Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Registrant Name | ADDUS HOMECARE CORPORATION | ||
Entity Central Index Key | 0001468328 | ||
Trading Symbol | ADUS | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 15,826,284 | ||
Entity Public Float | $ 1,335,406,000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | No | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-34504 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-5340172 | ||
Entity Address, Address Line One | 6303 Cowboys Way | ||
Entity Address, Address Line Two | Suite 600 | ||
Entity Address, City or Town | Frisco | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75034 | ||
City Area Code | 469 | ||
Local Phone Number | 535-8200 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Certain portions of the registrant’s Definitive Proxy Statement for its 2021 Annual Meeting of Stockholders (which is expected to be filed with the Commission within 120 days after the end of the registrant’s 2020 fiscal year) are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash | $ 145,078 | $ 111,714 |
Accounts receivable, net of allowances | 132,650 | 149,680 |
Prepaid expenses and other current assets | 9,969 | 7,993 |
Total current assets | 287,697 | 269,387 |
Property and equipment, net of accumulated depreciation and amortization | 19,749 | 12,156 |
Other assets | ||
Goodwill | 469,072 | 275,368 |
Intangibles, net of accumulated amortization | 71,549 | 57,079 |
Deferred tax assets, net | 6,524 | 1,647 |
Operating lease assets, net | 37,991 | 21,111 |
Total other assets | 585,136 | 355,205 |
Total assets | 892,582 | 636,748 |
Current liabilities | ||
Accounts payable | 23,705 | 19,641 |
Accrued payroll | 35,815 | 30,587 |
Accrued expenses | 37,564 | 22,429 |
Government stimulus advances | 32,087 | |
Accrued workers’ compensation insurance | 13,759 | 14,143 |
Current portion of long-term debt | 971 | 728 |
Total current liabilities | 143,901 | 87,528 |
Long-term liabilities | ||
Long-term debt, less current portion, net of debt issuance costs | 193,901 | 59,164 |
Long-term operating lease liabilities | 35,516 | 14,301 |
Other long-term liabilities | 588 | 163 |
Total long-term liabilities | 230,005 | 73,628 |
Total liabilities | 373,906 | 161,156 |
Stockholders’ equity | ||
Common stock—$.001 par value; 40,000 authorized and 15,826 and 15,617 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 16 | 15 |
Additional paid-in capital | 369,495 | 359,545 |
Retained earnings | 149,165 | 116,032 |
Total stockholders’ equity | 518,676 | 475,592 |
Total liabilities and stockholders’ equity | $ 892,582 | $ 636,748 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 15,826,000 | 15,826,000 |
Common stock, shares outstanding | 15,617,000 | 15,617,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net service revenues | $ 764,775 | $ 648,791 | $ 516,647 |
Cost of service revenues | 538,538 | 469,553 | 379,843 |
Gross profit | 226,237 | 179,238 | 136,804 |
General and administrative expenses | 169,679 | 133,912 | 105,335 |
Depreciation and amortization | 12,051 | 10,574 | 8,642 |
Total operating expenses | 181,730 | 144,486 | 113,977 |
Operating income from continuing operations | 44,507 | 34,752 | 22,827 |
Interest income | (624) | (1,523) | (2,592) |
Interest expense | 3,189 | 3,105 | 5,016 |
Total interest expense, net | 2,565 | 1,582 | 2,424 |
Income from continuing operations before income taxes | 41,942 | 33,170 | 20,403 |
Income tax expense | 8,809 | 7,359 | 4,096 |
Net income from continuing operations | 33,133 | 25,811 | 16,307 |
(Loss) earnings from discontinued operations | (574) | 126 | |
Net income | $ 33,133 | $ 25,237 | $ 16,433 |
Basic income per share | |||
Continuing operations | $ 2.12 | $ 1.87 | $ 1.35 |
Discontinued operations | (0.04) | 0.01 | |
Basic income per share | 2.12 | 1.83 | 1.36 |
Diluted income per share | |||
Continuing operations | 2.08 | 1.81 | 1.32 |
Discontinued operations | (0.04) | 0.01 | |
Diluted income per share | $ 2.08 | $ 1.77 | $ 1.33 |
Weighted average number of common shares and potential common shares outstanding: | |||
Basic | 15,596 | 13,816 | 12,049 |
Diluted | 15,956 | 14,248 | 12,383 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2017 | $ 170,337 | $ 12 | $ 95,963 | $ 74,362 |
Balance, shares at Dec. 31, 2017 | 11,632 | |||
Issuance of shares of common stock under restricted stock award agreements, shares | 78 | |||
Forfeiture of shares of common stock under restricted stock award agreements, shares | (16) | |||
Stock-based compensation | 4,109 | 4,109 | ||
Shares issued for exercise of stock options | 994 | 994 | ||
Shares issued for exercise of stock options, shares | 42 | |||
Shares issued in secondary and public offering, net of offering costs | 76,618 | $ 1 | 76,617 | |
Shares issued in secondary and public offering, net of offering costs, shares | 1,390 | |||
Net income | 16,433 | 16,433 | ||
Balance at Dec. 31, 2018 | 268,491 | $ 13 | 177,683 | 90,795 |
Balance, shares at Dec. 31, 2018 | 13,126 | |||
Issuance of shares of common stock under restricted stock award agreements, shares | 70 | |||
Forfeiture of shares of common stock under restricted stock award agreements, shares | (4) | |||
Stock-based compensation | 5,766 | 5,766 | ||
Shares issued for exercise of stock options | 3,153 | 3,153 | ||
Shares issued for exercise of stock options, shares | 125 | |||
Shares issued in secondary and public offering, net of offering costs | 172,945 | $ 2 | 172,943 | |
Shares issued in secondary and public offering, net of offering costs, shares | 2,300 | |||
Net income | 25,237 | 25,237 | ||
Balance at Dec. 31, 2019 | 475,592 | $ 15 | 359,545 | 116,032 |
Balance, shares at Dec. 31, 2019 | 15,617 | |||
Issuance of shares of common stock under restricted stock award agreements, shares | 88 | |||
Forfeiture of shares of common stock under restricted stock award agreements, shares | (6) | |||
Stock-based compensation | 6,005 | 6,005 | ||
Shares issued for exercise of stock options | 3,946 | $ 1 | 3,945 | |
Shares issued for exercise of stock options, shares | 127 | |||
Net income | 33,133 | 33,133 | ||
Balance at Dec. 31, 2020 | $ 518,676 | $ 16 | $ 369,495 | $ 149,165 |
Balance, shares at Dec. 31, 2020 | 15,826 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash flows from operating activities: | ||||
Net income | $ 33,133 | $ 25,237 | $ 16,433 | |
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions: | ||||
Depreciation and amortization | 12,051 | 10,574 | 8,642 | |
Deferred income taxes | (4,652) | (1,063) | (375) | |
Stock-based compensation | 6,005 | 5,766 | 4,109 | |
Amortization of debt issuance costs under the credit facility | 737 | 716 | 606 | |
Provision for doubtful accounts | 918 | 343 | 272 | [1] |
Contingent consideration | (847) | |||
Loss (gain) on sale and/or impairment of assets | 1,256 | 38 | ||
Changes in operating assets and liabilities, net of acquisitions: | ||||
Accounts receivable | 23,860 | (37,478) | (697) | |
Prepaid expenses and other current assets | (1,973) | (792) | 1,652 | |
Government stimulus advances | 19,393 | |||
Accounts payable | 2,159 | 4,638 | 4,235 | |
Accrued expenses and other liabilities | 16,524 | 4,078 | (865) | |
Net cash provided by operating activities | 109,411 | 12,019 | 33,203 | |
Cash flows from investing activities: | ||||
Acquisitions of businesses, net of cash acquired | (207,660) | (184,076) | (62,440) | |
Proceeds on disposal of businesses | 255 | |||
Purchases of property and equipment | (6,831) | (4,621) | (5,349) | |
Net cash used in investing activities | (214,236) | (188,697) | (67,789) | |
Cash flows from financing activities: | ||||
Proceeds from issuance of common stock, net of issuance costs | 172,945 | 76,618 | ||
Borrowings on revolver — credit facility | 135,000 | 23,458 | 20,000 | |
Borrowings on term loan — credit facility | 19,600 | 60,420 | ||
Payments on term loan — credit facility | (735) | (735) | (104,858) | |
Payments on financing lease obligations | (22) | (63) | (1,013) | |
Payments for debt issuance costs under the credit facility | (372) | (923) | ||
Cash received from exercise of stock options | 3,946 | 3,153 | 994 | |
Net cash provided by financing activities | 138,189 | 217,986 | 51,238 | |
Net change in cash | 33,364 | 41,308 | 16,652 | |
Cash, at beginning of period | 111,714 | 70,406 | 53,754 | |
Cash, at end of period | 145,078 | 111,714 | 70,406 | |
Supplemental disclosures of cash flow information: | ||||
Cash paid for interest | 2,365 | 2,320 | 4,339 | |
Cash paid for income taxes | 10,590 | 7,303 | 4,097 | |
Supplemental disclosures of non-cash investing and financing activities | ||||
Leasehold improvements acquired through tenant allowances | 5,161 | 682 | ||
Tax benefit related to the amortization of tax goodwill in excess of book basis | $ 225 | $ 117 | $ 117 | |
[1] | With the adoption of ASU 2014-09, Revenue from Contracts with Customers, |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 1. Significant Accounting Policies Basis of Presentation and Description of Business The Consolidated Financial Statements include the accounts of Addus HomeCare Corporation (“Holdings”) and its subsidiaries (together with Holdings, the “Company,” “we,” “us,” or “our”). The Company operates as a multi-state provider of three distinct but related business segments providing in-home services. In its personal care services segment, the Company provides non-medical assistance with activities of daily living, primarily to persons who are at increased risk of hospitalization or institutionalization, such as the elderly, chronically ill or disabled. In its hospice segment, the Company provides physical, emotional and spiritual care for people who are terminally ill as well as related services for their families. In its home health segment, the Company provides services that are primarily medical in nature to individuals who may require assistance during an illness or after hospitalization and include skilled nursing and physical, occupational and speech therapy. The Company’s payor clients include federal, state and local governmental agencies, managed care organizations, commercial insurers and private individuals. Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation. Discontinued Operations In 2013, the Company sold substantially all of the assets used in its then home health business (the “2013 Home Health Business”) in Arkansas, Nevada and South Carolina, and 90% of the 2013 Home Health Business in California and Illinois. Effective October 1, 2017, the Company sold its remaining 10% ownership interest in the 2013 Home Health Business in California and Illinois. The results of the 2013 Home Health Business are reflected as discontinued operations for all periods presented herein. For the year ended December 31, 2019, in connection with a 2013 Home Health Business litigation settlement, the Company recognized an expense of $0.6 million. The lawsuit was dismissed in full on October 15, 2019. For the years ended December 31, 2018, discontinued operations consisted of the reduction of the indemnification reserve, net of tax, for the Company’s 2013 Home Health Business. Revenue Recognition Net service revenue is recognized at the amount that reflects the consideration the Company expects to receive in exchange for providing services directly to consumers. Receipts are from federal, state and local governmental agencies, managed care organizations, commercial insurers and private consumers for services rendered. The Company assesses the consumers' ability to pay at the time of their admission based on the Company's verification of the customer's insurance coverage under the Medicare, Medicaid, and other commercial or managed care insurance programs. Laws and regulations governing the governmental programs in which the Company participates are complex and subject to interpretation. related to uninsured accounts, or self-pay, is recorded of implicit price concessions stimated based on enue to the estimated amount the Company expects to collect Amounts collected from all sources may be less than amounts billed due to implicit price concessions, resulting from client eligibility issues, insufficient or incomplete documentation, services at levels other than authorized, pricing differences and other reasons unrelated to credit risk. The Company monitors our net service revenues and collections from these sources and records any necessary adjustment to net service revenues The initial estimate of net service revenues is determined by reducing the standard charge by any contractual adjustments, discounts, and implicit price concessions. Subsequent changes to the estimate of net service revenues are generally recorded in the period of the change. Changes in estimates of implicit price concessions, discounts, and contractual adjustments for performance obligations satisfied in prior years resulted in additional net service revenue of $3.0 million and $1.3 million, for the years ended December 31, 2019 and 2018, respectively. Subsequent changes that are determined to be the result of an adverse change in the patient's ability to pay are recorded as bad debt expense. Personal Care The majority of the Company’s net service revenues are generated from providing personal care services directly to consumers under contracts with state, local and other governmental agencies, managed care organizations, commercial insurers and private consumers. Generally, these contracts, which are negotiated based on current contracting practices as appropriate for the payor, establish the terms of a customer relationship and set the broad range of terms for services to be performed at a stated rate. However, the contracts do not give rise to rights and oblig ations until an order is placed with the Company. When an order is placed, it creates the performance obligation to provide a defined quantity of service hours, or authorized hours, per consumer. The Company satisfies its performance obligations over time, given that consumers simultaneously receive and consume the benefits provided by the Company as the services are performed. As the Company has a right to consideration from customers commensurate with the value provided to customers from the performance c ompleted over a given invoice period, the Company has elected to use the practical expedient for measuring progress toward satisfaction of performance obligations and recognizes patient service revenue in the amount to which the Company has a right to invo ice. Hospice Revenue The Company generates net service revenues from providing hospice services to consumers who are terminally ill as well as related services for their families Home Health Revenue The Company also generates net service revenues from providing home healthcare services directly to consumers mainly under contracts with Medicare and managed care organizations. Generally, these contracts, which are negotiated based on current contracting practices as appropriate for the payor, establish the terms of a relationship and set the broad range of terms for services to be performed on an episodic basis at a stated rate. Home health Medicare services were paid under the Medicare Home Health Prospective Payment System (“HHPPS”), for the year ended December 31, 2020, which is based on 30-day periods of care as a unit of service. The HHPPS permits multiple, continuous periods per patient. Medicare payment rates for periods under HHPPS vary based on the severity of the patient’s condition as determined by assessment of a patient’s Home Health Resource Group score. The Company elects to use the same 30-day periods that Medicare recognizes as standard but accelerates revenue upon discharge to align with a patient’s episode length if less than the expected 30 days, which depicts the transfer of services and related benefits received by the patient over the term of the contract necessary to satisfy the obligations. The Company recognizes revenue based on the number of days elapsed during a period of care within the reporting period. The Company satisfies its performance obligations as consumers receive and consume the benefits provided by the Company as the services are performed. As the Company has a right to consideration from Medicare commensurate with the services provided to customers from the performance completed over a given episodic period, the Company has elected to use the practical expedient for measuring progress toward satisfaction of performance obligations. Under this method recognizing revenue ratably over the episode based on beginning and ending dates is a reasonable proxy for the transfer of benefit of the service. Accounts Receivable and Allowances Accounts receivable is reduced to the amount expected to be collected in future periods for services rendered to customers prior to the balance sheet date. Management estimates the value of accounts receivable, net of allowances for implicit price concessions, based upon historical experience and other factors, including an aging of accounts receivable, evaluation of expected adjustments, past adjustments and collection experience in relation to amounts billed, current contract and reimbursement terms, shifts in payors and other relevant information. Collection of net service revenues the Company expects to receive is normally a function of providing complete and correct billing information to the payors within the various filing deadlines. The evaluation of these historical and other factors involves complex, subjective judgments impacting the determination of the implicit price concession assumption. In addition, the Company compares its cash collections to recorded net service revenues and evaluates its historical allowance, including implicit price concessions, based upon the ultimate resolution of the accounts receivable balance. Prior to 2018, the Company established an allowance for doubtful accounts to the extent it was probable that a portion or all of a particular account will not be collected. The Company established its provision for doubtful accounts primarily by reviewing the creditworthiness of significant customers and through evaluations over the collectability of the receivables. An allowance for doubtful accounts was maintained at a level that the Company’s management believed was sufficient to cover potential losses. With the modified retrospective adoption of ASU 2014-09, Revenue from Contracts with Customers, in 2018, subsequent adjustments that are determined