Addus HomeCare Announces First-Quarter 2017 Results And Completion Of A New Senior Secured Credit Facility

Tuesday, May 9, 2017 General News
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Net service revenues of $101.6 million increase 9.7% year-over-year

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(amounts in thousands, except per share data)

(Unaudited)

For the Three Months

Ended March 31,

2017

2016

Reconciliation of Adjusted EBITDA to Net Income: (1)

Net income

$ 4,259

$ 157

Interest expense, net

644

419

Gain on sale of adult day service centers

(2,065)

-

Other non-operating income

(57)

-

Income tax expense

2,115

77

Depreciation and amortization

1,516

1,478

M&A expenses

244

696

Stock-based compensation expense

427

337

Restructuring charges

-

1,312

Severance and other costs

888

2,179

Adjusted EBITDA

$ 7,971

$ 6,655

Reconciliation of Diluted Earnings per Share to Adjusted DilutedEarnings per Share: (2)

Diluted earnings per share

$ 0.37

$ 0.01

Gain on sale of adult day service centers per diluted share

(0.11)

-

M&A expenses per diluted share

0.01

0.04

Restructuring charges per diluted share

-

0.08

Severance and other costs per diluted share

0.05

0.13

Stock-based compensation expense per diluted share

0.02

0.02

Adjusted net income per diluted share

$ 0.34

$ 0.28

Reconciliation of Net Service Revenues to Adjusted Net ServiceRevenues: (3)

Net service revenues

$ 101,606

$ 92,602

Revenue associated with the closure of certain sites

(624)

(1,037)

Adjusted net service revenues

$ 100,982

$ 91,565

(1) We define Adjusted EBITDA as earnings before interest expense, taxes, depreciation, amortization, M&A expenses,stock-based compensation expense and restructure and severance costs. Adjusted EBITDA is a performance measureused by management that is not calculated in accordance with generally accepted accounting principles in the United States(GAAP). It should not be considered in isolation or as a substitute for net income, operating income or anyother measure of financial performance calculated in accordance with GAAP.

(2) We define Adjusted diluted earnings per share as earnings per share, adjusted for M&A expenses, stockcompensation expense and restructure and severance costs. Adjusted diluted earnings per share is a performancemeasure used by management that is not calculated in accordance with generally accepted accounting principlesin the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operatingincome or any other measure of financial performance calculated in accordance with GAAP.

(3) We define Adjusted net service revenues as revenue adjusted for the closure of certain sites. Adjusted net servicerevenues is a performance measure used by management that is not calculated in accordance with generallyaccepted accounting principles in the United States (GAAP). It should not be considered in isolation or as asubstitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.



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