EX-99 2 che-20241029xex99.htm EX-99 Exhibit 99

Picture 2

聯繫人: Michael D. Witzeman

(513) 762-6714



chemed報告 第三-Quarter 2024結果



辛辛那提,2024年10月29日—Chemed Corporation (chemed) (紐交所: CHE), 經營維塔斯保健公司(VITAS)和Roto-Rooter的CHE,後者是全國最大的商業和住宅管道清潔服務提供商,在2024年9月30日結束的第三季度報告了財務業績,與去年同期相比。



非GAAP度量的變化



Chemed使用某些非GAAP度量,如EBITDA,調整後的EBITDA,調整後的淨利潤和調整後的攤薄每股收益,以提供對報告操作結果的額外背景和視角。



Chemed在從2022年9月30日至2023年6月30日的連續四個季度中曾報告過非GAAP度量,其中排除了爲期12個月的與流行病相關的持照醫療專業人員留任獎金(留任計劃)的成本。從2023年9月30日結束的季度開始,公司不再在當前或過去時期呈現非GAAP運營指標時排除留任計劃的成本。



截至2023年9月30日的九個月內,稅前和稅後的留任計劃費用分別爲2370萬美元和1800萬美元。由於留任計劃,截至2024年9月30日的季度或九個月的財務結果沒有產生重大影響。



2024年9月30日結束的季度業績



合併營業結果:

·

營業收入增長7.4%,達到60620萬美元

·

按照通用會計準則(GAAP),每股攤薄收益爲5.00美元,增長了1.4%

·

調整後的攤薄每股收益爲5.64美元,增長了6.0%



VITAS業務板塊運營結果:

·

患者淨收入爲39140萬美元, 增長 達到17.3%

·

平均每日人口普查(ADC)爲21,785人,增長了15.5%

·

入院人數爲16,775人,增長了6.3%


 

·

淨利潤,除特定離散項目外,爲5380萬美元,增長26.4%

·

調整後的EBITDA,不包括醫療保險上限,爲7310萬美元,增長33.1%

·

調整後的EBITDA利潤率,不包括醫療保險上限,爲18.6%,增長了212個點子



Roto-Rooter部門運營結果:

·

營業收入爲21480萬美元,下降了6.9%

·

淨利潤,除特定離散項目外,爲3980萬美元,下降了18.9%

·

調整後的EBITDA爲5640萬美元, 下降了15.8%

·

調整後的EBITDA利潤率爲26.3%,下降了275個點子



VITAS



正如之前宣佈的,VITAS於2024年4月17日以8500萬美元現金完成了對Covenant Health and Community Services, Inc.(Covenant Health)的臨終關懷資產和一家輔助生活設施的收購。 在介紹VITAS的整體業績之前,重要披露了用於判斷Covenant Health收購對VITAS整體業績影響的方法。VITAS在我們從Covenant Health收購的三個佛羅里達地點中的兩個地點有着重要的運營。這些地點要求我們估計Covenant Health的影響,因爲一旦運營整合,就不再有獨立的結果。例如,在這些地點中沒有VITAS特定的推薦來源與Covenant Health特定的推薦來源。該地區的推薦來源極有可能歷史上向VITAS和Covenant Health推薦。我們已經使用這些地點的歷史運營趨勢來確定什麼是"傳統"VITAS活動。所有超過這些歷史運營趨勢的活動都被歸因爲Covenant Health的影響。我們已經包括了特別確定的與獲得的新運營領地相關的影響。基於以上,我們討論了Covenant對VITAS整體運營指標的影響範圍。



2024年第三季度,Covenant Health貢獻了約1000萬至1100萬美元的營業收入。這筆收入轉化爲約180萬至200萬美元的淨利潤。該季度歸因於Covenant Health的調整後EBITDA介於240萬至260萬美元之間。



2024年第三季度,VITAS的淨營業收入爲39140萬美元,比去年同期增長了17.3%。這種收入增長主要由住院天數增加15.5%和地理加權平均醫療保險報銷率約2.6%的增加構成。收入結構轉變對比去年同期營收和護理水平結構減少了144個點子的收入增長產生了負面影響。醫療保險資金上限和其他抵減收入變化相結合,使收入增長約增加了64個點子。

 

2024年第三季度,VITAS在醫療保險資金上限方面累積了220萬美元。這與2023年第三季度的12.5萬美元醫療保險資金上限相比。






 

在VITAS的32個醫療保險提供商編號中,有24個提供商編號具有超過10%的過去12個月醫療保險資金餘額,有5個提供商編號的餘額在0%至10%之間,還有3個提供商編號的過去12個月醫療保險資金上限合計爲940萬美元。



2024年第三季度,每位患者每天的平均營業收入爲199.16美元,比去年同期高出139個點子。常規家庭護理和高強度護理的補償分別爲175.82美元和1,094.97美元。在該季度,高強度護理的護理天數佔總護理天數的2.5%,較去年同期下降了26個點子。



2024年第三季度的毛利率,不包括醫療保險資金上限,爲25.1%。相比之下,去年同期的毛利率爲24.0%,不包括醫療保險資金上限。第三季度的銷售、一般和管理性開支爲2590萬美元,而去年同期爲2530萬美元。



調整後的EBITDA,在不包括醫療保險資金上限的情況下,總額爲7310萬美元,較去年同期增長了33.1%。不包括醫療保險資金上限的第三季度調整後的EBITDA利潤率爲18.6%,比去年同期高出212個點子。



颶風赫蓮恩於九月下旬影響了佛羅里達州的潘漢德爾地區和美國東南部其他地區,但沒有導致VITAS發生任何重大財產損失或損害。然而,與其他類似事件一樣,我們在做好應對颶風的準備和後續處理時經歷了入住活動的減緩。我們估計在該季度,約有60-100名患者受到了負面影響。我們也認爲,佛羅里達州的入住影響將在第四季度更加顯著,因爲颶風赫蓮恩和米爾頓的雙重影響。



