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Addus HomeCare Announces Fourth Quarter and Year End 2022 Financial Results
FRISCO, Texas--(BUSINESS WIRE)-- Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the
About this update from Addus Homecare Corporation
[{"type":"text","content":" 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, 2022.\n\nFourth Quarter 2022 Highlights:\n\n\nRevenues Grow 10.0% to $247.1 Million\n\n\nNet Income of $14.8 Million, or $0.91 per Diluted Share\n\n\nAdjusted Earnings per Diluted Share Increases to $1.11\n\n\nAdjusted EBITDA Increases 5.4% to $28.2 Million\n\n\nCash flow from operations of $24.3 Million\n\n\nOverview\n\nNet service revenues were $247.1 million for the fourth quarter of 2022, a 10.0% increase compared with $224.6 million for the fourth quarter of 2021. Net income was $14.8 million for the fourth quarter of 2022, compared with $13.1 million for the fourth quarter of 2021, while net income per diluted share was $0.91 compared with $0.81 for the same period a year ago. Adjusted EBITDA increased 5.4% to $28.2 million for the fourth quarter of 2022 from $26.7 million for the fourth quarter of 2021. Adjusted net income per diluted share was $1.11 for the fourth quarter of 2022 compared with $0.97 for the fourth quarter of 2021. Adjusted net income per diluted share for the fourth quarter of 2022 excludes acquisition and de novo expenses of $0.06, restructure and other non-recurring costs of $0.01 and stock-based compensation expense of $0.13. (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)\n\nFor 2022, net service revenues increased 10.0% to $951.1 million from $864.5 million for the prior year. Net income was $46.0 million for 2022 compared with $45.1 million for 2021, and net income per diluted share was $2.84 compared with $2.81 per diluted share. Adjusted EBITDA increased 3.9% to $101.5 million for 2022 from $97.7 million for 2021. Adjusted net income for 2022 was $60.3 million compared with $58.3 million for 2021, while adjusted net income per diluted share was $3.73 compared with $3.63 for the prior year.\n\nCommenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Addus finished 2022 with another quarter of strong financial and operating performance. 2022 was a year of significant challenges, beginning with the Omicron surge in the first quarter followed by staffing shortages and inflationary pressures. However, we were able to successful...