to be the result of an adverse change in the payor’s ability to pay are recognized as . The majority of what historically was classified as provision for doubtful accounts under operating expenses is now treated as an implicit price concession factored into the determination of net service revenues discussed above. Our collection procedures include review of account aging and direct contact with our payors. We have historically not used collection agencies. An uncollectible amount is written off to t he allowance account after reasonable collection efforts have been exhausted. As of December 31, 2020 and 2019 , t he allowance for doubtful accounts balance was $ 1.0 million and $ 1.0 million, respectively, which is included in accounts receivable, n et of allowances on the Company’s Consolidated Balance Sheets . Activity in the allowance for doubtful accounts is as follows (in thousands): Allowance for doubtful accounts Balance at beginning of period Additions/ charges Deductions (1) Balance at end of period Year ended December 31, 2020 Allowance for doubtful accounts $ 962 918 907 $ 973 Year ended December 31, 2019 Allowance for doubtful accounts $ 945 343 326 $ 962 Year ended December 31, 2018 (2) Allowance for doubtful accounts $ 18,749 272 18,076 $ 945 (1) (2) With the adoption of ASU 2014-09, Revenue from Contracts with Customers, Property and Equipment Property and equipment are recorded at cost and depreciated over the estimated useful lives of the related assets by use of the straight-line method. Maintenance and repairs are charged to expense as incurred. The estimated useful lives of the property and equipment are as follows: Computer equipment 3-5 years Furniture and equipment 5-7 years Transportation equipment 5 years Computer software 3-10 years Leasehold improvements Lesser of useful life or lease term Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases We have historically entered into operating leases for local branches, our corporate headquarters and certain equipment. The Company’s current leases have expiration dates through 2031. Certain of our arrangements have free rent periods and/or escalating rent payment provisions. We recognize rent expense on a straight-line basis over the lease term. Certain of the Company’s leases include termination options and renewal options for periods ranging from one to five years. Renewal options generally are not considered in determining the lease term, and payments associated with the option years are excluded from lease payments unless we are reasonably certain to exercise the renewal option. The operating lease liabilities are calculated using the present value of lease payments. If available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Operating lease assets are valued based on the initial operating lease liabilities plus any prepaid rent, reduced by tenant improvement allowances. Operating lease assets are tested for impairment in the same manner as our long-lived assets. For the year ended December 31, 2020, we impaired approximately $1.0 million in operating lease assets, as a result of expanding the Frisco corporate headquarters, included within general and administrative expenses. See Note 2 for additional information related to leases. Goodwill and Intangible Assets Under business combination accounting, assets and liabilities are generally recognized at their fair values and the difference between the consideration transferred, excluding transaction costs, and the fair values of the assets and liabilities is recognized as goodwill. The Company uses various valuation techniques to determine initial fair value of its intangible assets, including relief-from-royalty, income approach, discounted cash flow analysis, and multi-period excess earnings, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about future market growth and trends, forecasted revenue and costs, expected periods over which the assets will be utilized, appropriate discount rates and other variables. The Company estimates the fair values of the trade names using the relief-from-royalty method, which requires assumptions such as the long-term growth rates of future revenues, the relief from royalty rate for such revenue, the tax rate and the discount rate. The Company estimates the fair value of existing indefinite-lived state licenses based on a blended approach of the replacement cost method and cost savings method, which involves estimating the total process costs and opportunity costs to obtain a license, by estimating future earnings before interest and taxes and applying an estimated discount rate, tax rate and time to obtain the license. The Company estimates the fair value of existing finite-lived state licenses based on a method of analyzing the definite revenue streams with the license and without the license, which involves estimating revenues and expenses, estimated time to build up to a current revenue base, which is market specific, and the non-licensed revenue allocation, revenue growth rates, discount rate and tax amortization benefits. The Company estimates the fair value of customer and referral relationships based on a multi-period excess earnings method, which involves identifying revenue streams associated with the assets, estimating the attrition rates based upon historical financial data, expenses and cash flows associated with the assets, contributory asset charges, rates of return for specific assets, growth rates, discount rate and tax amortization benefits. The Company estimates the fair value of non-competition agreements based on a method of analyzing the factors to compete and factors not to compete, which involves estimating historical financial data, forecasted financial statements, growth rates, tax amortization benefit, discount rate, review of factors to compete and factors not to compete as well as an assessment of the probability of successful competition for each non-competition agreement. The Company bases its fair value estimates on assumptions the Company believes to be reasonable but which are unpredictable and inherently uncertain. Actual future results may differ from those estimates. The Company’s carrying value of goodwill is the excess of the purchase price over the fair value of the net assets acquired from various acquisitions. In accordance with Accounting Standards Codification (“ASC”) Topic 350, Goodwill and Other Intangible Assets The goodwill impairment test involves comparing the fair value of a reporting unit with its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, then goodwill is not impaired. If the fair value of a reporting unit is less than its carrying value, then goodwill is impaired to the extent of the difference. The Company’s identifiable intangible assets consist of customer and referral relationships, trade names, trademarks, state licenses and non-competition agreements. Definite-lived intangible assets are amortized using straight-line and accelerated methods based upon the estimated useful lives of the respective assets, which range from one to twenty-five years Goodwill and Other Intangible Assets Debt Issuance Costs The Company amortizes debt issuance costs on a straight-line method over the term of the related debt. This method approximates the effective interest method. In accordance with ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs Workers’ Compensation Program The Company’s workers’ compensation insurance program has a $0.4 million deductible component. The Company recognizes its obligations associated with this program in the period the claim is incurred. The cost of both the claims reported and claims incurred but not reported, up to the deductible, have been accrued based on historical claims experience, industry statistics and an actuarial analysis. The future claims payments related to the workers’ compensation program are secured by letters of credit. These letters of credit totaled $9.0 million and $10.0 million at December 31, 2020 and 2019, respectively. The Company monitors its claims quarterly and adjusts its reserves accordingly. These costs are recorded primarily as the cost of services on the Consolidated Statements of Income. As of December 31, 2020 and 2019, the Company recorded $13.8 million and $14.1 million, respectively, in accrued workers’ compensation insurance on the Company’s Consolidated Balance Sheets. As of December 31, 2020 and 2019, the Company recorded $1.9 million and $2.0 million, respectively, in workers’ compensation insurance receivables. The workers’ compensation insurance receivable is included in prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets. Interest Income Illinois law entitles designated service program providers to receive a prompt payment interest penalty based on qualifying services approved for payment that remain unpaid after a designated period of time. As the amount and timing of the receipt of these payments are not certain, the interest income is recognized when received and reported in the statement of income caption, “Interest income.” For the years ended December 31, 2019 and 2018, the Company received $0.7 million and $2.3 million, respectively, in prompt payment interest. For the year ended December 31, 2020, prompt payment interest received was immaterial. While the Company may be owed additional prompt payment interest in the future, the amount, timing and intent to provide receipt of such payments remains uncertain, and the Company will continue to recognize prompt payment interest income upon satisfaction of these constraints. Interest Expense Interest expense is reported in the Consolidated Statements of Income when incurred and consists of (i) interest and unused credit line fees on the credit facility, evidenced by the Credit Agreement (as defined in Note 8), (ii) interest on our financing lease obligations and (iii) amortization and write-off of debt issuance costs. Income Tax Expense The Company accounts for income taxes under the provisions of ASC Topic 740, Income Taxes. Stock-based Compensation The Company currently has one stock incentive plan, the 2017 Omnibus Incentive Plan (the “2017 Plan”), under which new grants of stock-based employee compensation are made. The Company accounts for stock-based compensatio n in accordance with ASC Topic 718, Stock Compensation . Compensation expense is recognized on a straight-line basis under the 2017 Plan over the vesting period of the equity awards based on the grant date fair value of the options and restricted stock awar ds. The Company utilizes the Black-Scholes Option Pricing Model to value the Company’s options. Forfeitures are recognized when they occur. Stock-based compensation expense was $ 6.0 million, $ 5.8 million and $ 4.1 million for the years ended December 31, 2020, 2019 and 2018 , respectively, within general and administrative expenses on the Consolidated Statements of Income . Diluted Net Income Per Common Share Diluted net income per common share, calculated on the treasury stock method, is based on the weighted average number of shares outstanding during the period. The Company’s outstanding securities that may potentially dilute the common stock are stock options and restricted stock awards. Included in the Company’s calculation of diluted earnings per share for the year ended December 31, 2020 were approximately 506,000 stock options outstanding, of which approximately 304,000 were dilutive. In addition, there were approximately 154,000 restricted stock awards outstanding, of which approximately 57,000 were dilutive for the year ended December 31, 2020. Included in the Company’s calculation of diluted earnings per share for the year ended December 31, 2019 were approximately 648,000 stock options outstanding, of which approximately 346,000 were dilutive. In addition, there were approximately 149,000 restricted stock awards outstanding, of which approximately 86,000 were dilutive for the year ended December 31, 2019. Included in the Company’s calculation of diluted earnings per share for the year ended December 31, 2018 were approximately 683,000 stock options outstanding, of which approximately 247,000 were dilutive. In addition, there were approximately 149,000 restricted stock awards outstanding, of which approximately 88,000 were dilutive for the year ended December 31, 2018. Estimates The financial statements are prepared by management in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and include estimated amounts and certain disclosures based on assumptions about future events. The Company’s critical accounting estimates include the following areas: revenue recognition, Fair Value Measurements The Company’s financial instruments consist of cash, accounts receivable, payables and debt. The carrying amounts reported on the Company’s Consolidated Balance Sheets for cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. The carrying value of the Company’s long-term debt with variable interest rates approximates fair value based on instruments with similar terms using level 2 inputs as defined under ASC Topic 820, Fair Value Measurement The Company applies fair value techniques on a non-recurring basis associated with valuing potential impairment losses related to goodwill, if required, and indefinite-lived intangible assets and also when determining the fair value of contingent consideration, if applicable. To determine the fair value in these situations, the Company uses Level 3 inputs, under ASC Topic 820 and defined as unobservable inputs in which little or no market data exists; therefore requiring an entity to develop its own assumptions, such as discounted cash flows, or if available, what a market participant would pay on the measurement date. The Company uses various valuation techniques to determine fair value of its intangible assets, including relief-from-royalty, income approach, discounted cash flow analysis, and multi-period excess earnings, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about future market growth and trends, forecasted revenue and costs, expected periods over which the assets will be utilized, appropriate discount rates and other variables. Going Concern In connection with the preparation of the financial statements for the years ended December 31, 2020 and 2019, the Company conducted an evaluation as to whether there were conditions and events, considered in the aggregate, which raised substantial doubt as to the entity’s ability to continue as a going concern within one year after the date of the issuance, or the date of availability, of the financial statements to be issued. The evaluation concluded that cash flows are sufficient for the next year and there did not appear to be evidence of substantial doubt of the entity’s ability to continue as a going concern. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments. We have reviewed our provision for doubtful accounts process as required by ASU 2016-13. Management estimates allowances on accounts receivable based upon historical experience and other factors, including an aging of accounts receivable, evaluation of expected adjustments, past adjustments and collection experience in relation to amounts billed, current contract and reimbursement terms, shifts in payors and other current relevant information In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 2. Leases Amounts reported in the Consolidated Balance Sheets as of December 31, 2020 and 2019 for our operating leases were as follows: December 31, 2020 2019 (Amounts in Thousands) Operating lease assets, net $ 37,991 $ 21,111 Short-term operating lease liabilities (in accrued expenses) 9,283 7,234 Long-term operating lease liabilities 35,516 14,301 Total operating lease liabilities $ 44,799 $ 21,535 The Company signed an eleven-year Lease Costs Components of lease cost were reported in general and administrative expenses in the Consolidated Statements of Income as follows: For the Years Ended December 31, (Amounts in Thousands) 2020 2019 Operating lease costs $ 9,197 $ 7,219 Short-term lease costs 761 585 Less: sublease income (323 ) (312 ) Total lease cost, net $ 9,635 $ 7,492 Lease Term and Discount Rate Weighted average remaining lease terms and discount rates for the years ended December 31, 2020 and 2019 were as follows: 2020 2019 Operating leases: Weighted average remaining lease term 6.97 3.42 Weighted average discount rate 4.18 % 5.14 % Maturity of Lease Liabilities A summary of our remaining operating lease payments as of December 31, 2020 were as follows: Operating Leases (Amounts in Thousands) Due in 12-month period ended December 31, 2021 $ 10,681 2022 9,007 2023 6,977 2024 5,231 2025 3,521 Thereafter 16,514 Total future minimum rental commitments 51,931 Less: Imputed interest (7,132 ) Total lease liabilities $ 44,799 Supplemental cash flows information For the Years Ended December 31, (Amounts in Thousands) 2020 2019 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,769 $ 7,574 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 25,807 $ 10,299 Comparative Disclosure Prior to the Adoption of the New Lease Accounting Standard (ASU 2016-02) Aggregate rental expense for all operating leases amounted to $6.0 million for the year ended December 31, 2018. During the year ended December 31, 2018, we recognized sublease income of $0.3 million related to our leased space in Downers Grove Financing Leases Some of our financing leases include provisions to purchase the asset at the conclusion of the lease. The adoption of ASC 842 did not impact the accounting for these leases. Financing leases were not material as of December 31, 2020 and 2019. |
Public Offering