Roto-Rooter



Roto-Rooter在2024年第三季度創造了21480萬美元的季度營業收入,與去年同期相比下降了6.9%。



Roto-Rooter分公司在這一季度的商業收入總計5350萬美元,與去年同期相比下降了5.9%。這一總商業收入變化包括排水清潔收入 下降 4.4%,水暖下降12.1%,挖掘下降2.3%,水災恢復下降3.3%。



本季度Roto-Rooter分公司的住宅營業收入總額爲$14600萬,比去年同期下降了6.3%。這一彙總的住宅營業收入變化包括下水道清潔下降了5.9%,水暖下降了11.2%,挖掘下降了6.1%,水災恢復下降了6.9%。










 

Roto-Rooter本季度的毛利率爲52.9%,與2023年第三季度相比基本持平。Roto-Rooter本季度的銷售、普通及管理費用爲$5710萬,較2023年第三季度增加了3.5%。這一增長是由持續增強的營銷工作所導致的,旨在推動額外需求。



Adjusted EBITDA in the third quarter of 2024 totaled $5640萬, a decrease of 15.8% when compared to the third quarter of 2023.  The Adjusted EBITDA margin in the quarter was 26.3% which represents a 275-basis point decline from the third quarter of 2023.



Chemed Consolidated



As of September 30, 2024, Chemed had total cash and cash equivalents of $23850萬 and no current or long-term debt.



In June 2022, Chemed entered into a five-year $55000萬 Amended and Restated Credit Agreement (Credit Agreement).  This 信貸協議由10000萬美元分期償還貸款和45000萬美元循環信貸額度組成。該信貸協議的利率是浮動的,目前爲SOFR加100個點子。在信貸協議下,除4500萬美元用於信用證之外,剩餘可借款額度約爲40480萬美元。



在本季度,公司以5780萬美元回購了10萬股Chemed股票,相當於每股578.21美元。截至2024年9月30日,根據其計劃,剩餘的股票回購授權約爲16810萬美元。



2024年指引修訂





VITAS表現如預期,我們重申VITAS在2024年第二季度新聞發佈會上提到的指標。 Roto-Rooter在2024年第三季度的營收、調整後的EBITDA和調整後的淨利潤較預期軟。因此,2024年全年攤薄後每股收益,不包括股票期權的非現金費用、來自股票期權行權的稅收收益、訴訟相關成本和其他明確項目,預計在23.00至23.15美元區間內。該區間相對於Chemed公司2023年報告的調整後每股收益20.30美元增長了13.3%至14.0%。本指引假設調整後收益的有效企業稅率爲24.3%,攤薄股數爲1522萬股。





電話會議





如先前披露的,chemed將於2024年10月30日星期三上午10點(東部時間)舉行電話會議和網絡直播,討論公司季度業績並更新業務進展。參與者可通過公司網站的直播網頁收聽電話會議現場直播。


 

chemed的投資者關係部門 投資者關係 - chemed公司首頁 或者通過託管網站 https://edge.media-server.com/mmc/p/c93ntfig/.





參與者也可以通過電話會議註冊:

https://register.vevent.com/register/BI0022c41ceecf4b83a582584604bc732b.



註冊完成後,參與者將收到一個含有個性化會議代碼的撥入號碼,以便進入通話。所有參與者被要求在開始時間前15分鐘撥入。



一個 會議通話的錄音重播將在通話結束約兩小時後提供。您可以通過Chemed公司網站的投資者關係部門的網絡直播功能訪問重播。



Chemed Corporation通過其VITAS Healthcare Corporation子公司在醫療保健領域運營。VITAS爲患有嚴重、壽命有限的疾病的患者提供日常臨終關懷服務。這種護理旨在讓患有晚期疾病的患者的最後時日儘可能舒適和無痛。



Chemed在住宅和商業管道清潔行業以Roto-Rooter品牌運營。Roto-Rooter通過公司自有分支機構、獨立承包商和特許經營者在美國和加拿大提供管道清潔和水清理服務。Roto-Rooter還在印度尼西亞、新加坡和菲律賓共和國擁有持牌總經銷商。



 

This press release contains information about Chemed’s EBITDA, Adjusted EBITDA and Adjusted Diluted EPS, which are not measures derived in accordance with GAAP and which exclude components that are important to understanding Chemed’s financial performance. In reporting its operating results, Chemed provides EBITDA, Adjusted EBITDA and Adjusted Diluted EPS measures to help investors and others evaluate the Company’s operating results, compare its operating performance with that of similar companies that have different capital structures and evaluate its ability to meet its future debt service, capital expenditures and working capital requirements. Chemed’s management similarly uses EBITDA, Adjusted EBITDA and Adjusted Diluted EPS to assist it in evaluating the performance of the Company across fiscal periods and in assessing how its performance compares to its peer companies.  These measures also help Chemed’s management to estimate the resources required to meet Chemed’s future financial obligations and expenditures.  Chemed’s EBITDA, Adjusted EBITDA and Adjusted Diluted EPS should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP. We calculated Adjusted EBITDA Margin by dividing Adjusted EBITDA by service revenue and sales.  A reconciliation of Chemed’s net income to its EBITDA, Adjusted EBITDA and Adjusted Diluted EPS is presented in the tables following the text of this press release.








 



Forward-Looking Statements



Certain statements contained in this press release and the accompanying tables are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "hope," "anticipate," "plan" and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Chemed does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These statements are based on current expectations and assumptions and involve various risks and uncertainties, which could cause Chemed's actual results to differ from those expressed in such forward-looking statements.



These risks and uncertainties arise from, among other things, possible changes in regulations governing the hospice care or plumbing and drain cleaning industries; periodic changes in reimbursement levels and procedures under Medicare and Medicaid programs; difficulties predicting patient length of stay and estimating potential Medicare reimbursement obligations; challenges inherent in Chemed's growth strategy; the current shortage of  qualified nurses,  other healthcare professionals and  licensed plumbing and drain cleaning technicians; Chemed’s dependence on patient referral sources; and other factors detailed under the caption "Description of  Business by  Segment" or "Risk Factors" in Chemed’s  most recent  report on  form 10-Q  or 10-K and its other filings with the Securities and Exchange Commission.  You are cautioned not to place undue reliance on such forward-looking statements and there are no assurances that the matters contained in such statements will be achieved.




