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:
· |
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% |
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 |
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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 |
2 | 2 | 3 | 61 | ||||||||
Total other income--net |
$ |
9,299 |
$ |
6,859 |
$ |
28,008 |
$ |
8,365 |
CHEMED CORPORATION AND SUBSIDIARY COMPANIES |
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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 |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(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) | 8 |
- |
(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. |
|||||||||||||
|