Public Offering | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Public Offering | 3. Public Offering On September 9, 2019, the Company completed a public offering of an aggregate 2,300,000 shares of common stock, par value $0.001 per share, at a public offering price of $79.50 per share (the “Public Offering”). The Company received net proceeds of approximately $172.9 million, after deducting underwriting discounts and estimated offering expenses of approximately $9.9 million. The Company used the net proceeds of the Public Offering to The Public Offering resulted in an increase to additional paid in capital of approximately $172.9 million on the Company’s Consolidated Balance Sheets at December 31, 2019. On August 20, 2018, the Company together with Eos Capital Partners III, L.P. (the “Selling Stockholder”) completed a secondary public offering of an aggregate 2,100,000 shares of common stock, par value $0.001 per share at a purchase price per share to the public of $59.00 (the “2018 Public Offering Price”). Pursuant to the terms and conditions of the Underwriting Agreement, 1,075,267 shares of Common Stock were issued and sold by the Company (the “Primary Shares”) and 1,024,733 shares of Common Stock were sold by the Selling Stockholder (the “Secondary Shares”). The Company received net proceeds of approximately $59.1 million from the sale of 1,075,267 Primary Shares. On August 22, 2018, the underwriters exercised their full over-allotment option in connection with the offering and, as a result, the Company issued and sold an additional 315,000 shares of common stock to the underwriters at the 2018 Public Offering Price, less the underwriting discount. The over-allotment resulted in additional net proceeds to the Company of approximately $17.5 million. The Company used the net proceeds from the offering for general corporate purposes, and to pay down the $102.6 million of our delayed term loan in connection with the amendment and restatement of our credit facility. The Company did not receive any of the proceeds from the sale of the Secondary Shares. The secondary offering resulted in an increase to additional paid in capital of approximately $76.6 million, net of issuance costs of $5.4 million, on the Company’s Consolidated Balance Sheets at December 31, 2018. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | 4. Acquisitions The Company’s acquisitions have been accounted for in accordance with ASC Topic 805, Business Combinations Goodwill and Other Intangible Assets Management’s assessment of qualitative factors affecting goodwill for each acquisition includes estimates of market share at the date of purchase, ability to grow in the market, synergy with existing Company operations and the payor profile in the markets. Queen City Hospice On December 4, 2020, we completed the acquisition of Queen City Hospice, LLC and its affiliate Miracle City Hospice, LLC (together “Queen City Hospice”) Based upon management’s valuations, which are preliminary and subject to completion of working capital adjustments, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 169,207 Identifiable intangible assets 20,015 Cash 15,444 Property and equipment 759 Accounts receivable 5,835 Operating lease assets, net 3,028 Other assets 121 Accounts payable (2,092 ) Accrued expenses (503 ) Accrued payroll (1,598 ) Long-term operating lease liabilities (2,765 ) Government stimulus advances (12,694 ) Total purchase price $ 194,757 Identifiable intangible assets acquired included $11.0 million in trade names, $1.5 million of non-competition agreements with estimated useful lives of fifteen years and five years, respectively, and $7.5 million of indefinite lived state licenses. The preliminary estimated fair value of identifiable intangible assets was determined with the assistance of a valuation specialist, using Level 3 inputs as defined under ASC Topic 820. The fair value analysis and related valuations reflect the conclusions of management. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. The goodwill and intangible assets acquired are deductible for tax purposes. The Queen City Hospice acquisition accounted for $4.9 million of net service revenues and $0.6 million of operating income for the year ended December 31, 2020. County Homemakers On November 1, 2020, we completed the acquisition of County Homemakers. The purchase price was approximately $15.8 million, including the amount of acquired excess cash held by County Homemakers at the closing of the acquisition (approximately $1.1 million). The purchase of County Homemakers was funded with the Company’s available cash. With the purchase of County Homemakers, the Company expanded its personal care services in the state of Pennsylvania. The related acquisition costs were $0.3 million and integration costs were $0.2 million for the year ended December 31, 2020. These costs were included in general and administrative expenses on the Consolidated Statements of Income and were expensed as incurred. Based upon management’s valuations, which are preliminary and subject to completion of working capital adjustments, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 13,363 Identifiable intangible assets 474 Cash 1,104 Property and equipment 52 Accounts receivable 1,387 Operating lease assets, net 485 Other assets 40 Accounts payable (19 ) Accrued expenses (37 ) Accrued payroll (543 ) Long-term operating lease liabilities (485 ) Total purchase price $ 15,821 Identifiable intangible assets acquired included approximately $0.3 million in state licenses and $0.1 million in trade names with estimated useful lives of eight years and one year, respectively. The preliminary estimated fair value of identifiable intangible assets was determined with the assistance of a valuation specialist, using Level 3 inputs as defined under ASC Topic 820. The fair value analysis and related valuations reflect the conclusions of management. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. The goodwill and intangible assets acquired are deductible for tax purposes. The County Homemakers acquisition accounted for $2.3 million of net service revenues and $0.2 million of operating income for the year ended December 31, 2020. A Plus Health Care On July 1, 2020, we completed the acquisition of A Plus Health Care, Inc. (“A Plus”). The purchase price was approximately $14.5 million, including the amount of acquired excess cash held by A Plus at the closing of the acquisition (approximately $2.8 million). The purchase of A Plus was funded with the Company’s available cash. With the purchase of A Plus, the Company expanded its personal care services in the state of Montana. The related acquisition costs were $0.4 million and integration costs were $0.3 million for the year ended December 31, 2020. These costs were included in general and administrative expenses on the Consolidated Statements of Income and were expensed as incurred. Based upon management’s valuations, which are preliminary and subject to completion of working capital adjustments, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 9,698 Identifiable intangible assets 1,523 Cash 2,819 Accounts receivable 1,075 Operating lease assets, net 180 Other assets 26 Accounts payable (21 ) Accrued expenses (362 ) Accrued payroll (311 ) Long-term operating lease liabilities (100 ) Total purchase price $ 14,527 Identifiable intangible assets acquired included $1.4 million in trade names with an estimated useful life of fifteen years. The preliminary estimated fair value of identifiable intangible assets was determined with the assistance of a valuation specialist, using Level 3 inputs as defined under ASC Topic 820. The fair value analysis and related valuations reflect the conclusions of management. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. The goodwill and intangible assets acquired are deductible for tax purposes. The A Plus acquisition accounted for $4.9 million of net service revenues and $1.0 million of operating income for the year ended December 31, 2020. SunLife Hospice On December 1, 2020, we completed the acquisition of SunLife Home Care (“SunLife”) for approximately $1.7 million and recorded goodwill of $1.6 million. With the purchase of SunLife Home Care, we expanded our personal care services in the state of Arizona. Hospice Partners On October 1, 2019, the Company completed the acquisition of Hospice Partners”). The purchase price was approximately $135.6 million, Hospice Partners . The purchase of Hospice Partners was funded through a portion of the net proceeds of our public offering of an aggregate 2,300,000 shares of common stock, par value $0.001 per share, including 300,000 shares of common stock sold pursuant to the exercise in full by the underwriters of their option to purchase additional shares at a public offering price of $79.50 per share, which the Company completed on September 9, 2019 (the “Public Offering”). With the purchase of Hospice Partners, we expanded our hospice operations million and $ 0.6 million for the years ended December 31, 2020 and 2019, respectively. These costs were included in general and administrative expenses on the Con solidated Statements of Income and were expensed as incurred. Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 111,806 Identifiable intangible assets 18,090 Cash 5,489 Property and equipment 164 Accounts receivable 6,411 Operating lease assets, net 2,425 Other assets 702 Accounts payable (1,737 ) Accrued expenses (3,635 ) Accrued payroll (1,110 ) Deferred tax liability (1,422 ) Long-term operating lease liabilities (1,615 ) Total purchase price $ 135,568 Identifiable intangible assets acquired consist of $9.5 million in trade names with estimated useful lives of fifteen years, $2.5 million in non-competition agreements with estimated useful lives of three to five years and $6.1 million of indefinite lived state licenses. The estimated fair value of identifiable intangible assets was determined with the assistance of a valuation specialist, using Level 3 inputs as defined under ASC Topic 820. The fair value analysis and related valuations reflect the conclusions of management. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. The goodwill and intangible assets acquired are deductible for tax purposes. The Hospice Partners acquisition accounted for $14.8 million of net service revenues and $2.3 million of operating income for the year ended December 31, 2019. Alliance Home Health Care On August 1, 2019, the Company completed the acquisition of all of the assets of Alliance Home Health Care (“Alliance”). The purchase price was approximately $23.5 million. The purchase of Alliance was funded through the Company’s revolving credit facility and available cash. With the purchase of Alliance, the Company expanded its personal care, home health and hospice operations in the state of New Mexico. The related acquisition costs were $0.4 million for the year ended December 31, 2019 and integration costs were $0.2 million and $0.4 million for the years ended December 31, 2020 and 2019, respectively. These costs were included in general and administrative expenses on the Consolidated Statements of Income and were expensed as incurred. Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 17,062 Identifiable intangible assets 5,422 Cash 177 Accounts receivable 1,754 Accounts payable (316 ) Other liabilities (641 ) Total purchase price $ 23,458 Identifiable intangible assets acquired consist of $1.1 million in state licenses, subject to amortization, with an estimated useful life of ten years and $4.3 million of indefinite lived state licenses. The estimated fair value of identifiable intangible assets was determined with the assistance of a valuation specialist, using Level 3 inputs as defined under ASC Topic 820. The fair value analysis and related valuations reflect the conclusions of management. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. The goodwill and intangible assets acquired are deductible for tax purposes. The Alliance acquisition accounted for $8.8 million of net service revenues and $2.1 million of operating income for the year ended December 31, 2019. VIP Health Care Services On June 1, 2019, the Company completed the acquisition of all of the assets of VIP Health Care Services (“VIP”). The purchase price was approximately $29.9 million. The purchase of VIP was funded through a combination of the Company’s delayed draw term loan portion of its credit facility and available cash. With the purchase of VIP, the Company expanded its personal care operations in the state of New York and into the New York City metropolitan area. The related acquisition costs were $0.3 million for the year ended December 31, 2019 and integration costs were $0.2 million and $0.5 million for the years ended December 31, 2020 and 2019, respectively. These costs were included in general and administrative expenses on the Consolidated Statements of Income and were expensed as incurred. Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 11,936 Identifiable intangible assets 15,370 Cash 130 Accounts receivable 4,730 Operating lease assets, net 2,278 Other assets 30 Property and equipment 27 Accounts payable (540 ) Accrued expenses (770 ) Accrued payroll (1,742 ) Long-term operating lease liabilities (1,531 ) Total purchase price $ 29,918 Identifiable intangible assets acquired consist of $10.7 million in state licenses, subject to amortization, and $4.7 million in customer relationships, with estimated useful lives of six and eight years, respectively. The estimated fair value of identifiable intangible assets was determined with the assistance of a valuation specialist, using Level 3 inputs as defined under ASC Topic 820. The fair value analysis and related valuations reflect the conclusions of management. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. The goodwill and intangible assets acquired are deductible for tax purposes. The VIP acquisition accounted for $30.0 million of net service revenues and $0.2 million of operating loss for the year ended December 31, 2019. Ambercare Corporation On May 1, 2018, the Company completed the acquisition of all the issued and outstanding securities of Ambercare Corporation (“Ambercare”). The purchase price was approximately $39.6 million, plus the amount of excess cash held by Ambercare at the closing of the acquisition (approximately $12.0 million). The purchase of Ambercare was funded by a delayed draw term loan under the Company’s credit facility. With the purchase of Ambercare, the Company expanded its New Mexico personal care operations and entered into its hospice and home health segments in the state of New Mexico. The related acquisition costs were $0.8 million for the year ended December 31, 2018, and integration costs were $0.2 million and $1.6 million for the years ended December 31, 2019 and 2018, respectively. These costs were included in general and administrative expenses on the Company’s Consolidated Statements of Income, and were expensed as incurred. The results of Ambercare are included on the Company’s Consolidated Statements of Income from the date of the acquisition. Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 28,831 Cash 12,028 Identifiable intangible assets 9,944 Accounts receivable 6,512 Other assets 442 Property and equipment 154 Accrued expenses (4,073 ) Deferred tax liability (2,138 ) Financing lease (75 ) Accounts payable (3 ) Total purchase price $ 51,622 The Company acquired all of the outstanding stock of Ambercare. Identifiable intangible assets acquired consist of trade names and customer relationships, with estimated useful lives ranging from three to fifteen years, as well as indefinite lived state licenses. The estimated fair value of identifiable intangible assets was determined with the assistance of a valuation specialist, using Level 3 inputs as defined under ASC Topic 820. The fair value analysis and related valuations reflect the conclusions of management. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. The goodwill and intangible assets acquired are non-deductible for tax purposes. The Ambercare acquisition accounted for $36.7 million of net service revenues and $7.1 million of operating income for the year ended December 31, 2018. Arcadia Home Care & Staffing On April 1, 2018, the Company acquired certain assets of Arcadia Home Care & Staffing (“Arcadia”), expanding its personal care services. The total consideration for the transaction was $18.9 million and was funded by a delayed draw term loan under the Company’s credit facility. The related acquisition costs were $0.8 million for the year ended December 31, 2018, and integration costs were $0.2 million and $1.1 million for the years ended December 31, 2019 and 2018, respectively. These costs were included in general and administrative expenses on the Company’s Consolidated Statements of Income, and were expensed as incurred. Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 13,072 Accounts receivable 5,317 Identifiable intangible assets 2,264 Property and equipment 155 Other assets 92 Accrued expenses (1,540 ) Accounts payable (508 ) Total purchase price $ 18,852 Identifiable intangible assets acquired consist of trade name, customer relationships and state licenses, with estimated useful lives ranging from seven to fifteen years. The estimated fair value of identifiable intangible assets was determined with the assistance of a valuation specialist, using Level 3 inputs as defined under ASC Topic 820. The fair value analysis and related valuations reflect the conclusions of management. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. The goodwill and intangible assets acquired are deductible for tax purposes. The Arcadia acquisition accounted for $32.7 million of net service revenues and $4.7 million of operating income for the year ended December 31, 2018. In September 2018, the Company acquired certain assets of affiliate branches of Arcadia for $0.6 million using available cash LifeStyle Options, Inc. Effective January 1, 2018, the Company acquired certain assets of LifeStyle Options, Inc. (“LifeStyle”) in order to expand private pay services in Illinois. The total consideration for the transaction was $4.1 million, comprised of $3.3 million in cash and $0.8 million, representing the estimated fair value of contingent consideration, subject to the achievement of certain performance targets set forth in an earn-out agreement. As of December 31, 2018, the performance targets were not met and the contingent consideration was remeasured to zero. Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 2,751 Identifiable intangible assets 1,152 Accounts receivable 573 Other assets 32 Property and equipment 18 Accrued expenses (291 ) Accounts payable (105 ) Total purchase price $ 4,130 Identifiable intangible assets acquired consist of trade name and customer relationships, with estimated useful lives ranging from ten to fifteen years. The estimated fair value of identifiable intangible assets was determined with the assistance of a valuation specialist, using Level 3 inputs as defined under ASC Topic 820. The fair value analysis and related valuations reflect the conclusions of management. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. The goodwill and intangible assets acquired are deductible for tax purposes. The LifeStyle acquisition accounted for $5.8 million of net service revenues and $0.5 million of operating income for the year ended December 31, 2018. For the year ended December 31, 2020, For the Years Ended December 31, (Amounts in Thousands, Unaudited) 2020 2019 2018 Net service revenues $ 831,290 $ 726,727 $ 550,326 Operating income from continuing operations 45,555 46,571 36,985 Net income from continuing operations 34,564 35,748 24,346 Net income per common share from continuing operations Basic income per share $ 2.22 $ 2.59 $ 2.02 Diluted income per share $ 2.17 $ 2.51 $ 1.97 The pro forma disclosures in the table above include adjustments for amortization of intangible assets, tax expense and acquisition costs to reflect results that are more representative of the combined results of the transactions. This pro forma information is presented for illustrative purposes only and may not be indicative of the results of operations that would have actually occurred. In addition, future results may vary significantly from the results reflected in the pro forma information. The unaudited pro forma financial information does not reflect the impact of future events that may occur after the acquisition, such as anticipated cost savings from operating synergies. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consisted of the following: December 31, 2020 2019 (Amounts in Thousands) Computer equipment $ 8,135 $ 5,304 Furniture and equipment 5,097 3,410 Transportation equipment 199 157 Leasehold improvements 9,402 3,749 Computer software 11,881 9,563 34,714 22,183 Less: accumulated depreciation and amortization (14,965 ) (10,027 ) $ 19,749 $ 12,156 Computer software includes $1.7 million and $1.6 million of internally developed software for the years ended December 31, 2020 and 2019, respectively. Depreciation and amortization expense totaled $5.0 million, $4.0 million and $2.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets The goodwill for the Company was $469.1 million and $275.4 million as of December 31, 2020 and 2019, respectively. A summary of goodwill and related adjustments is provided below: Goodwill Hospice Personal Care Home Health Total (Amounts In Thousands) Goodwill at December 31, 2018 $ 22,200 $ 112,377 $ 865 $ 135,442 Additions for acquisitions 124,750 14,368 941 140,059 Adjustments to previously recorded goodwill 33 (168 ) 2 (133 ) Goodwill at December 31, 2019 146,983 126,577 1,808 275,368 Additions for acquisitions 169,207 24,660 — 193,867 Divestiture (1,167 ) — — (1,167 ) Adjustments to previously recorded goodwill (190 ) 1,211 (17 ) 1,004 Goodwill at December 31, 2020 $ 314,833 $ 152,448 $ 1,791 $ 469,072 The Company recognized goodwill in the hospice segment of $169.2 million related to the acquisition of Queen City Hospice on December 4, 2020. In connection with the acquisitions of County Homemakers, A Plus and SunLife for the year ended December 31, 2020, the Company recognized goodwill of approximately $24.7 million in the personal care segment. Additionally, the Company made adjustments to previously recorded goodwill due to adjustments to accounts receivable and accrued expenses based on the final valuations for the acquisitions of Hospice Partners, Alliance and VIP. See Note 4 to the Notes to Consolidated Financial Statements for additional information regarding the acquisitions made by the Company for the years ended December 31, 2020 and 2019. In 2020, the Company divested certain branches and their related net assets including $1.2 million of related goodwill. The Company recognized a $0.3 million loss on the disposition, reflected in general and administrative expense for the year ended December 31, 2020. Goodwill and certain state licenses are not amortized pursuant to ASC Topic 350. We test intangible assets with indefinite useful lives for impairment at the reporting unit level on an annual basis, as of October 1, or whenever potential impairment triggers occur, such as a significant change in business climate or regulatory changes that would indicate that an impairment may have occurred. The Company estimates the fair value of the reporting unit using both a discounted cash flow model as well as a market multiple model. The cash flow forecasts are adjusted by an appropriate discount rate based on the Company’s estimate of a market participant’s weighted-average cost of capital. These models are both based on the Company’s best estimate of future revenues and operating costs and are reconciled to the Company’s consolidated market capitalization, with consideration of the amount a potential acquirer would be required to pay, in the form of a control premium. The determination of fair value in the Company’s goodwill impairment analysis is based on an estimate of fair value for each reporting unit utilizing known and estimated inputs at the evaluation date. Some of those inputs include, but are not limited to, the most recent price of the Company’s common stock and fair value of long term debt, estimates of future revenue and expense growth, estimated market multiples, expected capital expenditures, income tax rates and cost of invested capital. Significant assumptions used in the analysis included an 8.5 % dis count rate and long-term revenue growth rates that ranged from 5.0 % to 5.5 %. For the fiscal year 2020 impairment test, the fair value of the reporting units exceeded their respective carrying values by at least 90 % (commonly referred to as “headroom” ). The Company did no t record any impairment charges for the years ended December 31, 2020 , 2019 or 2018 . The Company’s identifiable intangible assets consist of customer and referral relationships, trade names and trademarks, non-competition agreements and state licenses. Amortization is computed using straight-line and accelerated methods based upon the estimated useful lives of the respective assets, which range from one to twenty-five years. Customer and referral relationships are amortized systematically over the periods of expected economic benefit, which range from five to ten years. The carrying amount and accumulated amortization of each identifiable intangible asset category consisted of the following at December 31, 2020 and 2019: Customer and referral relationships Trade names and trademarks Non- competition agreements State Licenses Total (Amounts in Thousands) Intangible assets with indefinite lives $ — $ — $ — $ 20,791 $ 20,791 Intangible assets subject to amortization: Gross carrying amount 44,672 42,926 6,225 12,507 106,330 Accumulated amortization (34,439 ) (15,191 ) (2,887 ) (3,055 ) (55,572 ) Intangible assets subject to amortization, net 10,233 27,735 3,338 9,452 50,758 Net balance at December 31, 2020 $ 10,233 $ 27,735 $ 3,338 $ 30,243 $ 71,549 Intangible assets with indefinite lives $ — $ — $ — $ 13,306 $ 13,306 Intangible assets subject to amortization: Gross carrying amount 48,028 31,036 4,655 12,020 95,739 Accumulated amortization (35,665 ) (12,941 ) (2,234 ) (1,126 ) (51,966 ) Intangible assets subject to amortization, net 12,363 18,095 2,421 10,894 43,773 Net balance at December 31, 2019 $ 12,363 $ 18,095 $ 2,421 $ 24,200 $ 57,079 During the year ended December 31, 2020, the Company acquired (i) indefinite lived state licenses, trade names and non-competition agreements of $7.5 million, $11.0 million and $1.5 million, respectively, related to the acquisition of Queen City Hospice, (ii) state licenses, subject to amortization of $0.3 million and $0.1 million in trade names related to the acquisition of County Homemakers, and (iii) a trade name of $1.4 million related to the acquisition of A Plus. Amortization expense related to the identifiable intangible assets amounted to $7.1 million, $6.6 million and $6.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. The weighted average remaining useful lives of identifiable intangible assets as of December 31, 2020 is 9.8 years. The estimated future intangible amortization expense is as follows: For the year ended December 31, Total (Amount in Thousands) 2021 $ 7,711 2022 6,582 2023 6,098 2024 5,855 2025 4,232 Thereafter 20,280 Total, intangible assets subject to amortization $ 50,758 |
Details of Certain Balance Shee
Details of Certain Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Details Of Certain Balance Sheet Accounts [Abstract] | |
Details of Certain Balance Sheet Accounts | 7. Details of Certain Balance Sheet Accounts Prepaid expenses and other current assets consist of the following: December 31, 2020 2019 (Amounts in Thousands) Prepaid workers’ compensation and liability insurance $ 2,838 $ 2,040 Workers’ compensation insurance receivable 1,860 1,989 Health insurance receivable 528 1,567 Other 4,743 2,397 Total prepaid expenses and other current assets $ 9,969 $ 7,993 Accrued expenses consisted of the following: December 31, 2020 2019 (Amounts in Thousands) Current portion of operating lease liabilities $ 9,283 $ 7,234 Accrued health insurance 5,607 4,140 Accrued professional fees 4,220 2,517 Payor advances (1) 4,206 — Accrued payroll taxes 4,543 1,843 Other 9,705 6,695 Total accrued expenses $ 37,564 $ 22,429 (1) The Company deferred the recognition of $4.2 million of payments received from payors for COVID-19 reimbursements which will be recognized if we incur specific expenses such as additional personal protective equipment or will be returned as stipulated if COVID-19 expenses are not incurred . Government stimulus advances consisted of the following: December 31, 2020 2019 (Amounts in Thousands) Provider Relief Fund 12,252 $ — CMS advanced payment program - Queen City Hospice 10,801 — Payroll tax deferral 7,141 — Provider Relief Fund - Queen City Hospice 1,893 — Total government stimulus advances $ 32,087 $ — In recognition of the significant threat to the liquidity of financial markets posed by the COVID-19 pandemic, the Federal Reserve and Congress have taken dramatic actions to provide liquidity to businesses and the banking system in the United States. One of the primary sources of relief for healthcare providers is the CARES Act, which was expanded by the PPPHCE Act, and the CAA. See Note 12 for additional information regarding government actions to mitigate COVID-19’s impact. Provider Relief Funds In April 2020, the Company received grants in an aggregate principal amount of $6.9 million, for which it did not apply, from the Provider Relief Fund as part of the automatic general distributions by HHS. The Company returned these funds in June 2020. In November 2020, the Company received grants in an aggregate principal amount of $13.7 million from the Provider Relief Fund, for which we applied. The Company utilized $1.4 million of these funds for healthcare related expenses attributable to COVID-19 that were unreimbursed by other sources in the period ended December 31, 2020 and , in accordance with the current guidance issued by HHS, , at which point any unused funds will be returned. We are required to properly and fully document the use of such funds in reports to HHS. The Company’s ability to utilize and retain some or all of such funds will depend on the magnitude, timing and nature of the impact of the COVID-19 pandemic, as well as the terms and conditions of the funds received Commercial organizations that receive annual total awards of $750,000 or more in federal funding, including payments received through the Provider Relief Fund, are subject to federal audit requirements. Medicare Accelerated and Advance Payment Program – Queen City Hospice In addition, the CARES Act expands the Medicare Accelerated and Advance Payment Program to increase cash flow to providers impacted by the COVID-19 pandemic. Hospice and home health providers were able to request an advance or accelerated payment of up to 100% of the Medicare payment amount for a three-month Payroll tax deferral The CARES Act also provides for certain federal income and other tax changes, including the deferral of the employer portion of Social Security payroll taxes. The Company received a cash benefit of approximately $7.1 million related to the deferral of employer payroll taxes for 2020 under the CARES Act, for repay the $7. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Long Term Debt [Abstract] | |
Long-Term Debt | 8. Long-Term Debt Long-term debt consisted of the following: December 31, 2020 2019 (Amounts in Thousands) Revolving loan under the credit facility $ 178,458 $ 43,458 Term loan under the credit facility 18,130 18,865 Financing leases — 21 Less unamortized issuance costs (1,716 ) (2,452 ) Total 194,872 59,892 Less current maturities (971 ) (728 ) Long-term debt $ 193,901 $ 59,164 Amended and Restated Senior Secured Credit Facility On October 31, 2018, the Company entered into the Amended and Restated Credit Agreement, dated as of October 31, 2018, with certain lenders and Capital One, National Association, as a lender and as agent for all lenders (as amended by the Amendment (as hereinafter defined), the “Credit Agreement”). This credit facility totaled $269.6 million, inclusive of a $250.0 million revolving loan and a $19.6 million delayed draw term loan, and is evidenced by the Credit Agreement. This credit facility amended and restated the Company’s existing senior secured credit facility totaling $250.0 million. As used throughout this Annual Report on Form 10-K, “credit facility” shall mean the credit facility evidenced by the Credit Agreement. The maturity of this credit facility is May 8, 2023. Interest on the Company’s credit facility may be payable at (x) the sum of (i) an applicable margin ranging from 0.75% to 1.50% based on the applicable senior net leverage ratio plus (ii) a base rate equal to the greatest of (a) the rate of interest last quoted by The Wall Street Journal as the “prime rate,” (b) the sum of the federal funds rate plus a margin of 0.50% and (c) the sum of the adjusted LIBOR that would be applicable to a loan with an interest period of one month advanced on the applicable day (not to be less than 0.00%) plus a margin of 1.00% or (y) the sum of (i) an applicable margin ranging from 1.75% to 2.50% based on the applicable senior net leverage ratio plus (ii) the offered rate per annum for similar dollar deposits for the applicable interest period that appears on Reuters Screen LIBOR01 Page (not to be less than zero). Swing loans may not be LIBOR loans. The availability of additional draws under this credit facility is conditioned, among other things, upon (after giving effect to such draws) the Total Net Leverage Ratio (as defined in the Credit Agreement) not exceeding 3.75:1.00. In certain circumstances, in connection with a Material Acquisition (as defined in the Credit Agreement), the Company can elect to increase its Total Net Leverage Ratio compliance covenant to 4.25:1.00 for the then current fiscal quarter and the three succeeding fiscal quarters. In connection with this credit facility, the Company incurred approximately $0.9 million of debt issuance costs. Addus HealthCare, Inc. (“Addus HealthCare”) is the borrower, and its parent, Holdings, and substantially all of Holdings’ subsidiaries are guarantors under this credit facility, and it is collateralized by a first priority security interest in all of the Company’s and the other credit parties’ current and future tangible and intangible assets, including the shares of stock of the borrower and subsidiaries. The Credit Agreement contains affirmative and negative covenants customary for credit facilities of this type, including limitations on the Company with respect to liens, indebtedness, guaranties, investments, distributions, mergers and acquisitions and dispositions of assets. The Company pays a fee ranging from 0.20% to 0.35% based on the applicable senior net leverage ratio times the unused portion of the revolving loan portion of the credit facility. The Credit Agreement contains customary affirmative covenants regarding, among other things, the maintenance of records, compliance with laws, maintenance of permits, maintenance of insurance and property and payment of taxes. The Credit Agreement also contains certain customary financial covenants and negative covenants that, among other things, include a requirement to maintain a minimum Interest Coverage Ratio (as defined in the Credit Agreement), a requirement to stay below a maximum Total Net Leverage Ratio (as defined in the Credit Agreement) and a requirement to stay below a maximum permitted amount of capital expenditures, as well as restrictions on guarantees, indebtedness, liens, investments and loans, subject to customary carve outs, a restriction on dividends (provided that Addus HealthCare may make distributions to the Company in an amount that does not exceed $7.5 million in any year absent of an event of default, plus limited exceptions for tax and administrative distributions), a restriction on the ability to consummate acquisitions (without the consent of the lenders) under its credit facility subject to compliance with the Total Net Leverage Ratio (as defined in the Credit Agreement thresholds), restrictions on mergers, dispositions of assets, and affiliate transactions, and restrictions on fundamental changes and lines of business. As of December 31, 2020, the Company was in compliance with all financial covenants under the Credit Agreement. On September 12, 2019, the Company entered into a First Amendment (the “Amendment”) to its Credit Agreement. The Amendment increased the Company’s credit facility by $50.0 million in incremental revolving loans, for an aggregate $300.0 million in revolving loans. The Amendment provides that future incremental loans may be for term loans or an increase to the revolving loan commitments. The Amendment further provides that the proceeds of the incremental revolving loan commitments may be used for, among other things, general corporate purposes. In connection with the modification of this Amendment, the Company incurred approximately $0.4 million of debt issuance costs. T he Company drew approximately $ 135.0 on the revolver portion of its credit facility to fund, in part, the acquisition of Queen City Hospice on December 4, 2020. At December 31, 2020, the Company had a total of $178.5 million of revolving loans, with an interest rate of 1.90%, and $18.1 million of term loans, with an interest rate of 1.90%, . During the year ended December 31, 2019, the Company drew approximately $23.5 million on the revolver portion of its credit facility to fund, in part, the purchase price for the Alliance acquisition on August 1, 2019. Additionally, the Company drew $19.6 million under the delayed draw term loan portion of its credit facility to fund, in part, the acquisition of VIP on June 1, 2019. At December 31, 2019, the Company had a total of $43.4 million of revolving loans, with an interest rate of 3.44% and $18.9 million of term loans, with an interest rate of 3.45%, outstanding on its credit facility. After giving effect to the amount drawn on its credit facility, approximately $10.0 million of outstanding letters of credit and borrowing limits based on an advance multiple of adjusted EBITDA (as defined in the Credit Agreement), the Company had $191.4 million available for borrowing under its credit facility. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The current and deferred federal and state income tax provision from continuing operations, are comprised of the following: December 31, 2020 2019 2018 (Amounts in Thousands) Current Federal $ 10,230 $ 5,876 $ 2,883 State 3,312 2,442 1,562 Deferred Federal (3,690 ) (734 ) (265 ) State (1,043 ) (225 ) (84 ) Provision for income taxes $ 8,809 $ 7,359 $ 4,096 The tax effects of certain temporary differences between the Company’s book and tax bases of assets and liabilities give rise to significant portions of the deferred income tax assets (liabilities) at December 31, 2020 and 2019. The deferred tax assets (liabilities) consisted of the following: December 31, 2020 2019 (Amounts in Thousands) Deferred tax assets Long-term Accounts receivable allowances $ 14,023 $ 9,256 Accrued compensation 3,580 2,765 Accrued workers’ compensation 3,220 3,327 Transaction costs 1,677 1,311 Restructuring costs 108 135 Stock-based compensation 833 793 Government stimulus advances 1,933 — Operating lease liabilities 12,123 5,896 Other 1,269 584 Total long-term deferred tax assets 38,766 24,067 Deferred tax liabilities Long-term Goodwill and intangible assets (18,891 ) (15,079 ) Property and equipment (3,217 ) (1,037 ) Prepaid insurance — (534 ) Operating lease assets, net (10,052 ) (5,606 ) Other (82 ) (164 ) Total long-term deferred tax liabilities (32,242 ) (22,420 ) Valuation allowance — — Total net deferred tax assets $ 6,524 $ 1,647 Management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers all available evidence in making this assessment. A reconciliation for continuing operations of the statutory federal tax rate of 21.0% to the effective income tax rate, for the years ended December 31, 2020, 2019 and 2018, is summarized as follows: December 31, 2020 2019 2018 Federal income tax at statutory rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 6.0 6.4 6.3 Jobs tax credits, net (5.1 ) (8.3 ) (10.7 ) 162(m) disallowance for executive compensation 6.0 7.5 4.5 Nondeductible permanent items 0.4 0.7 2.2 Nondeductible penalties — 1.3 — Excess tax benefit (5.6 ) (6.7 ) (2.7 ) Federal/state return to provision (1.6 ) 0.6 0.2 Other (0.1 ) (0.3 ) (0.7 ) Effective income tax rate 21.0 % 22.2 % 20.1 % The effective income tax rate was 21.0%, 22.2% and 20.1% for the years ended December 31, 2020, 2019 and 2018, respectively. The difference between our federal statutory and effective income tax rates is principally due to the inclusion of state taxes and non-deductible compensation, offset by an excess tax benefit and the use of federal employment tax credits. The Company is subject to taxation in the jurisdictions in which it operates. The Company continues to remain subject to examination by U.S. federal authorities for the years 2017 through 2019 and for various state authorities for the years 2015 through 2019. |
Stock Options And Restricted St
Stock Options And Restricted Stock Awards | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Options And Restricted Stock Awards | 10. Stock Options and Restricted Stock Awards The Board approved the 2017 Omnibus Incentive Plan (“the 2017 Plan”) as of April 27, 2017, which was approved by our shareholders on June 14, 2017. The 2017 Plan was intended to replace our existing incentive compensation plan, the 2009 Stock Incentive Plan (“the 2009 Plan”). All awards are now granted from the 2017 Plan. Outstanding awards under the 2009 Plan will continue to be governed by the 2009 Plan and the agreements under which they were granted. The 2017 Plan allows us to grant performance-based incentive awards and equity-based awards (each an “Award”) to eligible employees, directors and consultants in the form of Stock Options, Stock Appreciation Rights, Restricted Stock, Deferred Stock Units/Restricted Stock Units, Other Stock Units or Performance Awards. The Company’s Board believes that the 2017 Plan is necessary to continue the Company’s effectiveness in attracting, motivating and retaining employees, directors and consultants with appropriate experience and to increase the grantees’ alignment of interest with the Company’s shareholders. Under the 2017 Plan, Awards may be made in shares of our common stock. Subject to adjustment as provided by the terms of the 2017 Plan, the maximum aggregate number of shares of common stock with respect to which awards may be granted under the 2017 Plan will be 1,182,270, less the number of shares subject to awards that are granted pursuant to the 2009 Plan after March 31, 2017. The aggregate awards granted during any calendar year to any single Participant cannot exceed (i) 500,000 shares subject to stock options or stock appreciation rights (“SARs”) or (ii) 300,000 shares subject to Awards denominated in shares of common stock (whether or not settled in common stock). These individual annual limitations are cumulative in that any shares of common stock or cash for which Awards are permitted to be granted to a Participant during a fiscal year are not covered by an Award in that fiscal year, the number of shares of common stock will automatically increase in the subsequent fiscal years during the term of the 2017 Plan until the earlier of the time the increase has been granted to the Participant, or the end of the third fiscal year following the year to which such increase relates. At December 31, 2020, there were 614,888 shares of common stock available for future grant under the 2017 Plan. Any shares of common stock subject to an Award under the 2017 Plan that are forfeited, canceled, settled in cash or otherwise terminated without a distribution of shares to a Participant, or that are delivered by attestation or withheld by the Company in connection with an option exercise or the payment of any required income tax withholding upon an option exercise or the vesting of restricted stock, will be deemed available for Awards under the 2017 Plan. Additionally, any shares of common stock subject to an Award under the 2009 Plan that are forfeited, canceled, settled in cash or otherwise terminated without a distribution of shares to a participant, or that are delivered by attestation or withheld by the Company in connection with an option exercise or the payment of any required income tax withholding upon an option exercise or the vesting of restricted stock, will be deemed available for Awards under the 2017 Plan. Stock options are awarded with a strike price equal to the fair market value based on the closing price of our common stock on the date of grant. Options granted typically vest over a service period ranging from three to four years and expire ten years from the date of grant. Restricted shares typically vest over a service period ranging from one to four years and expire ten years from date of grant. The exercise prices of stock options outstanding on December 31, 2020 range from $8.91 to $87.80. Restricted stock awards are full-value awards. Stock Options A summary of stock option activity and weighted average exercise price is as follows: For The Year Ended December 31, 2020 Options (Amounts in Thousands) Weighted Average Exercise Price Outstanding, beginning of period 648 $ 37.43 Granted — — Exercised (127 ) 31.07 Forfeited/Cancelled (15 ) 37.25 Outstanding, end of period 506 $ 39.03 The weighted-average estimated fair value of employee stock options granted as calculated using the Black-Scholes Option Pricing Model in 2019 and 2018. The Company did not grant any stock options in 2020. The related assumptions follow: For the Years Ended December 31, 2020 2019 2018 Grants Grants Grants Weighted average fair value $ — $ 29.78 $ 14.72 Risk-free discount rate — 1.72% - 2.29% 2.32% - 2.84% Expected life — 4.2 - 4.4 years 4.1 - 4.2 years Dividend yield — — — Volatility — 43% 45% Stock option compensation expense totaled $2.0 million, $2.5 million and $2.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $2.6 million of total unrecognized compensation cost that is expected to be recognized over a weighted average period of 1.5 years. The intrinsic value of vested and outstanding stock options was $27.0 million and $12.5 million, respectively, as of December 31, 2020. As of December 31, 2020, there were 312,499 and 193,221 shares of stock options vested and unvested, respectively. The intrinsic value of stock options exercised during the years ended December 31, 2020, 2019 and 2018 was $7.5 million, $7.3 million and $1.8 million, respectively. Restricted Stock Awards The following table summarizes the status of unvested restricted stock awards outstanding at December 31, 2020: For The Year Ended December 31, 2020 Restricted Stock Awards (Amounts in Thousands) Weighted Average Grant Date Fair Value Unvested restricted stock awards, beginning of period 149 $ 51.10 Awarded 88 101.96 Vested (77 ) 45.67 Forfeited (6 ) 45.65 Unvested restricted stock awards, end of period 154 $ 83.30 The fair market value of restricted stock awards that vested during the year ended December 31, 2020 was $6.0 million. Restricted stock award compensation expense totaled $4.0 million, $3.3 million and $2.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, there was $9.8 million of total unrecognized compensation cost that is expected to be recognized over a weighted average period of 1.7 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 11. Employee Benefit Plans The 401(k) retirement plan is a defined contribution plan that provides for matching contributions by the Company to all non-union employees. Matching contributions are discretionary and subject to change by management. Under the provisions of the 401(k) plan, employees can contribute up to the maximum percentage and limits allowable under the U.S. Revenue Code. The Company provided contributions totaling $0.3 million, $0.2 million and $0.3 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Gove rnment Actions to Mitigate COVID-19’s Impact On January 31, 2020, the Secretary of the U.S. Department of Health and Human Services (“HHS”) declared a national public health emergency due to a novel coronavirus. In March 2020, the World Health Organization declared the outbreak of COVID-19, a disease caused by this novel coronavirus, a pandemic. This disease continues to spread throughout the United States and other parts of the world In recognition of the significant threat to the liquidity of financial markets posed by the COVID-19 pandemic, the Federal Reserve and Congress have taken dramatic actions to provide liquidity to businesses and the banking system in the United States. For example, on March 27, 2020, President Trump signed into law the CARES Act, a sweeping stimulus bill intended to bolster the U.S. economy. The PPPHCE Act and the CAA both expansions of the CARES Act, were signed into law on April 24, 2020 and December 27, 2020, respectively. In total, the CARES Act, the PPPHCE Act and CAA authorize $178 billion in funding to be distributed to health care providers through the Provider Relief Fund. This funding is intended to support healthcare providers by reimbursing them for healthcare-related expenses or lost revenues attributable to COVID-19. In addition to the Provider Relief Fund, the CARES Act includes temporary changes to Medicare and Medicaid payment rules and relief from certain accounting provisions, for example temporarily lifting the Medicare sequester, which would have otherwise reduced payments to Medicare providers by 2%, from May 1, 2020, through March 31, 2021 (but also extending sequestration through 2030). The Medicare sequester relief resulted in an increase of $0.2 million to home health net service revenues and $1.3 million to hospice net service revenues for the year ended December 31, 2020. It is impossible to predict the effect and ultimate impact of the COVID-19 pandemic on the Company as the situation continues to rapidly evolve. See Note 7 for additional information regarding government stimulus advances the Company has received. Legal Proceedings From time to time, the Company is subject to legal and/or administrative proceedings incidental to its business. It is the opinion of management that the outcome of pending legal and/or administrative proceedings will not have a material effect on the Company’s Consolidated Balance Sheets and Consolidated Statements of Income. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 13. Segment Information Operating segments are defined as components of a company that engage in business activities from which it may earn revenues and incur expenses, and for which separate financial information is available and is regularly reviewed by the Company’s chief operating decision makers, to assess the performance of the individual segments and make decisions about resources to be allocated to the segments. The Company operates as a multi-state provider of three distinct but related business segments providing in-home services. In its personal care segment, the Company provides non-medical assistance with activities of daily living, primarily to persons who are at increased risk of hospitalization or institutionalization, such as the elderly, chronically ill or disabled. In its hospice segment, the Company provides physical, emotional and spiritual care for people who are terminally ill as well as related services for their families. In its home health segment, the Company provides services that are primarily medical in nature to individuals who may require assistance during an illness or after hospitalization and include skilled nursing and physical, occupational and speech therapy. The tables below set forth information about the Company’s reportable segments for the years ended December 31, 2020, 2019 and 2018 along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. Segment assets are not reviewed by the Company’s chief operating decision maker function and therefore are not disclosed below. Segment operating income consists of revenue generated by a segment, less the direct costs of service revenues and general and administrative expenses that are incurred dir ectly by the segment. Unallocated general and administrative costs are those costs for functions performed in a centralized manner and therefore not attributable to a particular segment. These costs include accounting, finance, human resources, legal, info rmation technology, corporate office support and facility costs and overall corporate management. For the Year Ended December 31, 2020 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 647,233 $ 101,297 $ 16,245 $ 764,775 Cost of services revenues 480,191 47,197 11,150 538,538 Gross profit 167,042 54,100 5,095 226,237 General and administrative expenses 60,468 25,394 3,773 89,635 Segment operating income $ 106,574 $ 28,706 $ 1,322 $ 136,602 For the Year Ended December 31, 2019 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 580,728 $ 53,601 $ 14,462 $ 648,791 Cost of services revenues 432,413 27,203 9,937 469,553 Gross profit 148,315 26,398 4,525 179,238 General and administrative expenses 56,887 12,399 3,205 72,491 Segment operating income $ 91,428 $ 13,999 $ 1,320 $ 106,747 For the Year Ended December 31, 2018 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 490,941 $ 18,850 $ 6,856 $ 516,647 Cost of services revenues 365,264 10,010 4,569 379,843 Gross profit 125,677 8,840 2,287 136,804 General and administrative expenses 44,728 3,742 1,545 50,015 Segment operating income $ 80,949 $ 5,098 $ 742 $ 86,789 For the Years Ended December 31, (Amounts in Thousands) 2020 2019 2018 Segment reconciliation: Total segment operating income $ 136,602 $ 106,747 $ 86,789 Items not allocated at segment level: Other general and administrative expenses 80,044 61,421 55,320 Depreciation and amortization 12,051 10,574 8,642 Interest income (624 ) (1,523 ) (2,592 ) Interest expense 3,189 3,105 5,016 Income before income taxes $ 41,942 $ 33,170 $ 20,403 |
Significant Payors
Significant Payors | 12 Months Ended |
Dec. 31, 2020 | |
Significant Payors [Abstract] | |
Significant Payors | 14. Significant Payors For 2020, 2019 and 2018, our revenue by payor type was as follows: Personal Care 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues State, local and other governmental programs $ 324,670 50.2 % $ 303,479 52.2 % $ 285,973 58.2 % Managed care organizations 287,032 44.3 239,559 41.3 173,391 35.3 Private pay 20,398 3.2 21,765 3.7 20,003 4.1 Commercial insurance 9,991 1.5 9,204 1.6 6,173 1.3 Other 5,142 0.8 6,721 1.2 5,401 1.1 Total personal care segment net service revenues $ 647,233 100.0 % $ 580,728 100.0 % $ 490,941 100.0 % Hospice 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Medicare $ 94,068 92.9 % $ 49,649 92.6 % $ 17,652 93.6 % Managed care organizations 4,931 4.9 2,768 5.2 1,047 5.6 Other 2,298 2.2 1,184 2.2 151 0.8 Total hospice segment net service revenues $ 101,297 100.0 % $ 53,601 100.0 % $ 18,850 100.0 % Home Health 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Medicare $ 12,765 78.6 % $ 11,218 77.6 % $ 6,034 88.0 % Managed care organizations 3,188 19.6 2,942 20.3 752 11.0 Other 292 1.8 302 2.1 70 1.0 Total home health segment net service revenues $ 16,245 100.0 % $ 14,462 100.0 % $ 6,856 100.0 % The Company derives a significant amount of its revenue from its operations in Illinois, New York and New Mexico. The percentages of segment revenue for each of these significant states for 2020, 2019 and 2018 were as follows: Personal Care 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Illinois $ 288,326 44.6 % $ 247,524 42.6 % $ 232,518 47.3 % New York 115,510 17.8 108,403 18.7 65,117 13.3 New Mexico 86,618 13.4 75,666 13.0 58,914 12.0 All other states 156,779 24.2 149,135 25.7 134,392 27.4 Total personal care segment net service revenues $ 647,233 100.0 % $ 580,728 100.0 % $ 490,941 100.0 % Hospice 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues New Mexico $ 42,648 42.1 % $ 38,790 72.4 % $ 18,850 100.0 % All other states 58,649 57.9 14,811 27.6 — — Total hospice segment net service revenues $ 101,297 100.0 % $ 53,601 100.0 % $ 18,850 100.0 % Home Health 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues New Mexico $ 16,245 100.0 % $ 14,462 100.0 % $ 6,856 100.0 % Total home health segment net service revenues $ 16,245 100.0 % $ 14,462 100.0 % $ 6,856 100.0 % A substantial portion of the Company’s revenue and accounts receivable are derived from services performed for state and local governmental agencies. We derive a significant amount of our net service revenues in Illinois, which represented 37.7%, 38.2% and 45.0% of our net service revenues for the years ended December 31, 2020, 2019 and 2018, respectively. the largest payor program for the Company’s Illinois personal care operations, The related receivables due from the Illinois Department on Aging represented 15.9% and 25.1% of the Company’s net accounts receivable at December 31, 2020 and 2019, respectively. |