 











 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)(unaudited)



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2024

 

2023

 

2024

 

2023

Service revenues and sales

 

$

606,181 

 

$

564,532 

 

$

1,791,294 

 

$

1,678,505 

Cost of services provided and goods sold

 

 

396,187 

 

 

362,358 

 

 

1,171,064 

 

 

1,107,256 

Selling, general and administrative expenses (aa)

 

 

101,981 

 

 

99,602 

 

 

320,109 

 

 

294,684 

Depreciation

 

 

13,147 

 

 

12,858 

 

 

39,601 

 

 

37,778 

Amortization

 

 

2,550 

 

 

2,521 

 

 

7,617 

 

 

7,548 

Other operating expense

 

 

159 

 

 

343 

 

 

288 

 

 

2,064 

Total costs and expenses

 

 

514,024 

 

 

477,682 

 

 

1,538,679 

 

 

1,449,330 

Income from operations

 

 

92,157 

 

 

86,850 

 

 

252,615 

 

 

229,175 

Interest expense

 

 

(427)

 

 

(444)

 

 

(1,281)

 

 

(2,766)

Other income--net (bb)

 

 

9,299 

 

 

6,859 

 

 

28,008 

 

 

8,365 

Income before income taxes

 

 

101,029 

 

 

93,265 

 

 

279,342 

 

 

234,774 

Income taxes

 

 

(25,253)

 

 

(18,307)

 

 

(67,662)

 

 

(52,318)

Net income

 

$

75,776 

 

$

74,958 

 

$

211,680 

 

$

182,456 

Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

5.04 

 

$

4.97 

 

$

14.04 

 

$

12.14 

Average number of shares outstanding

 

 

15,025 

 

 

15,075 

 

 

15,082 

 

 

15,034 

Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

5.00 

 

$

4.93 

 

$

13.88 

 

$

12.02 

Average number of shares outstanding

 

 

15,168 

 

 

15,200 

 

 

15,253 

 

 

15,178 



 

 

 

 

 

 

 

 

 

 

 

 

(aa)    Selling, general and administrative ("SG&A") expenses comprise (in thousands):



 

 

 

 

 

 

 

 

 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2024

 

2023

 

2024

 

2023

SG&A expenses before long-term incentive compensation

 

 

 

 

 

 

 

 

 

 

 

 

and the impact of market value adjustments related to

 

 

 

 

 

 

 

 

 

 

 

 

deferred compensation plans

 

$

93,269 

 

$

91,792 

 

$

287,712 

 

$

281,426 

Market value adjustments related to deferred

 

 

 

 

 

 

 

 

 

 

 

 

compensation trusts

 

 

5,629 

 

 

4,257 

 

 

16,600 

 

 

5,441 

Long-term incentive compensation

 

 

3,083 

 

 

3,553 

 

 

15,797 

 

 

7,817 

Total SG&A expenses

 

$

101,981 

 

$

99,602 

 

$

320,109 

 

$

294,684 



 

 

 

 

 

 

 

 

 

 

 

 

(bb)    Other income--net comprises (in thousands):

 

 

 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2024

 

2023

 

2024

 

2023

Market value adjustments related to deferred

 

 

 

 

 

 

 

 

 

 

 

 

compensation trusts

 

$

5,629 

 

$

4,257 

 

$

16,600 

 

$

5,441 

Interest income

 

 

3,668 

 

 

2,600 

 

 

11,405 

 

 

2,863 

Other

 

 

 

 

 

 

 

 

61 

Total other income--net

 

$

9,299 

 

$

6,859 

 

$

28,008 

 

$

8,365 




 





 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)(unaudited)



 

 

 

 

 

 



 

September 30,



 

2024

 

2023

Assets

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

238,451 

 

$

173,150 

Accounts receivable less allowances

 

 

196,481 

 

 

168,031 

Inventories

 

 

9,899 

 

 

12,511 

Prepaid income taxes

 

 

14,229 

 

 

11,337 

Prepaid expenses

 

 

31,377 

 

 

29,510 

Total current assets

 

 

490,437 

 

 

394,539 

Investments of deferred compensation plans held in trust

 

 

126,631 

 

 

104,410 

Properties and equipment, at cost less accumulated depreciation

 

 

200,939 

 

 

205,462 

Lease right of use asset

 

 

134,111 

 

 

123,353 

Identifiable intangible assets less accumulated amortization

 

 

94,753 

 

 

92,768 

Goodwill

 

 

666,860 

 

 

584,977 

Other assets

 

 

55,704 

 

 

56,570 

Total Assets

 

$

1,769,435 

 

$

1,562,079 

Liabilities

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

44,938 

 

$

56,508 

Accrued insurance

 

 

60,308 

 

 

61,122 

Accrued income taxes

 

 

3,385 

 

 

5,135 

Accrued compensation

 

 

73,141 

 

 

74,865 

Short-term lease liability

 

 

42,490 

 

 

37,615 

Other current liabilities

 

 

40,517 

 

 

61,974 

Total current liabilities

 

 

264,779 

 

 

297,219 

Deferred income taxes

 

 

28,076 

 

 

30,381 

Deferred compensation liabilities

 

 

122,240 

 

 

102,815 

Long-term lease liability

 

 

105,416 

 

 

99,346 

Other liabilities

 

 

13,169 

 

 

13,075 

Total Liabilities

 

 

533,680 

 

 

542,836 

Stockholders' Equity

 

 

 

 

 

 

Capital stock

 

 

37,395 

 

 

37,013 

Paid-in capital

 

 

1,462,569 

 

 

1,254,356 

Retained earnings

 

 

2,639,011 

 

 

2,362,928 

Treasury stock, at cost

 

 

(2,905,430)

 

 

(2,637,102)

Deferred compensation payable in Company stock

 

 

2,210 

 

 

2,048 

Total Stockholders' Equity

 

