UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-40362 400 Interstate North Parkway SE Atlanta, GA 30339 (Address of principal executive offices, including zip code) Aveanna Healthca ...

Financial Data and Key Metrics Changes - Revenues for Q2 2021 were $436 million, a 24% increase from $352 million in Q2 2020, and up from $417 million in Q1 2021 [10][33] - Gross margins improved to 33.6% in Q2 2021 from 30.3% in Q2 2020 and 31.6% in Q1 2021 [11][36] - EBITDA for Q2 2021 was $49 million, a 31% increase year-over-year from $37 million in Q2 2020 [11][40] - Adjusted earnings per diluted share for Q2 2021 was $0.10, compared to $0.08 in Q1 2021 [11] Business Line Data and Key Metrics Changes - Private Duty Services (PDS) revenue was $349.7 million, an 11.3% year-over-year growth, driven by 9.92 million hours of care provided [22] - Home Health & Hospice revenue reached $50.1 million, a 59% increase over Q1 2021, with episodic admissions growing 87% [27] - Medical Solutions revenue was $36.4 million, reflecting an 11.1% year-over-year growth [29] Market Data and Key Metrics Changes - Over 50% of the states serviced will increase reimbursement rates or expand covered benefits for home care services [13] - The proposed Medicare rule indicates a 1.7% increase in home health reimbursement, while hospice services are expected to see a 2% increase [14][15] Company Strategy and Development Direction - The company aims to maintain growth rates in the mid- to high teens, supported by recent acquisitions and a strong reimbursement environment [10][19] - Aveanna is focused on expanding its Home Health & Hospice segment, which now constitutes 11.5% of Q2 revenue [25] - The company plans to continue its aggressive acquisition strategy, targeting $150 million to $200 million in revenue per year [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining growth rates and improving margins despite challenges in the labor market [11][19] - The reimbursement environment is viewed positively, with expectations for continued support for home care services [15] - Management highlighted the importance of innovative recruitment strategies to address labor shortages [49][50] Other Important Information - The company completed refinancing of $860 million in debt, significantly reducing capital costs and providing access to additional capital for acquisitions [16][43] - Cash on the balance sheet was $107 million, with total liquidity of $287 million at the end of Q2 2021 [41] Q&A Session Summary Question: Labor recruitment and retention environment - Management acknowledged ongoing challenges in recruiting nurses, exacerbated by the pandemic, but noted innovative strategies to attract and retain staff [48][49] Question: Value-based care contracts - Management confirmed participation in value-based reimbursement programs in two states and expressed optimism about future opportunities [56][57] Question: Rate increases in covered states - Management indicated that rate increases have been achieved in five of the top seven states and expressed confidence in securing additional rate wins [60][63] Question: Impact of legislation on strategy - Management stated that current legislative discussions align with the company's strategy and emphasized the importance of home care in the healthcare continuum [66][68] Question: Sensitivity of recruitment to wage increases - Management provided historical context showing that wage increases can lead to improved recruitment and retention, particularly in California [70][71]