Concentration of Cash
Concentration of Cash | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties Abstract | |
Concentration of Cash | 15. Concentration of Cash The Company owns financial instruments that potentially subject the Company to significant concentrations of credit risk include cash. The Company maintains cash with financial institutions which, at times, may exceed federally insured limits. The Company believes it is not exposed to any significant credit risk on cash. |
Unaudited Summarized Quarterly
Unaudited Summarized Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Summarized Quarterly Financial Information | 16. Unaudited Summarized Quarterly Financial Information The following is a summary of the Company’s unaudited quarterly results of operations: Year Ended December 31, 2020 Year Ended December 31, 2019 Dec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 31 Sept. 30 Jun. 30 Mar. 31 (Amounts and Shares in Thousands, Except Per Share Data) Net service revenues $ 195,996 $ 193,987 $ 184,576 $ 190,216 $ 192,376 $ 168,993 $ 148,915 $ 138,507 Gross profit 59,104 56,301 54,997 55,835 57,542 45,176 39,693 36,827 Operating income from continuing operations 11,716 12,523 9,607 10,661 14,530 7,335 7,391 5,496 Net income from continuing operations 8,449 9,119 6,907 8,658 10,737 5,486 5,292 4,296 Loss from discontinued operations — — — — — (574 ) — — Net income $ 8,449 $ 9,119 $ 6,907 $ 8,658 $ 10,737 $ 4,912 $ 5,292 $ 4,296 Average shares outstanding: Basic 15,664 15,618 15,582 15,519 15,435 13,766 13,044 12,995 Diluted 16,013 15,957 15,916 15,907 15,881 14,203 13,433 13,381 Income per common share: Basic Continuing operations $ 0.54 $ 0.58 $ 0.44 $ 0.56 $ 0.70 $ 0.40 $ 0.41 $ 0.33 Discontinued operations — — — — — (0.04 ) — — Basic net income per share $ 0.54 $ 0.58 $ 0.44 $ 0.56 $ 0.70 $ 0.36 $ 0.41 $ 0.33 Diluted net income per share Continuing operations $ 0.53 $ 0.57 $ 0.43 $ 0.54 $ 0.68 $ 0.39 $ 0.39 $ 0.32 Discontinued operations — — — — — (0.04 ) — — Diluted net income per share $ 0.53 $ 0.57 $ 0.43 $ 0.54 $ 0.68 $ 0.35 $ 0.39 $ 0.32 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events On February 11, 2021, the state of New York announced its initial selection of parties to enter into contracts as a Lead Fiscal Intermediary under its previously announced Request for Offer (“RFO”) process related to its Consumer Directed Personal Assistance Program (“CDPAP”), in which the Company currently participates as a provider. The Company was not one of the selected entities in the initial RFO process. The announcement followed an extended RFO process first begun in 2019, with responses originally due in February 2020. It is unclear at this time whether the selected parties have the ability to fully meet the CDPAP Program needs or the timing and outcome of next steps in the process. Management believes changes are unlikely to occur during an estimated 6 to 12 month transition period and any financial impact to the Company in 2021 is expected to be immaterial. Based on its current run rate, the Company estimates that it receives approximately $52 million in annualized revenue from the program. The Company will continue to explore its options, including appeals, other arrangements under which the Company may continue to provide these services, and expense reductions to minimize any potential final impact of the RFO process. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation. |
Discontinued Operations | Discontinued Operations In 2013, the Company sold substantially all of the assets used in its then home health business (the “2013 Home Health Business”) in Arkansas, Nevada and South Carolina, and 90% of the 2013 Home Health Business in California and Illinois. Effective October 1, 2017, the Company sold its remaining 10% ownership interest in the 2013 Home Health Business in California and Illinois. The results of the 2013 Home Health Business are reflected as discontinued operations for all periods presented herein. For the year ended December 31, 2019, in connection with a 2013 Home Health Business litigation settlement, the Company recognized an expense of $0.6 million. The lawsuit was dismissed in full on October 15, 2019. For the years ended December 31, 2018, discontinued operations consisted of the reduction of the indemnification reserve, net of tax, for the Company’s 2013 Home Health Business. |
Revenue Recognition | Revenue Recognition Net service revenue is recognized at the amount that reflects the consideration the Company expects to receive in exchange for providing services directly to consumers. Receipts are from federal, state and local governmental agencies, managed care organizations, commercial insurers and private consumers for services rendered. The Company assesses the consumers' ability to pay at the time of their admission based on the Company's verification of the customer's insurance coverage under the Medicare, Medicaid, and other commercial or managed care insurance programs. Laws and regulations governing the governmental programs in which the Company participates are complex and subject to interpretation. related to uninsured accounts, or self-pay, is recorded of implicit price concessions stimated based on enue to the estimated amount the Company expects to collect Amounts collected from all sources may be less than amounts billed due to implicit price concessions, resulting from client eligibility issues, insufficient or incomplete documentation, services at levels other than authorized, pricing differences and other reasons unrelated to credit risk. The Company monitors our net service revenues and collections from these sources and records any necessary adjustment to net service revenues The initial estimate of net service revenues is determined by reducing the standard charge by any contractual adjustments, discounts, and implicit price concessions. Subsequent changes to the estimate of net service revenues are generally recorded in the period of the change. Changes in estimates of implicit price concessions, discounts, and contractual adjustments for performance obligations satisfied in prior years resulted in additional net service revenue of $3.0 million and $1.3 million, for the years ended December 31, 2019 and 2018, respectively. Subsequent changes that are determined to be the result of an adverse change in the patient's ability to pay are recorded as bad debt expense. Personal Care The majority of the Company’s net service revenues are generated from providing personal care services directly to consumers under contracts with state, local and other governmental agencies, managed care organizations, commercial insurers and private consumers. Generally, these contracts, which are negotiated based on current contracting practices as appropriate for the payor, establish the terms of a customer relationship and set the broad range of terms for services to be performed at a stated rate. However, the contracts do not give rise to rights and oblig ations until an order is placed with the Company. When an order is placed, it creates the performance obligation to provide a defined quantity of service hours, or authorized hours, per consumer. The Company satisfies its performance obligations over time, given that consumers simultaneously receive and consume the benefits provided by the Company as the services are performed. As the Company has a right to consideration from customers commensurate with the value provided to customers from the performance c ompleted over a given invoice period, the Company has elected to use the practical expedient for measuring progress toward satisfaction of performance obligations and recognizes patient service revenue in the amount to which the Company has a right to invo ice. Hospice Revenue The Company generates net service revenues from providing hospice services to consumers who are terminally ill as well as related services for their families Home Health Revenue The Company also generates net service revenues from providing home healthcare services directly to consumers mainly under contracts with Medicare and managed care organizations. Generally, these contracts, which are negotiated based on current contracting practices as appropriate for the payor, establish the terms of a relationship and set the broad range of terms for services to be performed on an episodic basis at a stated rate. Home health Medicare services were paid under the Medicare Home Health Prospective Payment System (“HHPPS”), for the year ended December 31, 2020, which is based on 30-day periods of care as a unit of service. The HHPPS permits multiple, continuous periods per patient. Medicare payment rates for periods under HHPPS vary based on the severity of the patient’s condition as determined by assessment of a patient’s Home Health Resource Group score. The Company elects to use the same 30-day periods that Medicare recognizes as standard but accelerates revenue upon discharge to align with a patient’s episode length if less than the expected 30 days, which depicts the transfer of services and related benefits received by the patient over the term of the contract necessary to satisfy the obligations. The Company recognizes revenue based on the number of days elapsed during a period of care within the reporting period. The Company satisfies its performance obligations as consumers receive and consume the benefits provided by the Company as the services are performed. As the Company has a right to consideration from Medicare commensurate with the services provided to customers from the performance completed over a given episodic period, the Company has elected to use the practical expedient for measuring progress toward satisfaction of performance obligations. Under this method recognizing revenue ratably over the episode based on beginning and ending dates is a reasonable proxy for the transfer of benefit of the service. |
Accounts Receivable and Allowances | Accounts Receivable and Allowances Accounts receivable is reduced to the amount expected to be collected in future periods for services rendered to customers prior to the balance sheet date. Management estimates the value of accounts receivable, net of allowances for implicit price concessions, based upon historical experience and other factors, including an aging of accounts receivable, evaluation of expected adjustments, past adjustments and collection experience in relation to amounts billed, current contract and reimbursement terms, shifts in payors and other relevant information. Collection of net service revenues the Company expects to receive is normally a function of providing complete and correct billing information to the payors within the various filing deadlines. The evaluation of these historical and other factors involves complex, subjective judgments impacting the determination of the implicit price concession assumption. In addition, the Company compares its cash collections to recorded net service revenues and evaluates its historical allowance, including implicit price concessions, based upon the ultimate resolution of the accounts receivable balance. Prior to 2018, the Company established an allowance for doubtful accounts to the extent it was probable that a portion or all of a particular account will not be collected. The Company established its provision for doubtful accounts primarily by reviewing the creditworthiness of significant customers and through evaluations over the collectability of the receivables. An allowance for doubtful accounts was maintained at a level that the Company’s management believed was sufficient to cover potential losses. With the modified retrospective adoption of ASU 2014-09, Revenue from Contracts with Customers, in 2018, subsequent adjustments that are determined to be the result of an adverse change in the payor’s ability to pay are recognized as . The majority of what historically was classified as provision for doubtful accounts under operating expenses is now treated as an implicit price concession factored into the determination of net service revenues discussed above. Our collection procedures include review of account aging and direct contact with our payors. We have historically not used collection agencies. An uncollectible amount is written off to t he allowance account after reasonable collection efforts have been exhausted. As of December 31, 2020 and 2019 , t he allowance for doubtful accounts balance was $ 1.0 million and $ 1.0 million, respectively, which is included in accounts receivable, n et of allowances on the Company’s Consolidated Balance Sheets . Activity in the allowance for doubtful accounts is as follows (in thousands): Allowance for doubtful accounts Balance at beginning of period Additions/ charges Deductions (1) Balance at end of period Year ended December 31, 2020 Allowance for doubtful accounts $ 962 918 907 $ 973 Year ended December 31, 2019 Allowance for doubtful accounts $ 945 343 326 $ 962 Year ended December 31, 2018 (2) Allowance for doubtful accounts $ 18,749 272 18,076 $ 945 (1) (2) With the adoption of ASU 2014-09, Revenue from Contracts with Customers, |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated over the estimated useful lives of the related assets by use of the straight-line method. Maintenance and repairs are charged to expense as incurred. The estimated useful lives of the property and equipment are as follows: Computer equipment 3-5 years Furniture and equipment 5-7 years Transportation equipment 5 years Computer software 3-10 years Leasehold improvements Lesser of useful life or lease term |
Leases | Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases We have historically entered into operating leases for local branches, our corporate headquarters and certain equipment. The Company’s current leases have expiration dates through 2031. Certain of our arrangements have free rent periods and/or escalating rent payment provisions. We recognize rent expense on a straight-line basis over the lease term. Certain of the Company’s leases include termination options and renewal options for periods ranging from one to five years. Renewal options generally are not considered in determining the lease term, and payments associated with the option years are excluded from lease payments unless we are reasonably certain to exercise the renewal option. The operating lease liabilities are calculated using the present value of lease payments. If available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. Operating lease assets are valued based on the initial operating lease liabilities plus any prepaid rent, reduced by tenant improvement allowances. Operating lease assets are tested for impairment in the same manner as our long-lived assets. For the year ended December 31, 2020, we impaired approximately $1.0 million in operating lease assets, as a result of expanding the Frisco corporate headquarters, included within general and administrative expenses. See Note 2 for additional information related to leases. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Under business combination accounting, assets and liabilities are generally recognized at their fair values and the difference between the consideration transferred, excluding transaction costs, and the fair values of the assets and liabilities is recognized as goodwill. The Company uses various valuation techniques to determine initial fair value of its intangible assets, including relief-from-royalty, income approach, discounted cash flow analysis, and multi-period excess earnings, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about future market growth and trends, forecasted revenue and costs, expected periods over which the assets will be utilized, appropriate discount rates and other variables. The Company estimates the fair values of the trade names using the relief-from-royalty method, which requires assumptions such as the long-term growth rates of future revenues, the relief from royalty rate for such revenue, the tax rate and the discount rate. The Company estimates the fair value of existing indefinite-lived state licenses based on a blended approach of the replacement cost method and cost savings method, which involves estimating the total process costs and opportunity costs to obtain a license, by estimating future earnings before interest and taxes and applying an estimated discount rate, tax rate and time to obtain the license. The Company estimates the fair value of existing finite-lived state licenses based on a method of analyzing the definite revenue streams with the license and without the license, which involves estimating revenues and expenses, estimated time to build up to a current revenue base, which is market specific, and the non-licensed revenue allocation, revenue growth rates, discount rate and tax amortization benefits. The Company estimates the fair value of customer and referral relationships based on a multi-period excess earnings method, which involves identifying revenue streams associated with the assets, estimating the attrition rates based upon historical financial data, expenses and cash flows associated with the assets, contributory asset charges, rates of return for specific assets, growth rates, discount rate and tax amortization benefits. The Company estimates the fair value of non-competition agreements based on a method of analyzing the factors to compete and factors not to compete, which involves estimating historical financial data, forecasted financial statements, growth rates, tax amortization benefit, discount rate, review of factors to compete and factors not to compete as well as an assessment of the probability of successful competition for each non-competition agreement. The Company bases its fair value estimates on assumptions the Company believes to be reasonable but which are unpredictable and inherently uncertain. Actual future results may differ from those estimates. The Company’s carrying value of goodwill is the excess of the purchase price over the fair value of the net assets acquired from various acquisitions. In accordance with Accounting Standards Codification (“ASC”) Topic 350, Goodwill and Other Intangible Assets The goodwill impairment test involves comparing the fair value of a reporting unit with its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value, then goodwill is not impaired. If the fair value of a reporting unit is less than its carrying value, then goodwill is impaired to the extent of the difference. The Company’s identifiable intangible assets consist of customer and referral relationships, trade names, trademarks, state licenses and non-competition agreements. Definite-lived intangible assets are amortized using straight-line and accelerated methods based upon the estimated useful lives of the respective assets, which range from one to twenty-five years Goodwill and Other Intangible Assets |