 

1,235,755 

 

 

1,019,243 

Total Liabilities and Stockholders' Equity

 

$

1,769,435 

 

$

1,562,079 




 









 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)(unaudited)



 

 

 

 

 

 



 

Nine Months Ended September 30,



 

2024

 

2023

Cash Flows from Operating Activities

 

 

 

 

 

 

Net income

 

$

211,680 

 

$

182,456 

Adjustments to reconcile net income to net cash provided

 

 

 

 

 

 

by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

47,218 

 

 

45,326 

Stock option expense

 

 

23,933 

 

 

22,376 

Noncash long-term incentive compensation

 

 

15,783 

 

 

6,637 

Litigation settlements

 

 

(5,750)

 

 

2,050 

Benefit for deferred income taxes

 

 

(2,245)

 

 

(8,232)

Noncash directors' compensation

 

 

1,282 

 

 

1,444 

Amortization of debt issuance costs

 

 

241 

 

 

500 

Changes in operating assets and liabilities, excluding

 

 

 

 

 

 

amounts acquired in business combinations:

 

 

 

 

 

 

Increase in accounts receivable

 

 

(14,336)

 

 

(27,843)

Decrease/(increase) in inventories

 

 

2,125 

 

 

(2,239)

(Increase)/decrease in prepaid expenses

 

 

(1,173)

 

 

781 

Decrease in accounts payable and

 

 

 

 

 

 

other current liabilities

 

 

(19,641)

 

 

(15,815)

Change in current income taxes

 

 

(4,545)

 

 

12,314 

Net change in lease assets and liabilities

 

 

(400)

 

 

(892)

Increase in other assets

 

 

(21,101)

 

 

(8,622)

Increase in other liabilities

 

 

18,348 

 

 

11,426 

Other sources

 

 

1,165 

 

 

69 

Net cash provided by operating activities

 

 

252,584 

 

 

221,736 

Cash Flows from Investing Activities

 

 

 

 

 

 

Business combinations, net of cash acquired

 

 

(97,400)

 

 

(3,994)

Capital expenditures

 

   

(36,770)

 

   

(45,075)

Proceeds from sale of fixed assets

 

 

3,060 

 

 

506 

Other uses

 

 

(281)

 

 

(409)

Net cash used by investing activities

 

 

(131,391)

 

 

(48,972)

Cash Flows from Financing Activities

 

 

 

 

 

 

Purchases of treasury stock

 

 

(152,049)

 

 

(27,769)

Proceeds from exercise of stock options

 

 

49,906 

 

 

58,277 

Dividends paid

 

 

(19,594)

 

 

(17,446)

Change in cash overdrafts payable

 

 

(15,749)

 

 

16,182 

Capital stock surrendered to pay taxes on stock-based compensation

 

 

(8,827)

 

 

(5,446)

Payments on long-term debt

 

 

 -

 

 

(97,500)

Other uses

 

 

(387)

 

 

(38)

Net cash used by financing activities

 

 

(146,700)

 

 

(73,740)

(Decrease)/increase in Cash and Cash Equivalents

 

 

(25,507)

 

 

99,024 

Cash and cash equivalents at beginning of year

 

 

263,958 

 

 

74,126 

Cash and cash equivalents at end of year

 

$

238,451 

 

$

173,150 










 





 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING STATEMENTS OF INCOME

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(in thousands)(unaudited)



 

 

 

 

 

 

 

Chemed



 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

2024 (a)

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues and sales

 

$

391,406 

 

$

214,775 

 

$

 -

 

$

606,181 

Cost of services provided and goods sold

 

 

294,936 

 

 

101,251 

 

 

 -

 

 

396,187 

Selling, general and administrative expenses

 

 

25,883 

 

 

57,072 

 

 

19,026 

 

 

101,981 

Depreciation

 

 

5,063 

 

 

8,071 

 

 

13 

 

 

13,147 

Amortization

 

 

26 

 

 

2,524 

 

 

 -

 

 

2,550 

Other operating expense

 

 

97 

 

 

62 

 

 

 -

 

 

159 

Total costs and expenses

 

 

326,005 

 

 

168,980 

 

 

19,039 

 

 

514,024 

Income/(loss) from operations

 

 

65,401 

 

 

45,795 

 

 

(19,039)

 

 

92,157 

Interest expense

 

 

(46)

 

 

(114)

 

 

(267)

 

 

(427)

Intercompany interest income/(expense)

 

 

4,920 

 

 

3,656 

 

 

(8,576)

 

 

 -

Other income—net

 

 

62 

 

 

18 

 

 

9,219 

 

 

9,299 

Income/(loss) before income taxes

 

 

70,337 

 

 

49,355 

 

 

(18,663)

 

 

101,029 

Income taxes

 

 

(16,851)

 

 

(11,400)

 

 

2,998 

 

 

(25,253)

Net income/(loss)

 

$

53,486 

 

$

37,955 

 

$

(15,665)

 

$

75,776 



 

 

 

 

 

 

 

 

 

 

 

 

2023 (b)

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues and sales

 

$

333,728 

 

$

230,804 

 

$

 -

 

$

564,532 

Cost of services provided and goods sold

 

 

253,731 

 

 

108,627 

 

 

 -

 

 

362,358 

Selling, general and administrative expenses

 

 

25,256 

 

 

55,141 

 

 

19,205 

 

 

99,602 

Depreciation

 

 

5,009 

 

 

7,836 

 

 

13 

 

 

12,858 

Amortization

 

 

26 

 

 

2,495 

 

 

 -

 

 

2,521 

Other operating expense/(income)

 

 

(53)

 

 

396 

 

 

 -

 

 

343 

Total costs and expenses

 

 

283,969 

 

 

174,495 

 

 

19,218 

 

 

477,682 

Income/(loss) from operations

 

 

49,759 

 

 

56,309 

 

 

(19,218)

 

 

86,850 

Interest expense

 

 

(52)

 

 

(131)

 

 

(261)

 

 

(444)

Intercompany interest income/(expense)

 

 

4,935 

 

 

3,040 

 

 

(7,975)

 

 

 -

Other income—net

 

 

849 

 

 

34 

 

 

5,976 

 

 

6,859 

Income/(loss) before income taxes

 

 

55,491 

 

 

59,252 

 

 

(21,478)

 

 

93,265 

Income taxes

 

 

(11,160)

 

 

(8,925)

 

 

1,778 

 

 

(18,307)

Net income/(loss)

 

$

44,331 

 

$

50,327 

 

$

(19,700)

 

$

74,958 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.










