Business
Addus HomeCare Announces Second-Quarter 2021 Financial Results
Revenues Increase 18.1% to $217.9 Million Net Income Increases 67.9% to $11.6 Million, or $0.72 per Diluted Share, and Adjusted Diluted Earnings per Share of
About this update from Addus Homecare Corporation
[{"type":"text","content":"\nRevenues Increase 18.1% to $217.9 Million\n\nNet Income Increases 67.9% to $11.6 Million, or $0.72 per Diluted Share, and Adjusted Diluted Earnings per Share of $0.90\n\nAdjusted EBITDA Increases 30.1% to $24.3 Million\n\nCompany Closes on Armada Acquisition in New Mexico\n\nExpands Revolving Credit Facility to $600 Million\n\n FRISCO, Texas--(BUSINESS WIRE)--\nAddus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the second quarter and six months ended June 30, 2021.\n\nNet service revenues were $217.9 million for the second quarter of 2021, up 18.1% from $184.6 million for the second quarter of 2020. Net income was $11.6 million, up 67.9% compared with $6.9 million for the second quarter of 2020, while net income per diluted share was $0.72 compared with $0.43 per diluted share for the prior-year period. Adjusted net income per diluted share increased 23.3% to $0.90 for the second quarter of 2021 from $0.73 for the second quarter of 2020.\n\nAdjusted net income per diluted share for the second quarter of 2021 excludes the impact of a retroactive Illinois rate increase of $0.07, acquisition and de novo expenses of $0.11, restructure and other costs of $0.02 and stock-based compensation expense of $0.12. (See page 9 for a reconciliation of all non-GAAP and GAAP financial measures in this news release.) Adjusted EBITDA increased 30.1% to $24.3 million for the second quarter of 2021 from $18.7 million for the second quarter of 2020.\n\nFor the first six months of 2021, net service revenues increased 12.9% to $423.2 million from $374.8 million for the prior-year period. Net income increased 31.6% to $20.5 million for the first six months of 2021 compared with $15.6 million for the same period in 2020, and net income per diluted share was $1.28 compared with $0.98 per diluted share. Adjusted net income increased 14.2% to $27.4 million for the first six months of 2021 compared with $24.0 million for the prior-year period, while adjusted net income per diluted share grew 12.5% to $1.71 from $1.52. Adjusted EBITDA increased 23.7% to $45.1 million for the first six months of 2021 from $36.4 million for the first six months of 2020.\n\nAt June 30, 2021, the Company had cash of $139.4 million and bank debt of $196.1 million, while availability under its revolving credit fa...