Debt Issuance Costs | Debt Issuance Costs The Company amortizes debt issuance costs on a straight-line method over the term of the related debt. This method approximates the effective interest method. In accordance with ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs |
Workers' Compensation Program | Workers’ Compensation Program The Company’s workers’ compensation insurance program has a $0.4 million deductible component. The Company recognizes its obligations associated with this program in the period the claim is incurred. The cost of both the claims reported and claims incurred but not reported, up to the deductible, have been accrued based on historical claims experience, industry statistics and an actuarial analysis. The future claims payments related to the workers’ compensation program are secured by letters of credit. These letters of credit totaled $9.0 million and $10.0 million at December 31, 2020 and 2019, respectively. The Company monitors its claims quarterly and adjusts its reserves accordingly. These costs are recorded primarily as the cost of services on the Consolidated Statements of Income. As of December 31, 2020 and 2019, the Company recorded $13.8 million and $14.1 million, respectively, in accrued workers’ compensation insurance on the Company’s Consolidated Balance Sheets. As of December 31, 2020 and 2019, the Company recorded $1.9 million and $2.0 million, respectively, in workers’ compensation insurance receivables. The workers’ compensation insurance receivable is included in prepaid expenses and other current assets on the Company’s Consolidated Balance Sheets. |
Interest Income | Interest Income Illinois law entitles designated service program providers to receive a prompt payment interest penalty based on qualifying services approved for payment that remain unpaid after a designated period of time. As the amount and timing of the receipt of these payments are not certain, the interest income is recognized when received and reported in the statement of income caption, “Interest income.” For the years ended December 31, 2019 and 2018, the Company received $0.7 million and $2.3 million, respectively, in prompt payment interest. For the year ended December 31, 2020, prompt payment interest received was immaterial. While the Company may be owed additional prompt payment interest in the future, the amount, timing and intent to provide receipt of such payments remains uncertain, and the Company will continue to recognize prompt payment interest income upon satisfaction of these constraints. |
Interest Expense | Interest Expense Interest expense is reported in the Consolidated Statements of Income when incurred and consists of (i) interest and unused credit line fees on the credit facility, evidenced by the Credit Agreement (as defined in Note 8), (ii) interest on our financing lease obligations and (iii) amortization and write-off of debt issuance costs. |
Income Tax Expense | Income Tax Expense The Company accounts for income taxes under the provisions of ASC Topic 740, Income Taxes. |
Stock-Based Compensation | Stock-based Compensation The Company currently has one stock incentive plan, the 2017 Omnibus Incentive Plan (the “2017 Plan”), under which new grants of stock-based employee compensation are made. The Company accounts for stock-based compensatio n in accordance with ASC Topic 718, Stock Compensation . Compensation expense is recognized on a straight-line basis under the 2017 Plan over the vesting period of the equity awards based on the grant date fair value of the options and restricted stock awar ds. The Company utilizes the Black-Scholes Option Pricing Model to value the Company’s options. Forfeitures are recognized when they occur. Stock-based compensation expense was $ 6.0 million, $ 5.8 million and $ 4.1 million for the years ended December 31, 2020, 2019 and 2018 , respectively, within general and administrative expenses on the Consolidated Statements of Income . |
Diluted Net Income Per Common Share | Diluted Net Income Per Common Share Diluted net income per common share, calculated on the treasury stock method, is based on the weighted average number of shares outstanding during the period. The Company’s outstanding securities that may potentially dilute the common stock are stock options and restricted stock awards. Included in the Company’s calculation of diluted earnings per share for the year ended December 31, 2020 were approximately 506,000 stock options outstanding, of which approximately 304,000 were dilutive. In addition, there were approximately 154,000 restricted stock awards outstanding, of which approximately 57,000 were dilutive for the year ended December 31, 2020. Included in the Company’s calculation of diluted earnings per share for the year ended December 31, 2019 were approximately 648,000 stock options outstanding, of which approximately 346,000 were dilutive. In addition, there were approximately 149,000 restricted stock awards outstanding, of which approximately 86,000 were dilutive for the year ended December 31, 2019. Included in the Company’s calculation of diluted earnings per share for the year ended December 31, 2018 were approximately 683,000 stock options outstanding, of which approximately 247,000 were dilutive. In addition, there were approximately 149,000 restricted stock awards outstanding, of which approximately 88,000 were dilutive for the year ended December 31, 2018. |
Estimates | Estimates The financial statements are prepared by management in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) and include estimated amounts and certain disclosures based on assumptions about future events. The Company’s critical accounting estimates include the following areas: revenue recognition, |
Fair Value Measurements | Fair Value Measurements The Company’s financial instruments consist of cash, accounts receivable, payables and debt. The carrying amounts reported on the Company’s Consolidated Balance Sheets for cash, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short-term nature of these instruments. The carrying value of the Company’s long-term debt with variable interest rates approximates fair value based on instruments with similar terms using level 2 inputs as defined under ASC Topic 820, Fair Value Measurement The Company applies fair value techniques on a non-recurring basis associated with valuing potential impairment losses related to goodwill, if required, and indefinite-lived intangible assets and also when determining the fair value of contingent consideration, if applicable. To determine the fair value in these situations, the Company uses Level 3 inputs, under ASC Topic 820 and defined as unobservable inputs in which little or no market data exists; therefore requiring an entity to develop its own assumptions, such as discounted cash flows, or if available, what a market participant would pay on the measurement date. The Company uses various valuation techniques to determine fair value of its intangible assets, including relief-from-royalty, income approach, discounted cash flow analysis, and multi-period excess earnings, which use significant unobservable inputs, or Level 3 inputs, as defined by the fair value hierarchy. Under these valuation approaches, we are required to make estimates and assumptions about future market growth and trends, forecasted revenue and costs, expected periods over which the assets will be utilized, appropriate discount rates and other variables. |
Going Concern | Going Concern In connection with the preparation of the financial statements for the years ended December 31, 2020 and 2019, the Company conducted an evaluation as to whether there were conditions and events, considered in the aggregate, which raised substantial doubt as to the entity’s ability to continue as a going concern within one year after the date of the issuance, or the date of availability, of the financial statements to be issued. The evaluation concluded that cash flows are sufficient for the next year and there did not appear to be evidence of substantial doubt of the entity’s ability to continue as a going concern. |
Recently Issued and Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments. We have reviewed our provision for doubtful accounts process as required by ASU 2016-13. Management estimates allowances on accounts receivable based upon historical experience and other factors, including an aging of accounts receivable, evaluation of expected adjustments, past adjustments and collection experience in relation to amounts billed, current contract and reimbursement terms, shifts in payors and other current relevant information In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Activity in Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts is as follows (in thousands): Allowance for doubtful accounts Balance at beginning of period Additions/ charges Deductions (1) Balance at end of period Year ended December 31, 2020 Allowance for doubtful accounts $ 962 918 907 $ 973 Year ended December 31, 2019 Allowance for doubtful accounts $ 945 343 326 $ 962 Year ended December 31, 2018 (2) Allowance for doubtful accounts $ 18,749 272 18,076 $ 945 (1) (2) With the adoption of ASU 2014-09, Revenue from Contracts with Customers, |
Estimated Useful Lives of Property and Equipment | The estimated useful lives of the property and equipment are as follows: Computer equipment 3-5 years Furniture and equipment 5-7 years Transportation equipment 5 years Computer software 3-10 years Leasehold improvements Lesser of useful life or lease term |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Amounts Reported in Condensed Consolidated Balance Sheets for Operating Leases | Amounts reported in the Consolidated Balance Sheets as of December 31, 2020 and 2019 for our operating leases were as follows: December 31, 2020 2019 (Amounts in Thousands) Operating lease assets, net $ 37,991 $ 21,111 Short-term operating lease liabilities (in accrued expenses) 9,283 7,234 Long-term operating lease liabilities 35,516 14,301 Total operating lease liabilities $ 44,799 $ 21,535 |
Components of Lease Cost Reported in General and Administrative Expenses in Condensed Consolidated Statements of Income | Components of lease cost were reported in general and administrative expenses in the Consolidated Statements of Income as follows: For the Years Ended December 31, (Amounts in Thousands) 2020 2019 Operating lease costs $ 9,197 $ 7,219 Short-term lease costs 761 585 Less: sublease income (323 ) (312 ) Total lease cost, net $ 9,635 $ 7,492 |
Schedule of Weighted Average Remaining Lease Terms and Discount Rates | Weighted average remaining lease terms and discount rates for the years ended December 31, 2020 and 2019 were as follows: 2020 2019 Operating leases: Weighted average remaining lease term 6.97 3.42 Weighted average discount rate 4.18 % 5.14 % |
Supplemental Cash Flows Information | For the Years Ended December 31, (Amounts in Thousands) 2020 2019 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,769 $ 7,574 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 25,807 $ 10,299 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Acquisition [Line Items] | |
Unaudited Pro Forma Condensed Consolidated Income Statement Information | For the year ended December 31, 2020, For the Years Ended December 31, (Amounts in Thousands, Unaudited) 2020 2019 2018 Net service revenues $ 831,290 $ 726,727 $ 550,326 Operating income from continuing operations 45,555 46,571 36,985 Net income from continuing operations 34,564 35,748 24,346 Net income per common share from continuing operations Basic income per share $ 2.22 $ 2.59 $ 2.02 Diluted income per share $ 2.17 $ 2.51 $ 1.97 |
Queen City Hospice [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Values of Assets and Liabilities | Based upon management’s valuations, which are preliminary and subject to completion of working capital adjustments, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 169,207 Identifiable intangible assets 20,015 Cash 15,444 Property and equipment 759 Accounts receivable 5,835 Operating lease assets, net 3,028 Other assets 121 Accounts payable (2,092 ) Accrued expenses (503 ) Accrued payroll (1,598 ) Long-term operating lease liabilities (2,765 ) Government stimulus advances (12,694 ) Total purchase price $ 194,757 |
County Homemakers [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Values of Assets and Liabilities | Based upon management’s valuations, which are preliminary and subject to completion of working capital adjustments, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 13,363 Identifiable intangible assets 474 Cash 1,104 Property and equipment 52 Accounts receivable 1,387 Operating lease assets, net 485 Other assets 40 Accounts payable (19 ) Accrued expenses (37 ) Accrued payroll (543 ) Long-term operating lease liabilities (485 ) Total purchase price $ 15,821 |
A Plus Health Care, Inc [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Values of Assets and Liabilities | Based upon management’s valuations, which are preliminary and subject to completion of working capital adjustments, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 9,698 Identifiable intangible assets 1,523 Cash 2,819 Accounts receivable 1,075 Operating lease assets, net 180 Other assets 26 Accounts payable (21 ) Accrued expenses (362 ) Accrued payroll (311 ) Long-term operating lease liabilities (100 ) Total purchase price $ 14,527 |
Hospice Partners [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Values of Assets and Liabilities | Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 111,806 Identifiable intangible assets 18,090 Cash 5,489 Property and equipment 164 Accounts receivable 6,411 Operating lease assets, net 2,425 Other assets 702 Accounts payable (1,737 ) Accrued expenses (3,635 ) Accrued payroll (1,110 ) Deferred tax liability (1,422 ) Long-term operating lease liabilities (1,615 ) Total purchase price $ 135,568 |
Alliance Home Health Care [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Values of Assets and Liabilities | Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 17,062 Identifiable intangible assets 5,422 Cash 177 Accounts receivable 1,754 Accounts payable (316 ) Other liabilities (641 ) Total purchase price $ 23,458 |
VIP Health Care Services [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Values of Assets and Liabilities | Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 11,936 Identifiable intangible assets 15,370 Cash 130 Accounts receivable 4,730 Operating lease assets, net 2,278 Other assets 30 Property and equipment 27 Accounts payable (540 ) Accrued expenses (770 ) Accrued payroll (1,742 ) Long-term operating lease liabilities (1,531 ) Total purchase price $ 29,918 |
Ambercare Corporation [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Values of Assets and Liabilities | Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 28,831 Cash 12,028 Identifiable intangible assets 9,944 Accounts receivable 6,512 Other assets 442 Property and equipment 154 Accrued expenses (4,073 ) Deferred tax liability (2,138 ) Financing lease (75 ) Accounts payable (3 ) Total purchase price $ 51,622 |
Arcadia Home Care And Staffing [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Values of Assets and Liabilities | Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 13,072 Accounts receivable 5,317 Identifiable intangible assets 2,264 Property and equipment 155 Other assets 92 Accrued expenses (1,540 ) Accounts payable (508 ) Total purchase price $ 18,852 |
Lifestyle Options, Inc. [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Values of Assets and Liabilities | Based upon management’s final valuations, the fair values of the assets and liabilities are as follows: Total (Amounts in Thousands) Goodwill $ 2,751 Identifiable intangible assets 1,152 Accounts receivable 573 Other assets 32 Property and equipment 18 Accrued expenses (291 ) Accounts payable (105 ) Total purchase price $ 4,130 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following: December 31, 2020 2019 (Amounts in Thousands) Computer equipment $ 8,135 $ 5,304 Furniture and equipment 5,097 3,410 Transportation equipment 199 157 Leasehold improvements 9,402 3,749 Computer software 11,881 9,563 34,714 22,183 Less: accumulated depreciation and amortization (14,965 ) (10,027 ) $ 19,749 $ 12,156 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill and Related Adjustments | A summary of goodwill and related adjustments is provided below: Goodwill Hospice Personal Care Home Health Total (Amounts In Thousands) Goodwill at December 31, 2018 $ 22,200 $ 112,377 $ 865 $ 135,442 Additions for acquisitions 124,750 14,368 941 140,059 Adjustments to previously recorded goodwill 33 (168 ) 2 (133 ) Goodwill at December 31, 2019 146,983 126,577 1,808 275,368 Additions for acquisitions 169,207 24,660 — 193,867 Divestiture (1,167 ) — — (1,167 ) Adjustments to previously recorded goodwill (190 ) 1,211 (17 ) 1,004 Goodwill at December 31, 2020 $ 314,833 $ 152,448 $ 1,791 $ 469,072 |