 







 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING STATEMENTS OF INCOME

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(in thousands)(unaudited)



 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Chemed



 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

2024 (a)

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues and sales

 

$

1,119,970 

 

$

671,324 

 

$

 -

 

$

1,791,294 

Cost of services provided and goods sold

 

 

852,347 

 

 

318,717 

 

 

 -

 

 

1,171,064 

Selling, general and administrative expenses

 

 

73,968 

 

 

175,683 

 

 

70,458 

 

 

320,109 

Depreciation

 

 

15,288 

 

 

24,275 

 

 

38 

 

 

39,601 

Amortization

 

 

79 

 

 

7,538 

 

 

 -

 

 

7,617 

Other operating expense

 

 

160 

 

 

128 

 

 

 -

 

 

288 

Total costs and expenses

 

 

941,842 

 

 

526,341 

 

 

70,496 

 

 

1,538,679 

Income/(loss) from operations

 

 

178,128 

 

 

144,983 

 

 

(70,496)

 

 

252,615 

Interest expense

 

 

(138)

 

 

(349)

 

 

(794)

 

 

(1,281)

Intercompany interest income/(expense)

 

 

15,096 

 

 

10,638 

 

 

(25,734)

 

 

 -

Other income—net

 

 

138 

 

 

64 

 

 

27,806 

 

 

28,008 

Income/(loss) before income taxes

 

 

193,224 

 

 

155,336 

 

 

(69,218)

 

 

279,342 

Income taxes

 

 

(46,517)

 

 

(36,010)

 

 

14,865 

 

 

(67,662)

Net income/(loss)

 

$

146,707 

 

$

119,326 

 

$

(54,353)

 

$

211,680 



 

 

 

 

 

 

 

 

 

 

 

 

2023 (b)

 

 

 

 

 

 

 

 

 

 

 

 

Service revenues and sales

 

$

965,066 

 

$

713,439 

 

$

 -

 

$

1,678,505 

Cost of services provided and goods sold

 

 

770,470 

 

 

336,786 

 

 

 -

 

 

1,107,256 

Selling, general and administrative expenses

 

 

71,248 

 

 

171,966 

 

 

51,470 

 

 

294,684 

Depreciation

 

 

14,907 

 

 

22,830 

 

 

41 

 

 

37,778 

Amortization

 

 

78 

 

 

7,470 

 

 

 -

 

 

7,548 

Other operating expense/(income)

 

 

(15)

 

 

2,079 

 

 

 -

 

 

2,064 

Total costs and expenses

 

 

856,688 

 

 

541,131 

 

 

51,511 

 

 

1,449,330 

Income/(loss) from operations

 

 

108,378 

 

 

172,308 

 

 

(51,511)

 

 

229,175 

Interest expense

 

 

(154)

 

 

(387)

 

 

(2,225)

 

 

(2,766)

Intercompany interest income/(expense)

 

 

14,393 

 

 

8,652 

 

 

(23,045)

 

 

 -

Other income—net

 

 

1,109 

 

 

96 

 

 

7,160 

 

 

8,365 

Income/(loss) before income taxes

 

 

123,726 

 

 

180,669 

 

 

(69,621)

 

 

234,774 

Income taxes

 

 

(28,503)

 

 

(38,315)

 

 

14,500 

 

 

(52,318)

Net income/(loss)

 

$

95,223 

 

$

142,354 

 

$

(55,121)

 

$

182,456 



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.


 





 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING SUMMARIES OF EBITDA

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(in thousands)(unaudited)



 

 

 

 

 

 

 

Chemed



 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

2024

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

53,486 

 

$

37,955 

 

$

(15,665)

 

$

75,776 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

46 

 

 

114 

 

 

267 

 

 

427 

Income taxes

 

 

16,851 

 

 

11,400 

 

 

(2,998)

 

 

25,253 

Depreciation

 

 

5,063 

 

 

8,071 

 

 

13 

 

 

13,147 

Amortization

 

 

26 

 

 

2,524 

 

 

 -

 

 

2,550 

EBITDA

 

 

75,472 

 

 

60,064 

 

 

(18,383)

 

 

117,153 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany interest expense/(income)

 

 

(4,920)

 

 

(3,656)

 

 

8,576 

 

 

 -

Interest income

 

 

(59)

 

 

(18)

 

 

(3,589)

 

 

(3,666)

Stock option expense

 

 

 -

 

 

 -

 

 

6,038 

 

 

6,038 

Long-term incentive compensation

 

 

 -

 

 

 -

 

 

3,083 

 

 

3,083 

Acquisition expense

 

 

394 

 

 

(8)

 

 

 -

 

 

386 

Adjusted EBITDA

 

$

70,887 

 

$

56,382 

 

$

(4,275)

 

$

122,994 



 

 

 

 

 

 

 

 

 

 

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

44,331 

 

$

50,327 

 

$

(19,700)

 

$

74,958 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

52 

 

 

131 

 

 

261 

 

 

444 

Income taxes

 

 

11,160 

 

 

8,925 

 

 

(1,778)

 

 

18,307 

Depreciation

 

 

5,009 

 

 

7,836 

 

 

13 

 

 

12,858 

Amortization

 

 

26 

 

 

2,495 

 

 

 -

 

 

2,521 

EBITDA

 

 

60,578 

 

 

69,714 

 

 

(21,204)

 

 

109,088 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany interest expense/(income)

 

 

(4,935)

 

 

(3,040)

 

 

7,975 

 

 

 -

Interest income

 

 

(847)

 

 

(34)

 

 

(1,719)

 

 

(2,600)

Litigation settlement

 

 

 -

 

 

300 

 

 

 -

 

 

300 

Stock option expense

 

 

 -

 

 

 -

 

 

5,495 

 

 

5,495 

Long-term incentive compensation

 

 

 -

 

 

 -

 

 

3,553 

 

 

3,553 

Adjusted EBITDA

 

$

54,796 

 

$

66,940 

 

$

(5,900)

 

$

115,836 



 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.

















