debt issuance costs

153 

288 

Amortization of restricted stock awards

-

446 

Changes in operating assets and liabilities:

Increase in accounts receivable

(16,613)

(6,057)

Increase in inventories

(631)

(362)

Increase in prepaid expenses

(2,301)

(113)

Decrease in accounts payable and other current liabilities

(4,175)

(14,909)

Change in current income taxes

(2,249)

10,136 

Increase in other assets

(4,653)

(5,667)

Increase in other liabilities

5,833 

4,889 

Other sources

837 

186 

Net cash provided by operating activities

108,907 

121,036 

Cash Flows from Investing Activities

Capital expenditures

(28,312)

(23,872)

Business combinations

-

(1,875)

Other (uses)/sources

(137)

533 

Net cash used by investing activities

(28,449)

(25,214)

Cash Flows from Financing Activities

Payments on revolving line of credit

(227,000)

(281,150)

Proceeds from revolving line of credit

222,800 

358,350 

Purchases of treasury stock

(71,926)

(84,304)

Proceeds from exercise of stock options

16,517 

20,209 

Capital stock surrendered to pay taxes on stock-based compensation

(14,884)

(21,022)

Dividends paid

(9,567)

(9,016)

Change in cash overdrafts payable

1,710 

(711)

Payments on other long-term debt

-

(75,000)

Debt issuance costs

-

(968)

Other sources/(uses)

384 

(663)

Net cash used by financing activities

(81,966)

(94,275)

Increase in Cash and Cash Equivalents

(1,508)

1,547 

Cash and cash equivalents at beginning of year

4,831 

11,121 

Cash and cash equivalents at end of period

$

3,323 

$

12,668 

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 March 31, 2019

35,521 

803,701 

1,265,485 

(1,519,077)

2,380 

588,010 

Net income

-

-

50,729 

-

-

50,729 

Dividends paid ($0.30 per share)

-

-

(4,768)

-

-

(4,768)

Stock awards and exercise of stock options

70 

13,337 

-

(6,350)

-

7,057 

Purchases of treasury stock

-

-

-

(22,676)

-

(22,676)

Other

-

217 

-

(35)

35 

217 

Balance at June 30, 2019

$

35,591 

$

817,255 

$

1,311,446 

$

(1,548,138)

$

2,415 

$

618,569 

Deferred