Addus(ADUS)2025-02-24 21:27Financial Performance - Net service revenues for Q4 2024 were 276.4 million in Q4 2023[4] - Net income for Q4 2024 was 1.07, compared to 1.20 per share in Q4 2023[4] - Adjusted EBITDA for Q4 2024 increased by 10.3% to 34.3 million in Q4 2023[4] - The full year 2024 net service revenues reached 1.06 billion in 2023[4] - Adjusted net income for the full year 2024 was 74.8 million in 2023, with adjusted net income per diluted share increasing to 4.58[4] - Net income for the twelve months ended December 31, 2024, was 62.5 million in 2023, representing a 17.0% increase[25] - Operating income for the twelve months ended December 31, 2024, was 91.0 million in 2023, marking a 12.5% increase[26] - For the three months ended December 31, 2024, net income was 19,578,000 for the same period in 2023, while for the twelve months, net income increased to 62,516,000[32] - Adjusted EBITDA for the three months ended December 31, 2024, was 34,255,000 in the same period of 2023, and for the twelve months, it rose to 121,020,000[32] Revenue Breakdown - Personal care services accounted for 74.1% of total revenue in Q4 2024, with an organic revenue growth rate of 5.8% year-over-year[6] - Hospice services represented 19.9% of total revenue in Q4 2024, with organic revenue growth of 7.8% compared to the previous year[9] - Personal Care segment revenues increased to 204.5 million in Q4 2023[27] - Hospice segment revenues grew by 7.5% to 54.7 million in Q4 2023[27] Assets and Equity - Total assets increased to 1.02 billion in 2023, reflecting a 37.9% growth[25] - Total stockholders' equity rose to 706.7 million in 2023, indicating a 37.4% increase[25] Cash and Liquidity - Cash and liquidity as of December 31, 2024, included 223.0 million in bank debt, with a revolving credit facility capacity of 98.9 million, up from 280 million in annualized revenues and expanded market coverage in seven states[11] - The company anticipates additional acquisition opportunities in 2025, focusing on markets that align with its strategic growth initiatives[12] Operational Metrics - Revenue per billable hour for the three months ended December 31, 2024, was 26.53 in the same period of 2023[32] - Organic revenue growth for Personal Care was 5.8% for the three months ended December 31, 2024, compared to 11.2% in the same period of 2023[32] - Average daily census for Hospice increased to 3,472 in the three months ended December 31, 2024, compared to 3,381 in the same period of 2023[32] - Total patient days for Hospice reached 319,460 for the three months ended December 31, 2024, up from 311,015 in the same period of 2023[32] - New admissions in Home Health were 4,365 for the three months ended December 31, 2024, compared to 4,654 in the same period of 2023[32] - The average billable census for acquisitions was 14,581 for the three months ended December 31, 2024, with no prior year comparison available[32] - The percentage of revenues from state, local, and other governmental programs in Personal Care increased to 54.2% for the three months ended December 31, 2024, from 50.5% in the same period of 2023[32] Adjusted Financial Metrics - Adjusted EBITDA is defined as earnings before net interest expense, taxes, depreciation, and other non-recurring costs, providing insight into the company's operating performance[1] - Adjusted Net Income excludes acquisition expenses and other non-recurring costs, offering a clearer view of the company's profitability[2] - Adjusted diluted earnings per share is calculated by adjusting for acquisition expenses and other non-recurring costs, reflecting the company's earnings more accurately[3] - Adjusted net service revenues are revenue figures adjusted for the closure of certain sites, highlighting the impact of operational changes on revenue[4]