Business
Addus HomeCare Announces First-Quarter 2021 Financial Results
Revenue Increases 7.9% to $205.3 million Net Income Increases to $8.9 Million, or $0.55 per Diluted Share, and Adjusted Earnings per Diluted Share of $0.74
About this update from Addus Homecare Corporation
[{"type":"text","content":"\nRevenue Increases 7.9% to $205.3 million\n\nNet Income Increases to $8.9 Million, or $0.55 per Diluted Share, and Adjusted Earnings per Diluted Share of $0.74\n\nAdjusted EBITDA Increases 8.9% to $19.3 Million\n\n FRISCO, Texas--(BUSINESS WIRE)--\nAddus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced financial results for the first quarter ended March 31, 2021.\n\nNet service revenues were $205.3 million for the first quarter of 2021, a 7.9% increase compared with $190.2 million for the first quarter of 2020. Net income was $8.9 million for the first quarter of 2021, compared with $8.7 million for the first quarter last year, while net income per diluted share was $0.55 compared with $0.54 for the first quarter of 2020. Adjusted net income per diluted share was $0.74 for the first quarter of 2021 compared with $0.77 for the first quarter of 2020.\n\nAdjusted net income per diluted share for the first quarter of 2021 excludes acquisition and de novo expenses of $0.08, restructuring and other costs of $0.02, and stock-based compensation expense of $0.12, offset by the exclusion of a positive impact of net COVID-19 expenses of $0.03. Adjusted EBITDA increased to $19.3 million for the first quarter of 2021 from $17.7 million in the first quarter of 2020, an 8.9% increase. (See page 8 for a reconciliation of all non-GAAP and GAAP financial measures in this news release.)\n\nAs of March 31, 2021, the Company had cash of $125.5 million and bank debt of $196.3 million, while availability under its revolving credit facility was $112.8 million. Net cash used in operating activities was $18.4 million for the first quarter of 2021, inclusive of the return of $10.8 million in CARES Act funding received as part of the Queen City acquisition.\n\nDirk Allison, Chairman and Chief Executive Officer of Addus HomeCare, commented, “We are particularly pleased to report first quarter financial and operating results that compare favorably to the first quarter of 2020, our best ever first quarter and the last quarter not to be significantly affected by the COVID-19 pandemic. First quarter 2021 results reflect an improving public health environment, and we anticipate that the COVID-19 pandemic will continue to steadily decrease in severity over the next several quarters. While we were impacted by both the pandemi...