Addus HomeCare Files 10-Q for Q2 2024

TL;DR

Addus HomeCare's Q2 10-Q is in: financials and risks laid bare.

AI Summary

Addus HomeCare Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and business segments like Personal Care and Hospice are discussed, alongside risks related to customer concentration and geographic concentration.

Why It Matters

This filing provides investors with crucial financial and operational insights into Addus HomeCare's performance, impacting investment decisions and market perception.

Risk Assessment

Risk Level: medium — The filing mentions customer and geographic concentration risks, indicating potential vulnerabilities in revenue streams.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-08-06 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Addus HomeCare Corp (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240806 (date) — Filing date
• 6303 COWBOYS WAY SUITE 600 FRISCO TX 75034 (address) — Company business and mailing address
• PersonalCare (business_segment) — Key business segment mentioned
• Hospice (business_segment) — Key business segment mentioned

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value ADUS The Nasdaq Stock Mar

Filing Documents

• adus-20240630.htm (10-Q) — 2810KB
• adus-ex31_1.htm (EX-31.1) — 14KB
• adus-ex31_2.htm (EX-31.2) — 14KB
• adus-ex32_1.htm (EX-32.1) — 9KB
• adus-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-091763.txt ( ) — 10121KB
• adus-20240630.xsd (EX-101.SCH) — 1002KB
• adus-20240630_htm.xml (XML) — 2163KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 3

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Income For the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statement of Stockholders' Equity For the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION 38

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40 2 Table of Contents

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements ADDUS HOMECARE CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDA TED BALANCE SHEETS As of June 30, 2024 and December 31, 2023 (Amounts and Shares in Thousands, Except Per Share Data) (Unaudited) June 30, 2024 December 31, 2023 Assets Current assets Cash $ 173,305 $ 64,791 Accounts receivable, net of allowances 109,195 115,499 Prepaid expenses and other current assets 12,488 19,714 Total current assets 294,988 200,004 Property and equipment, net of accumulated depreciation and amortization 23,381 24,011 Other assets Goodwill 663,851 662,995 Intangibles, net of accumulated amortization 88,398 91,983 Operating lease assets, net 44,145 45,433 Other long-term assets 1,791 — Total other assets 798,185 800,411 Total assets 1,116,554 $ 1,024,426 Liabilities and stockholders' equity Current liabilities Accounts payable $ 20,188 $ 26,183 Accrued payroll 55,102 56,551 Accrued expenses 35,633 33,236 Operating lease liabilities, current portion 11,224 11,339 Government stimulus advances 13,000 5,765 Accrued workers' compensation insurance 12,385 12,043 Total current liabilities 147,532 145,117 Long-term liabilities Long-term debt, net of debt issuance costs — 124,132 Long-term operating lease liabilities 38,359 39,711 Other long-term liabilities 9,008 8,772 Total long-term liabilities 47,367 172,615 Total liabilities $ 194,899 $ 317,732 Stockholders' equity Common stock—$ .001 par value; 40,000 authorized and 18,100 and 16,227 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively $ 18 $ 16 Additional paid-in capital 584,896 403,846 Retained earnings 336,741 302,832 Total stockholders' equity 921,655 706,694 Total liabilities and stockholders' equity $ 1,116,554 $ 1,024,426 See accompanying Notes to Co

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View this 10-Q filing on SEC EDGAR