Chemed(US:CHE)2025-02-26 21:30Revenue Growth - VITAS segment revenue increased by 9.2% to $640.0 million in Q4 2024, with net patient revenue rising 17.4% to $411.0 million[6]. - Service revenues for Q4 2024 reached $639,993, an increase of 9.2% from $585,912 in Q4 2023[46]. - Consolidated service revenues and sales for 2024 reached $2,431,287, an increase from $2,264,417 in 2023, representing a growth of approximately 7.4%[54]. - VITAS segment net revenue for 2024 was $1.530978 billion, up from $1.315065 billion in 2023, indicating a growth of 16.4%[63]. - Homecare revenue in the VITAS segment increased to $1.326488 billion in 2024, compared to $1.136437 billion in 2023, marking a rise of 16.7%[63]. Earnings and Profitability - GAAP diluted EPS for Q4 2024 was $6.02, a 2.0% increase, while adjusted diluted EPS rose 3.5% to $6.83[6]. - Net income for the year 2024 was $301,999, up 10.9% from $272,509 in 2023[50]. - Earnings per share (EPS) for 2024 was $20.10, compared to $18.11 in 2023, reflecting a growth of 10.9%[46]. - Adjusted net income for 2024 was $351.188 million, up from $308.515 million in 2023, which is an increase of 13.8%[60]. - The company reported a net income margin of approximately 12.4% for 2024, compared to 12.0% in 2023[54]. Expenses and Costs - Total costs and expenses for 2024 amounted to $2,064,794, up from $1,923,848 in 2023, indicating a rise of approximately 7.3%[54]. - Selling, general and administrative expenses for 2024 totaled $424,360, an increase from $395,120 in 2023, which is a rise of about 7.4%[54]. - The cost of services provided and goods sold in 2024 was $1,576,939, compared to $1,465,602 in 2023, reflecting an increase of approximately 7.6%[54]. Cash Flow and Financial Position - As of December 31, 2024, Chemed had total cash and cash equivalents of $178.4 million and no debt[26]. - The company reported a net cash provided by operating activities of $417,497 for 2024, an increase from $330,299 in 2023[50]. - Cash and cash equivalents decreased to $178,350 in 2024 from $263,958 in 2023, a decline of 32.3%[48]. - Total liabilities decreased to $549,582 in 2024 from $560,219 in 2023, a reduction of 1.1%[48]. Shareholder Returns - The company repurchased 388,235 shares for $212.8 million in Q4 2024, with approximately $255.3 million remaining under its share repurchase authorization[28]. - The company purchased $361,389 in treasury stock in 2024, significantly higher than $67,697 in 2023[50]. Operational Metrics - Average Daily Census (ADC) for VITAS was 22,179, reflecting a 14.6% increase compared to the prior year[6]. - Average daily census (ADC) for homecare increased to 17,153 days in 2024 from 14,953 days in 2023, a growth of 14.7%[63]. - Total admissions for the VITAS segment rose to 67,447 in 2024, compared to 63,431 in 2023, representing a growth of 6.4%[63]. - The total number of days of care provided in 2024 was 7,748,471, compared to 6,793,832 in 2023, indicating a growth of 14.1%[63]. Challenges and Strategic Initiatives - For the three months ended December 31, 2024, the consolidated after-tax impact on earnings was a loss of $12,134,000, primarily due to significant charges[65]. - The pretax impact on earnings for the year ended December 31, 2024, was a loss of $62,726,000, highlighting the financial challenges faced during the period[65]. - The company reported an acquisition expense of $206,000 for the three months ended December 31, 2024, indicating ongoing strategic growth initiatives[65]. - The long-term incentive compensation for the year ended December 31, 2024, was $14,815,000, which is a significant component of employee compensation[65]. Medicare and Tax Benefits - The Medicare cap cushion for 25 provider numbers was greater than 10%, indicating a strong position in the Medicare reimbursement landscape[65]. - The income tax benefit related to excess tax benefits on stock compensation for the year ended December 31, 2024, was $4,442,000, providing some financial relief[65].