 

 

 

 

 

 

 

 

 

 

 

 

 


 



CHEMED CORPORATION AND SUBSIDIARY COMPANIES

CONSOLIDATING SUMMARIES OF EBITDA

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(in thousands)(unaudited)



 

 

 

 

 

 

 

 

 

 

Chemed



 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

2024

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

146,707 

 

$

119,326 

 

$

(54,353)

 

$

211,680 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

138 

 

 

349 

 

 

794 

 

 

1,281 

Income taxes

 

 

46,517 

 

 

36,010 

 

 

(14,865)

 

 

67,662 

Depreciation

 

 

15,288 

 

 

24,275 

 

 

38 

 

 

39,601 

Amortization

 

 

79 

 

 

7,538 

 

 

 -

 

 

7,617 

EBITDA

 

 

208,729 

 

 

187,498 

 

 

(68,386)

 

 

327,841 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany interest expense/(income)

 

 

(15,096)

 

 

(10,638)

 

 

25,734 

 

 

 -

Interest income

 

 

(136)

 

 

(64)

 

 

(11,205)

 

 

(11,405)

Stock option expense

 

 

 -

 

 

 -

 

 

23,933 

 

 

23,933 

Long-term incentive compensation

 

 

 -

 

 

 -

 

 

10,460 

 

 

10,460 

Severance arrangement

 

 

 -

 

 

 -

 

 

5,337 

 

 

5,337 

Acquisition expense

 

 

1,302 

 

 

37 

 

 

 -

 

 

1,339 

Adjusted EBITDA

 

$

194,799 

 

$

176,833 

 

$

(14,127)

 

$

357,505 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

95,223 

 

$

142,354 

 

$

(55,121)

 

$

182,456 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

154 

 

 

387 

 

 

2,225 

 

 

2,766 

Income taxes

 

 

28,503 

 

 

38,315 

 

 

(14,500)

 

 

52,318 

Depreciation

 

 

14,907 

 

 

22,830 

 

 

41 

 

 

37,778 

Amortization

 

 

78 

 

 

7,470 

 

 

 -

 

 

7,548 

EBITDA

 

 

138,865 

 

 

211,356 

 

 

(67,355)

 

 

282,866 

Add/(deduct):

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany interest expense/(income)

 

 

(14,393)

 

 

(8,652)

 

 

23,045 

 

 

 -

Interest income

 

 

(1,046)

 

 

(96)

 

 

(1,720)

 

 

(2,862)

Stock option expense

 

 

 -

 

 

 -

 

 

22,376 

 

 

22,376 

Long-term incentive compensation

 

 

 -

 

 

 -

 

 

7,817 

 

 

7,817 

Litigation settlements

 

 

 -

 

 

2,056 

 

 

 -

 

 

2,056 

Adjusted EBITDA

 

$

123,426 

 

$

204,664 

 

$

(15,837)

 

$

312,253 



 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.


 





 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

RECONCILIATION OF ADJUSTED NET INCOME

(in thousands, except per share data)(unaudited)



 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 



 

Three Months Ended September 30,

 

Nine Months Ended September 30,



 

2024

 

2023

 

2024

 

2023

Net income as reported

 

$

75,776 

 

$

74,958 

 

$

211,680 

 

$

182,456 

Add/(deduct) pre-tax cost of:

 

 

 

 

 

 

 

 

 

 

 

 

Stock option expense

 

 

6,038 

 

 

5,495 

 

 

23,933 

 

 

22,376 

Long-term incentive compensation

 

 

3,083 

 

 

3,553 

 

 

10,460 

 

 

7,817 

Amortization of reacquired franchise rights

 

 

2,352 

 

 

2,352 

 

 

7,056 

 

 

7,056 

Severance arrangement

 

 

 -

 

 

 -

 

 

5,337 

 

 

 -

Acquisition expense

 

 

386 

 

 

 -

 

 

1,339 

 

 

 -

Litigation settlement

 

 

 -

 

 

300 

 

 

 -

 

 

2,056 

Add/(deduct) tax impacts:

 

 

 

 

 

 

 

 

 

 

 

 

Tax impact of the above pre-tax adjustments (1)

 

 

(1,761)

 

 

(1,326)

 

 

(6,762)

 

 

(6,443)

Tax impact of deferred tax rate change

 

 

 -

 

 

(4,241)

 

 

 -

 

 

(4,241)

Excess tax benefits on stock compensation

 

 

(389)

 

 

(225)

 

 

(4,308)

 

 

(3,376)

Adjusted net income

 

$

85,485 

 

$

80,866 

 

$

248,735 

 

$

207,701 



 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share As Reported

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

5.00 

 

$

4.93 

 

$

13.88 

 

$

12.02 

Average number of shares outstanding

 

 

15,168 

 

 

15,200 

 

 

15,253 

 

 

15,178 



 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

5.64 

 

$

5.32 

 

$

16.31 

 

$

13.68 

Average number of shares outstanding

 

 

15,168 

 

 

15,200 

 

 

15,253 

 

 

15,178 



 

 

 

 

 

 

 

 

 

 

 

 

(1) The tax impact of pre-tax adjustments was calculated using the effective tax rate of the operating unit for which each adjustment is associated.



 

 

 

 

 

 

 

 

 

 

 

 

The "Footnotes to Financial Statements" are integral parts of this financial information.




