Business
Addus HomeCare Announces Fourth-Quarter 2021 Financial Results
Revenues Grow 14.6% to $224.6 Million Net Income Increases 54.6% to $13.1 Million, or $0.81 per Diluted Share Adjusted Earnings per Diluted Share Increases
About this update from Addus Homecare Corporation
[{"type":"text","content":"\nRevenues Grow 14.6% to $224.6 Million\n\nNet Income Increases 54.6% to $13.1 Million, or $0.81 per Diluted Share\n\nAdjusted Earnings per Diluted Share Increases 18.3% to $0.97\n\nAdjusted EBITDA Increases 27.5% to $26.7 Million\n\nPersonal Care Same Store Revenue Increases 8.0%\n\n FRISCO, Texas--(BUSINESS WIRE)--\nAddus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the fourth quarter and year ended December 31, 2021.\n\nNet service revenues increased 14.6% for the fourth quarter to $224.6 million from $196.0 million for the fourth quarter of 2020. Net income increased 54.6% to $13.1 million for the fourth quarter of 2021 from $8.4 million for the fourth quarter last year, while net income per diluted share was $0.81 compared with $0.53 for the same period a year ago. Adjusted EBITDA increased 27.5% to $26.7 million for the fourth quarter of 2021 from $20.9 million for the fourth quarter of 2020. Adjusted net income per diluted share was $0.97 for the fourth quarter of 2021 compared with $0.82 for the fourth quarter of 2020. (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)\n\nAdjusted net income for the fourth quarter of 2021 excludes the favorable impact of the retroactive Illinois rate increase of $0.05, acquisition and de novo expenses of $0.09, restructure and other non-recurring costs of $0.01 and stock-based compensation expense of $0.11.\n\nFor 2021, net service revenues increased 13.0% to $864.5 million from $764.8 million for 2020. Net income increased 36.2% to $45.1 million for 2021 from $33.1 million for the prior year, while net income per diluted share increased to $2.81 from $2.08. Adjusted EBITDA was $97.7 million for 2021, an increase of 27.0% compared with $76.9 million for 2020. Adjusted net income per diluted share grew 17.9% to $3.63 for 2021 from $3.08 for 2020.\n\nAdjusted net income for the full year 2021 excludes COVID-19 net expenses of $(0.03), acquisition and de novo expenses of $0.36, restructure and other non-recurring costs of $0.05 and stock-based compensation expense of $0.44.\n\nCommenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Our fourth quarter financial and operating performance marked a strong finish to 2021 for Addus. We are very pleased wi...