Addus HomeCare Announces First-Quarter 2019 Financial Results

Tuesday, May 7, 2019 General News
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Revenues Increase 27.2 % to $139.3 million

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(amounts in thousands, except per share data)

(Unaudited)

For the Three MonthsEnded March 31,

2019

2018

Reconciliation of Adjusted EBITDA to Net Income: (1)

Net income

$      4,862

$      4,886

Interest expense, net

403

841

Interest income from Illinois

-

(2,253)

Income tax expense

978

1,115

Depreciation and amortization

2,074

1,807

M&A expenses

496

1,002

Stock-based compensation expense

1,233

859

Restructuring, severance and other costs

744

505

Adjusted EBITDA

$    10,790

$      8,762

Reconciliation of Adjusted Net Income to Net Income: (2)

Net income

$      4,862

$      4,886

Interest income from Illinois, net of tax

-

(1,831)

M&A expenses, net of tax

413

815

Restructuring, severance and other costs, net of tax

620

410

Stock-based compensation expense, net of tax

1,026

698

Adjusted Net Income

$      6,921

$      4,978

Reconciliation of Diluted Earnings per Share to Adjusted Diluted Earnings per Share: (3)

Diluted earnings per share

$        0.36

$        0.42

Interest income from Illinois

-

(0.16)

M&A expenses per diluted share

0.03

0.07

Restructuring, severance and other costs per diluted share

0.05

0.03

Stock-based compensation expense per diluted share

0.08

0.06

Adjusted net income per diluted share

$        0.52

$        0.42

Reconciliation of Net Service Revenues to Adjusted Net Service Revenues: (4)

Net service revenues

$  139,254

$  109,476

Revenue associated with the closure of certain sites

-

(5)

Adjusted net service revenues

$  139,254

$  109,471

(1)    We define Adjusted EBITDA as earnings before interest expense, interest income, other non-operating income, taxes, depreciation, amortization, M&A expenses, stock-based compensation expense, restructure expenses, severance and other costs. Adjusted EBITDA is a performance measure used 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 any other measure of financial performance calculated in accordance with GAAP. 

(2)    We define Adjusted Net Income as net income before interest income from the state of Illinois, M&A expenses, stock-based compensation expense, restructure expenses, severance and other costs. Adjusted Net Income is a performance measure used 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 any other measure of financial performance calculated in accordance with GAAP. 

(3)    We define Adjusted diluted earnings per share as earnings per share, adjusted for interest income from the State of Illinois, M&A expenses, stock compensation expense and restructure expense, severance and other costs.  Adjusted diluted earnings per share is a performance measure used 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 any other measure of financial performance calculated in accordance with GAAP. 

(4)    We define Adjusted net service revenues as revenue adjusted for the closure of certain sites.  Adjusted net service revenues is a performance measure used 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 any other measure of financial performance calculated in accordance with GAAP.



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