 



 

 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

OPERATING STATISTICS FOR VITAS SEGMENT

(unaudited)



 

 

 

 

 

 

 

 

 

 

 

 

 



Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

OPERATING STATISTICS

2024

 

2023

 

 

2024

 

2023

 

Net revenue ($000) (c)

 

 

 

 

 

 

 

 

 

 

 

 

 

Homecare

$

338,344 

 

$

287,389 

 

 

$

967,981 

 

$

832,554 

 

Inpatient

 

29,923 

 

 

27,818 

 

 

 

89,297 

 

 

84,312 

 

Continuous care

 

25,799 

 

 

22,032 

 

 

 

74,295 

 

 

63,054 

 

Other

 

5,082 

 

 

3,562 

 

 

 

13,900 

 

 

9,738 

 

Subtotal

$

399,148 

 

$

340,801 

 

 

$

1,145,473 

 

$

989,658 

 

Room and board, net

 

(3,336)

 

 

(2,646)

 

 

 

(9,437)

 

 

(8,317)

 

Contractual allowances

 

(2,167)

 

 

(4,302)

 

 

 

(10,077)

 

 

(10,650)

 

Medicare cap allowance

 

(2,239)

 

 

(125)

 

 

 

(5,989)

 

 

(5,625)

 

Net Revenue

$

391,406 

 

$

333,728 

 

 

$

1,119,970 

 

$

965,066 

 

Net revenue as a percent of total before Medicare cap allowance

 

 

 

 

 

 

 

 

 

 

 

 

 

Homecare

 

84.8 

%

 

84.3 

%

 

 

84.5 

%

 

84.1 

%

Inpatient

 

7.5 

 

 

8.2 

 

 

 

7.8 

 

 

8.5 

 

Continuous care

 

6.5 

 

 

6.5 

 

 

 

6.5 

 

 

6.4 

 

Other

 

1.2 

 

 

1.0 

 

 

 

1.2 

 

 

1.0 

 

Subtotal

 

100.0 

 

 

100.0 

 

 

 

100.0 

 

 

100.0 

 

Room and board, net

 

(0.8)

 

 

(0.8)

 

 

 

(0.8)

 

 

(0.8)

 

Contractual allowances

 

(0.5)

 

 

(1.3)

 

 

 

(0.9)

 

 

(1.1)

 

Medicare cap allowance

 

(0.6)

 

 

 -

 

 

 

(0.5)

 

 

(0.6)

 

Net Revenue

 

98.1 

%

 

97.9 

%

 

 

97.8 

%

 

97.5 

%

Days of care

 

 

 

 

 

 

 

 

 

 

 

 

 

Homecare

 

1,622,680 

 

 

1,391,377 

 

 

 

4,621,755 

 

 

4,018,469 

 

Nursing home

 

320,664 

 

 

287,785 

 

 

 

908,013 

 

 

833,112 

 

Respite

 

9,952 

 

 

7,292 

 

 

 

26,806 

 

 

19,211 

 

Subtotal routine homecare and respite

 

1,953,296 

 

 

1,686,454 

 

 

 

5,556,574 

 

 

4,870,792 

 

Inpatient

 

26,524 

 

 

25,493 

 

 

 

79,064 

 

 

76,987 

 

Continuous care

 

24,365 

 

 

23,071 

 

 

 

72,335 

 

 

65,630 

 

Total

 

2,004,185 

 

 

1,735,018 

 

 

 

5,707,973 

 

 

5,013,409 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Number of days in relevant time period

 

92 

 

 

92 

 

 

 

274 

 

 

273 

 

Average daily census ("ADC") (days)

 

 

 

 

 

 

 

 

 

 

 

 

 

Homecare

 

17,639 

 

 

15,124 

 

 

 

16,867 

 

 

14,720 

 

Nursing home

 

3,485 

 

 

3,128 

 

 

 

3,314 

 

 

3,052 

 

Respite

 

108 

 

 

79 

 

 

 

98 

 

 

70 

 

Subtotal routine homecare and respite

 

21,232 

 

 

18,331 

 

 

 

20,279 

 

 

17,842 

 

Inpatient

 

288 

 

 

277 

 

 

 

289 

 

 

282 

 

Continuous care

 

265 

 

 

251 

 

 

 

264 

 

 

240 

 

Total

 

21,785 

 

 

18,859 

 

 

 

20,832 

 

 

18,364 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Total Admissions

 

16,775 

 

 

15,774 

 

 

 

51,020 

 

 

47,564 

 

Total Discharges

 

16,217 

 

 

15,328 

 

 

 

48,285 

 

 

45,837 

 

Average length of stay (days)

 

102.0 

 

 

103.1 

 

 

 

102.2 

 

 

100.8 

 

Median length of stay (days)

 

18.0 

 

 

17.0 

 

 

 

17.0 

 

 

16.0 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

ADC by major diagnosis

 

 

 

 

 

 

 

 

 

 

 

 

 

Cerebro

 

43.6 

%

 

42.0 

%

 

 

43.7 

%

 

42.2 

%

Neurological

 

13.3 

 

 

14.7 

 

 

 

13.3 

 

 

15.9 

 

Cancer

 

10.0 

 

 

10.6 

 

 

 

10.0 

 

 

10.6 

 

Cardio

 

16.3 

 

 

16.4 

 

 

 

16.2 

 

 

16.1 

 

Respiratory

 

7.1 

 

 

7.2 

 

 

 

7.2 

 

 

7.1 

 

Other

 

9.7 

 

 

9.1 

 

 

 

9.6 

 

 

8.1 

 

Total

 

100.0 

%

 

100.0 

%

 

 

100.0 

%

 

100.0 

%

Admissions by major diagnosis

 

 

 

 

 

 

 

 

 

 

 

 

 

Cerebro

 

28.4 

%

 

26.6 

%

 

 

27.7 

%

 

26.3 

%

Neurological

 

7.7 

 

 

8.8 

 

 

 

7.9 

 

 

9.9 

 

Cancer

 

25.7 

 

 

26.1 

 

 

 

25.1 

 

 

26.0 

 

Cardio

 

15.1 

 

 

16.0 

 

 

 

15.7 

 

 

16.2 

 

Respiratory

 

9.5 

 

 

9.7 

 

 

 

9.9 

 

 

10.1 

 

Other

 

13.6 

 

 

12.8 

 

 

 

13.7 

 

 

11.5 

 

Total

 

100.0 

%

 

100.0 

%

 

 

100.0 

%

 

100.0 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated uncollectible accounts as a percent of revenues

 

0.6 

%

 

1.3 

%

 

 

0.9 

%

 

1.1 

%



 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable --

 

 

 

 

 

 

 

 

 

 

 

 

 

Days of revenue outstanding-excluding unapplied Medicare payments

37.5 

 

 

36.4 

 

 

 

n.a.

