Aveanna Healthcare(US:AVAH)2024-03-13 16:00Financial Performance - Fourth Quarter Revenue was $478.8 million, a 6.1% increase compared to the prior year[1] - Fourth Quarter Net loss was $25.7 million, significantly improved from a net loss of $237.8 million in Q4 2022[3] - Adjusted EBITDA for Q4 2023 was $38.7 million, a 30.4% increase compared to the prior year quarter[4] - Full Year 2023 Revenue was $1,895.2 million, a 6.0% increase from $1,787.6 million in 2022[5] - Adjusted EBITDA for Fiscal Year 2023 was $139.2 million, a 7.6% increase from $129.3 million in 2022[6] - Revenue for the three-month period ended December 30, 2023, was $478,841 thousand, representing a 6.1% increase from $451,147 thousand for the same period in 2022[28] - Net loss for the three-month period ended December 30, 2023, was $(25,736) thousand, compared to a net loss of $(237,779) thousand for the same period in 2022[28] - Adjusted EBITDA for the three-month period ended December 30, 2023, was $38,663 thousand, up from $29,658 thousand in the same period of 2022, indicating a year-over-year increase of 30.7%[39] Gross Margin and Profitability - Gross margin increased 15.3% to $148.4 million, representing 31.0% of revenue for Q4 2023[3] - Gross margin for the fiscal year ended December 30, 2023, was $595,432 thousand, with a gross margin percentage of 31.4%, up from 30.9% in the previous year[31] - The company reported a field contribution margin of 12.4% for the fiscal year ended December 30, 2023, compared to 11.0% in the previous year[31] - Gross margin for the same period was $423,720, reflecting an increase of $31,255 or 8.0% from $392,465 in the prior year[35] - The gross margin percentage improved to 27.9%, up from 27.7% year-over-year[35] - Gross margin percentage for the same period improved to 50.9%, up from 41.9% year-over-year[33] Cash Flow and Debt - As of December 30, 2023, the company had cash of $43.9 million and bank debt of $1,469.8 million[7] - Free cash flow for year-to-date 2023 was $12.5 million[7] - Cash and cash equivalents at the end of the period were $43,942 thousand, up from $19,217 thousand at the beginning of the period[26] - The company reported a free cash flow of $12,505 thousand for the fiscal year ended December 30, 2023[44] - The net cash provided by operations for the fiscal year ended December 30, 2023, was $22,672 thousand[44] - Total indebtedness as of December 30, 2023, was $1,469,750 thousand, with a 2021 Extended Term Loan of $899,750 thousand and a Second Lien Term Loan of $415,000 thousand[27] Corporate Strategy and Operations - The company is focusing on enhancing payor partnerships to invest in caregivers and expand patient care[2] - The company anticipates continued growth through effective execution of its growth strategy, including organic growth and acquisitions[22] - Unique patients served increased to 348, up by 28 or 8.8% from 320 in the previous year[35] - Revenue per completed episode rose to $3,032, an increase of $45 or 1.5% compared to $2,987 in the previous year[35] Corporate Expenses - Corporate expenses for the three-month period ended December 30, 2023, decreased by 11.2% to $28,299 thousand from $31,880 thousand in the same period last year[30] - Corporate expenses for the three-month period ended December 30, 2023, were $4,760 thousand, down from $7,227 thousand in the same period of 2022[43] Goodwill and Adjustments - Goodwill impairment for the three-month period ended December 30, 2023, was $205,139 thousand, compared to $105,136 thousand for the fiscal year ended December 31, 2022[43] - Total adjustments for the three-month period ended December 30, 2023, amounted to $27,359 thousand, compared to $230,597 thousand for the same period in 2022, reflecting a decrease of 88.2%[39] - The company reported an adjusted net loss income of $3,177 thousand for the three-month period ended December 30, 2023, compared to an adjusted net loss income of $6,409 thousand for the same period in 2022[40]