Chemed(US:CHE)2019-06-07 15:25Chemed Corporation Overview - Chemed Corporation's results are as of March 31, 2019[1] - Chemed's management uses EBITDA, Adjusted EBITDA, EBIT, Adjusted EBIT, Adjusted Net Income and Adjusted Diluted EPS to evaluate company performance[2] - Certain statements are forward-looking and involve risks and uncertainties[3] Cumulative Results Since the VITAS Acquisition (2003-2018) - Chemed's service revenues and sales had a 15-year CAGR of 137%[5] - Chemed's adjusted net income had a 15-year CAGR of 241%[5] - Chemed's adjusted diluted EPS from continuing operations had a 15-year CAGR of 254%[5] - Roto-Rooter's service revenues and sales had a 15-year CAGR of 55%[5] - Roto-Rooter's adjusted net income had a 15-year CAGR of 144%[5] - VITAS's service revenues and sales had a 15-year CAGR of 69%[5] - VITAS's adjusted net income had a 15-year CAGR of 138%[5] Capital Allocation - From 2007 through March 31, 2019, Chemed repurchased $1171547339 in shares and paid $158285000 in dividends, totaling $1329832339 returned to shareholders[7] - During the same period, Chemed generated $1417172000 in free cash flow[7] Chemed - Results from Continuing Operations - Full year 2018 service revenues and sales were $1782648000, a 70% increase from 2017[10] - Full year 2018 adjusted EBITDA was $305506000, a 138% increase from 2017[10] - Full year 2018 adjusted net income was $200374000, a 421% increase from 2017[10] - Full year 2018 adjusted diluted EPS was $1193, a 415% increase from 2017[10] - Three months ended March 31, 2019 service revenues and sales were $462034000, a 52% increase from 2018[11] - Three months ended March 31, 2019 adjusted EBITDA was $74798000, a 28% increase from 2018[11] - Three months ended March 31, 2019 adjusted net income was $48175000, a 51% increase from 2018[11] - Three months ended March 31, 2019 adjusted diluted EPS was $292, a 74% increase from 2018[11] Roto-Rooter Company Overview - Roto-Rooter maintains an estimated 15% of the drain cleaning market and 2-3% share of the same-day service plumbing market[14] - Residential customers represent 64% of Roto-Rooter's revenues, while commercial customers represent 28% of revenues[14] Roto-Rooter - Results from Continuing Operations - Full year 2018 service revenues and sales were $585086000, a 128% increase from 2017[21] - Full year 2018 adjusted EBITDA was $140544000, a 205% increase from 2017[21] - Three months ended March 31, 2019 service revenues and sales were $155253000, a 55% increase from 2018[21] - Three months ended March 31, 2019 adjusted EBITDA was $33500000, a -11% decrease from 2018[21] VITAS Healthcare Company Overview - VITAS Healthcare has approximately 7% of the U S market share[24] - VITAS Healthcare operates through 47 operating programs in 14 states and the District of Columbia[24] - VITAS Healthcare's revenues were $307 million for Q1 2019[24] - VITAS Healthcare's average daily census per established program was approximately 400 ADC in Q1 2019[24] - VITAS Healthcare's average length of stay was 913 days in Q1 2019[24] - VITAS Healthcare has approximately 12000 employees, including approximately 4700 nurses in Q1 2019[24] VITAS - Results from Continuing Operations - Full year 2018 net service revenues and sales were $1197562000, a 43% increase from 2017[46] - Full year 2018 adjusted net income was $140710000, a 365% increase from 2017[46] - Full year 2018 adjusted EBITDA was $188764000, a 95% increase from 2017[46] - Three months ended March 31, 2019 net service revenues and sales were $306781000, a 51% increase from 2018[46] - Three months ended March 31, 2019 adjusted net income was $34640000, a 73% increase from 2018[46] - Three months ended March 31, 2019 adjusted EBITDA was $46319000, a 37% increase from 2018[46]