 

 

n.a.

 

Days of revenue outstanding-including unapplied Medicare payments

35.5 

 

 

33.8 

 

 

 

n.a.

 

 

n.a.

 



 

 

 

 

 

 

 

 

 

 

 

 

 


 

The "Footnotes to Financial Statements" are integral parts of this financial information.

 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHEMED CORPORATION AND SUBSIDIARY COMPANIES

 

FOOTNOTES TO FINANCIAL STATEMENTS

 

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

 

(unaudited)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations

 



(in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Three Months Ended September 30, 2024

 



 

 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Stock option expense

 

$

 -

 

$

 -

 

$

(6,038)

 

$

(6,038)

 



Long-term incentive compensation

 

 

 -

 

 

 -

 

 

(3,083)

 

 

(3,083)

 



Amortization of reacquired franchise agreements

 

 

 -

 

 

(2,352)

 

 

 -

 

 

(2,352)

 



Acquisition expense

 

 

(394)

 

 

 

 

 -

 

 

(386)

 



Pretax impact on earnings

 

 

(394)

 

 

(2,344)

 

 

(9,121)

 

 

(11,859)

 



Excess tax benefits on stock compensation

 

 

 -

 

 

 -

 

 

389 

 

 

389 

 



Income tax benefit on the above

 

 

96 

 

 

546 

 

 

1,119 

 

 

1,761 

 



After-tax impact on earnings

 

$

(298)

 

$

(1,798)

 

$

(7,613)

 

$

(9,709)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Nine Months Ended September 30, 2024

 



 

 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Stock option expense

 

$

 -

 

$

 -

 

$

(23,933)

 

$

(23,933)

 



Long-term incentive compensation

 

 

 -

 

 

 -

 

 

(10,460)

 

 

(10,460)

 



Amortization of reacquired franchise agreements

 

 

 -

 

 

(7,056)

 

 

 -

 

 

(7,056)

 



Severance arrangement

 

 

 -

 

 

 -

 

 

(5,337)

 

 

(5,337)

 



Acquisition expense

 

 

(1,302)

 

 

(37)

 

 

 -

 

 

(1,339)

 



Pretax impact on earnings

 

 

(1,302)

 

 

(7,093)

 

 

(39,730)

 

 

(48,125)

 



Excess tax benefits on stock compensation

 

 

 -

 

 

 -

 

 

4,308 

 

 

4,308 

 



Income tax benefit on the above

 

 

317 

 

 

1,652 

 

 

4,793 

 

 

6,762 

 



After-tax impact on earnings

 

$

(985)

 

$

(5,441)

 

$

(30,629)

 

$

(37,055)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b)

Included in the results of operations for 2023 are the following significant credits/(charges) which may not be indicative of ongoing operations

 



(in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Three Months Ended September 30, 2023

 



 

 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Stock option expense

 

$

 -

 

$

 -

 

$

(5,495)

 

$

(5,495)

 



Long-term incentive compensation

 

 

 -

 

 

 -

 

 

(3,553)

 

 

(3,553)

 



Amortization of reacquired franchise agreements

 

 

 -

 

 

(2,352)

 

 

 -

 

 

(2,352)

 



Litigation settlement

 

 

 -

 

 

(300)

 

 

 -

 

 

(300)

 



Pretax impact on earnings

 

 

 -

 

 

(2,652)

 

 

(9,048)

 

 

(11,700)

 



Excess tax benefits on stock compensation

 

 

 -

 

 

 -

 

 

225 

 

 

225 

 



Tax impact of deferred tax rate change

 

 

1,772 

 

 

3,559 

 

 

(1,090)

 

 

4,241 

 



Income tax benefit on the above

 

 

 -

 

 

412 

 

 

914 

 

 

1,326 

 



After-tax impact on earnings

 

$

1,772 

 

$

1,319 

 

$

(8,999)

 

$

(5,908)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Nine Months Ended September 30, 2023

 



 

 

VITAS

 

Roto-Rooter

 

Corporate

 

Consolidated

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



Stock option expense

 

$

 -

 

$

 -

 

$

(22,376)

 

$

(22,376)

 



Long-term incentive compensation

 

 

 -

 

 

 -

 

 

(7,817)

 

 

(7,817)

 



Amortization of reacquired franchise agreements

 

 

 -

 

 

(7,056)

 

 

 -

 

 

(7,056)

 



Litigation settlements

 

 

 -

 

 

(2,056)

 

 

 -

 

 

(2,056)

 



Pretax impact on earnings

 

 

 -

 

 

(9,112)

 

 

(30,193)

 

 

(39,305)

 



Excess tax benefits on stock compensation

 

 

 -

 

 

 -

 

 

3,376 

 

 

3,376 

 



Tax impact of deferred tax rate change

 

 

1,772 

 

 

3,559 

 

 

(1,090)

 

 

4,241 

 



Income tax benefit on the above

 

 

 -

 

 

2,123 

 

 

4,320 

 

 

6,443 

 



After-tax impact on earnings

 

$

1,772 

 

$

(3,430)

 

$

(23,587)

 

$

(25,245)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

(c)

VITAS has 10 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 22 small (less than 200 ADC) hospice programs.  Of Vitas' 32 Medicare provider numbers, for the trailing 12 months, 24 provider numbers have a Medicare cap cushion of greater than 10%, one provider number has a Medicare cap cushion between 5% and 10%, four provider numbers have a Medicare cap cushion between 0% and 5%, and three provider numbers have a Medicare cap liability.