Schedule of Carrying Amount and Accumulated Amortization of Intangible Asset | The carrying amount and accumulated amortization of each identifiable intangible asset category consisted of the following at December 31, 2020 and 2019: Customer and referral relationships Trade names and trademarks Non- competition agreements State Licenses Total (Amounts in Thousands) Intangible assets with indefinite lives $ — $ — $ — $ 20,791 $ 20,791 Intangible assets subject to amortization: Gross carrying amount 44,672 42,926 6,225 12,507 106,330 Accumulated amortization (34,439 ) (15,191 ) (2,887 ) (3,055 ) (55,572 ) Intangible assets subject to amortization, net 10,233 27,735 3,338 9,452 50,758 Net balance at December 31, 2020 $ 10,233 $ 27,735 $ 3,338 $ 30,243 $ 71,549 Intangible assets with indefinite lives $ — $ — $ — $ 13,306 $ 13,306 Intangible assets subject to amortization: Gross carrying amount 48,028 31,036 4,655 12,020 95,739 Accumulated amortization (35,665 ) (12,941 ) (2,234 ) (1,126 ) (51,966 ) Intangible assets subject to amortization, net 12,363 18,095 2,421 10,894 43,773 Net balance at December 31, 2019 $ 12,363 $ 18,095 $ 2,421 $ 24,200 $ 57,079 |
Schedule of Future Amortization of Intangible Assets | The estimated future intangible amortization expense is as follows: For the year ended December 31, Total (Amount in Thousands) 2021 $ 7,711 2022 6,582 2023 6,098 2024 5,855 2025 4,232 Thereafter 20,280 Total, intangible assets subject to amortization $ 50,758 |
Details of Certain Balance Sh_2
Details of Certain Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Details Of Certain Balance Sheet Accounts [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: December 31, 2020 2019 (Amounts in Thousands) Prepaid workers’ compensation and liability insurance $ 2,838 $ 2,040 Workers’ compensation insurance receivable 1,860 1,989 Health insurance receivable 528 1,567 Other 4,743 2,397 Total prepaid expenses and other current assets $ 9,969 $ 7,993 |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: December 31, 2020 2019 (Amounts in Thousands) Current portion of operating lease liabilities $ 9,283 $ 7,234 Accrued health insurance 5,607 4,140 Accrued professional fees 4,220 2,517 Payor advances (1) 4,206 — Accrued payroll taxes 4,543 1,843 Other 9,705 6,695 Total accrued expenses $ 37,564 $ 22,429 (1) The Company deferred the recognition of $4.2 million of payments received from payors for COVID-19 reimbursements which will be recognized if we incur specific expenses such as additional personal protective equipment or will be returned as stipulated if COVID-19 expenses are not incurred . |
Schedule of Government Stimulus Advances | Government stimulus advances consisted of the following: December 31, 2020 2019 (Amounts in Thousands) Provider Relief Fund 12,252 $ — CMS advanced payment program - Queen City Hospice 10,801 — Payroll tax deferral 7,141 — Provider Relief Fund - Queen City Hospice 1,893 — Total government stimulus advances $ 32,087 $ — |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Long Term Debt [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: December 31, 2020 2019 (Amounts in Thousands) Revolving loan under the credit facility $ 178,458 $ 43,458 Term loan under the credit facility 18,130 18,865 Financing leases — 21 Less unamortized issuance costs (1,716 ) (2,452 ) Total 194,872 59,892 Less current maturities (971 ) (728 ) Long-term debt $ 193,901 $ 59,164 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Current and Deferred Federal and State Income Tax Provision from Continuing Operations | The current and deferred federal and state income tax provision from continuing operations, are comprised of the following: December 31, 2020 2019 2018 (Amounts in Thousands) Current Federal $ 10,230 $ 5,876 $ 2,883 State 3,312 2,442 1,562 Deferred Federal (3,690 ) (734 ) (265 ) State (1,043 ) (225 ) (84 ) Provision for income taxes $ 8,809 $ 7,359 $ 4,096 |
Deferred Tax Assets And Liabilities | The tax effects of certain temporary differences between the Company’s book and tax bases of assets and liabilities give rise to significant portions of the deferred income tax assets (liabilities) at December 31, 2020 and 2019. The deferred tax assets (liabilities) consisted of the following: December 31, 2020 2019 (Amounts in Thousands) Deferred tax assets Long-term Accounts receivable allowances $ 14,023 $ 9,256 Accrued compensation 3,580 2,765 Accrued workers’ compensation 3,220 3,327 Transaction costs 1,677 1,311 Restructuring costs 108 135 Stock-based compensation 833 793 Government stimulus advances 1,933 — Operating lease liabilities 12,123 5,896 Other 1,269 584 Total long-term deferred tax assets 38,766 24,067 Deferred tax liabilities Long-term Goodwill and intangible assets (18,891 ) (15,079 ) Property and equipment (3,217 ) (1,037 ) Prepaid insurance — (534 ) Operating lease assets, net (10,052 ) (5,606 ) Other (82 ) (164 ) Total long-term deferred tax liabilities (32,242 ) (22,420 ) Valuation allowance — — Total net deferred tax assets $ 6,524 $ 1,647 |
Reconciliation of Statutory Federal Tax Rate | A reconciliation for continuing operations of the statutory federal tax rate of 21.0% to the effective income tax rate, for the years ended December 31, 2020, 2019 and 2018, is summarized as follows: December 31, 2020 2019 2018 Federal income tax at statutory rate 21.0 % 21.0 % 21.0 % State and local taxes, net of federal benefit 6.0 6.4 6.3 Jobs tax credits, net (5.1 ) (8.3 ) (10.7 ) 162(m) disallowance for executive compensation 6.0 7.5 4.5 Nondeductible permanent items 0.4 0.7 2.2 Nondeductible penalties — 1.3 — Excess tax benefit (5.6 ) (6.7 ) (2.7 ) Federal/state return to provision (1.6 ) 0.6 0.2 Other (0.1 ) (0.3 ) (0.7 ) Effective income tax rate 21.0 % 22.2 % 20.1 % |
Stock Options And Restricted _2
Stock Options And Restricted Stock Awards (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity and Weighted Average Exercise Price | For The Year Ended December 31, 2020 Options (Amounts in Thousands) Weighted Average Exercise Price Outstanding, beginning of period 648 $ 37.43 Granted — — Exercised (127 ) 31.07 Forfeited/Cancelled (15 ) 37.25 Outstanding, end of period 506 $ 39.03 |
Weighted-Average Estimated Fair Value of Employee Stock Options Granted | For the Years Ended December 31, 2020 2019 2018 Grants Grants Grants Weighted average fair value $ — $ 29.78 $ 14.72 Risk-free discount rate — 1.72% - 2.29% 2.32% - 2.84% Expected life — 4.2 - 4.4 years 4.1 - 4.2 years Dividend yield — — — Volatility — 43% 45% |
Summary of Status of Unvested Restricted Stock Awards Outstanding | For The Year Ended December 31, 2020 Restricted Stock Awards (Amounts in Thousands) Weighted Average Grant Date Fair Value Unvested restricted stock awards, beginning of period 149 $ 51.10 Awarded 88 101.96 Vested (77 ) 45.67 Forfeited (6 ) 45.65 Unvested restricted stock awards, end of period 154 $ 83.30 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | For the Year Ended December 31, 2020 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 647,233 $ 101,297 $ 16,245 $ 764,775 Cost of services revenues 480,191 47,197 11,150 538,538 Gross profit 167,042 54,100 5,095 226,237 General and administrative expenses 60,468 25,394 3,773 89,635 Segment operating income $ 106,574 $ 28,706 $ 1,322 $ 136,602 For the Year Ended December 31, 2019 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 580,728 $ 53,601 $ 14,462 $ 648,791 Cost of services revenues 432,413 27,203 9,937 469,553 Gross profit 148,315 26,398 4,525 179,238 General and administrative expenses 56,887 12,399 3,205 72,491 Segment operating income $ 91,428 $ 13,999 $ 1,320 $ 106,747 For the Year Ended December 31, 2018 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 490,941 $ 18,850 $ 6,856 $ 516,647 Cost of services revenues 365,264 10,010 4,569 379,843 Gross profit 125,677 8,840 2,287 136,804 General and administrative expenses 44,728 3,742 1,545 50,015 Segment operating income $ 80,949 $ 5,098 $ 742 $ 86,789 For the Years Ended December 31, (Amounts in Thousands) 2020 2019 2018 Segment reconciliation: Total segment operating income $ 136,602 $ 106,747 $ 86,789 Items not allocated at segment level: Other general and administrative expenses 80,044 61,421 55,320 Depreciation and amortization 12,051 10,574 8,642 Interest income (624 ) (1,523 ) (2,592 ) Interest expense 3,189 3,105 5,016 Income before income taxes $ 41,942 $ 33,170 $ 20,403 |
Significant Payors (Tables)
Significant Payors (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Payors [Abstract] | |
Schedule of Revenue by Payor Type | For 2020, 2019 and 2018, our revenue by payor type was as follows: Personal Care 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues State, local and other governmental programs $ 324,670 50.2 % $ 303,479 52.2 % $ 285,973 58.2 % Managed care organizations 287,032 44.3 239,559 41.3 173,391 35.3 Private pay 20,398 3.2 21,765 3.7 20,003 4.1 Commercial insurance 9,991 1.5 9,204 1.6 6,173 1.3 Other 5,142 0.8 6,721 1.2 5,401 1.1 Total personal care segment net service revenues $ 647,233 100.0 % $ 580,728 100.0 % $ 490,941 100.0 % Hospice 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Medicare $ 94,068 92.9 % $ 49,649 92.6 % $ 17,652 93.6 % Managed care organizations 4,931 4.9 2,768 5.2 1,047 5.6 Other 2,298 2.2 1,184 2.2 151 0.8 Total hospice segment net service revenues $ 101,297 100.0 % $ 53,601 100.0 % $ 18,850 100.0 % Home Health 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Medicare $ 12,765 78.6 % $ 11,218 77.6 % $ 6,034 88.0 % Managed care organizations 3,188 19.6 2,942 20.3 752 11.0 Other 292 1.8 302 2.1 70 1.0 Total home health segment net service revenues $ 16,245 100.0 % $ 14,462 100.0 % $ 6,856 100.0 % |
Schedule of Revenue by Geographic Location | The Company derives a significant amount of its revenue from its operations in Illinois, New York and New Mexico. The percentages of segment revenue for each of these significant states for 2020, 2019 and 2018 were as follows: Personal Care 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Illinois $ 288,326 44.6 % $ 247,524 42.6 % $ 232,518 47.3 % New York 115,510 17.8 108,403 18.7 65,117 13.3 New Mexico 86,618 13.4 75,666 13.0 58,914 12.0 All other states 156,779 24.2 149,135 25.7 134,392 27.4 Total personal care segment net service revenues $ 647,233 100.0 % $ 580,728 100.0 % $ 490,941 100.0 % Hospice 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues New Mexico $ 42,648 42.1 % $ 38,790 72.4 % $ 18,850 100.0 % All other states 58,649 57.9 14,811 27.6 — — Total hospice segment net service revenues $ 101,297 100.0 % $ 53,601 100.0 % $ 18,850 100.0 % Home Health 2020 2019 2018 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues New Mexico $ 16,245 100.0 % $ 14,462 100.0 % $ 6,856 100.0 % Total home health segment net service revenues $ 16,245 100.0 % $ 14,462 100.0 % $ 6,856 100.0 % |
Unaudited Summarized Quarterl_2
Unaudited Summarized Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results of Operations | The following is a summary of the Company’s unaudited quarterly results of operations: Year Ended December 31, 2020 Year Ended December 31, 2019 Dec. 31 Sept. 30 Jun. 30 Mar. 31 Dec. 31 Sept. 30 Jun. 30 Mar. 31 (Amounts and Shares in Thousands, Except Per Share Data) Net service revenues $ 195,996 $ 193,987 $ 184,576 $ 190,216 $ 192,376 $ 168,993 $ 148,915 $ 138,507 Gross profit 59,104 56,301 54,997 55,835 57,542 45,176 39,693 36,827 Operating income from continuing operations 11,716 12,523 9,607 10,661 14,530 7,335 7,391 5,496 Net income from continuing operations 8,449 9,119 6,907 8,658 10,737 5,486 5,292 4,296 Loss from discontinued operations — — — — — (574 ) — — Net income $ 8,449 $ 9,119 $ 6,907 $ 8,658 $ 10,737 $ 4,912 $ 5,292 $ 4,296 Average shares outstanding: Basic 15,664 15,618 15,582 15,519 15,435 13,766 13,044 12,995 Diluted 16,013 15,957 15,916 15,907 15,881 14,203 13,433 13,381 Income per common share: Basic Continuing operations $ 0.54 $ 0.58 $ 0.44 $ 0.56 $ 0.70 $ 0.40 $ 0.41 $ 0.33 Discontinued operations — — — — — (0.04 ) — — Basic net income per share $ 0.54 $ 0.58 $ 0.44 $ 0.56 $ 0.70 $ 0.36 $ 0.41 $ 0.33 Diluted net income per share Continuing operations $ 0.53 $ 0.57 $ 0.43 $ 0.54 $ 0.68 $ 0.39 $ 0.39 $ 0.32 Discontinued operations — — — — — (0.04 ) — — Diluted net income per share $ 0.53 $ 0.57 $ 0.43 $ 0.54 $ 0.68 $ 0.35 $ 0.39 $ 0.32 |
Significant Accounting Polici_4
Significant Accounting Policies (Narrative) (Details) | Oct. 01, 2017 | Mar. 01, 2013 | Dec. 31, 2020USD ($)shares | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segmentitemshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Number of operating segments | segment | 3 | ||||||||||||
Net service revenues | $ 195,996,000 | $ 193,987,000 | $ 184,576,000 | $ 190,216,000 | $ 192,376,000 | $ 168,993,000 | $ 148,915,000 | $ 138,507,000 | $ 764,775,000 | $ 648,791,000 | $ 516,647,000 | ||
Contract with customer liability | $ 1,800,000 | 400,000 | $ 1,800,000 | 400,000 | |||||||||
Percent of fair value of reporting unit excess of carrying value | 90.00% | 90.00% | |||||||||||
Goodwill impairment charge | $ 0 | 0 | 0 | ||||||||||
Goodwill | $ 469,072,000 | 275,368,000 | 469,072,000 | 275,368,000 | 135,442,000 | ||||||||
Impairment of finite-lived intangible assets | 0 | 0 | 0 | ||||||||||
Intangibles, net of accumulated amortization | 71,549,000 | 57,079,000 | 71,549,000 | 57,079,000 | |||||||||
Deductible component of workers' compensation | 400,000 | ||||||||||||
Letters of credit secure compensation program | 9,000,000 | 10,000,000 | 9,000,000 | 10,000,000 | |||||||||
Accrued workers’ compensation insurance | 13,759,000 | 14,143,000 | 13,759,000 | 14,143,000 | |||||||||
Workers' compensation insurance recovery receivables | $ 1,860,000 | $ 1,989,000 | $ 1,860,000 | 1,989,000 | |||||||||
Interest income received | 700,000 | 2,300,000 | |||||||||||
Number of stock incentive plans | item | 1 | ||||||||||||
Stock-based compensation expense | $ 6,000,000 | 5,800,000 | 4,100,000 | ||||||||||
Stock Options [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Stock-based compensation expense | $ 2,000,000 | $ 2,500,000 | $ 2,000,000 | ||||||||||
Number of stock options included in calculation | shares | 506,000 | 648,000 | 506,000 | 648,000 | 683,000 | ||||||||
Number of dilutive shares outstanding | shares | 304,000 | 346,000 | 247,000 | ||||||||||
Restricted Stock [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Stock-based compensation expense | $ 4,000,000 | $ 3,300,000 | $ 2,100,000 | ||||||||||
Number of dilutive shares outstanding | shares | 57,000 | 86,000 | 88,000 | ||||||||||
Shares of restricted stock awards included in calculation | shares | 154,000 | 149,000 | 149,000 | ||||||||||
Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Leases termination and renewal option | 1 year | ||||||||||||
Intangible assets, estimated useful lives | 1 year | ||||||||||||
Minimum [Member] | Customer and Referral Relationships [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Intangible assets, estimated useful lives | 5 years | ||||||||||||
Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Leases termination and renewal option | 5 years | ||||||||||||
Intangible assets, estimated useful lives | 25 years | ||||||||||||
Maximum [Member] | Customer and Referral Relationships [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Intangible assets, estimated useful lives | 10 years | ||||||||||||
General and Administrative Expenses [Member] | Frisco Corporate Headquarter [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Operating lease asset, impairment | $ 1,000,000 | ||||||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Net service revenues | $ 18,000,000 | ||||||||||||
Accounts receivable, allowance for doubtful accounts | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||||
Accounting Standards Update 2014-09 [Member] | Subsequent Changes [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Net service revenues | 3,000,000 | $ 1,300,000 | |||||||||||
Accounting Standards Update 2016-13 [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Change in accounting principle, accounting standards update, adopted | true | true | |||||||||||
Change in accounting principle, accounting standards update, immaterial effect | true | true | |||||||||||
Accounting Standards Update 2017-04 [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Change in accounting principle, accounting standards update, adopted | true | true | |||||||||||
Change in accounting principle, accounting standards update, immaterial effect | true | true | |||||||||||
Accounting Standards Update 2018-15 [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Change in accounting principle, accounting standards update, adopted | true | true | |||||||||||
Change in accounting principle, accounting standards update, immaterial effect | true | true | |||||||||||
Accounting Standards Update 2019-12 [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Change in accounting principle, accounting standards update, adopted | true | true | |||||||||||
Change in accounting principle, accounting standards update, immaterial effect | false | false | |||||||||||
Change in accounting principle, accounting standards update, adoption date | Dec. 15, 2020 | Dec. 15, 2020 | |||||||||||
2013 Home Health Business [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Equity ownership percentage sold in joint venture | 10.00% | 90.00% | |||||||||||
Settlement expense in discontinued operation | $ 600,000 |
Significant Accounting Polici_5
Significant Accounting Policies (Activity in Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | [1] | |||
Credit Loss [Abstract] | ||||||
Balance at beginning of period | $ 962 | $ 945 | [1] | $ 18,749 | ||
Provision for doubtful accounts | 918 | 343 | 272 | |||
Deductions | [2] | 907 | 326 | 18,076 | ||
Balance at end of period | $ 973 | $ 962 | $ 945 | |||
[1] | With the adoption of ASU 2014-09, Revenue from Contracts with Customers, | |||||
[2] | Write-offs, net of recoveries |
Significant Accounting Polici_6
Significant Accounting Policies (Activity in Allowance for Doubtful Accounts) (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance For Doubtful Accounts Receivable [Line Items] | |||||||||||
Net service revenues | $ 195,996 | $ 193,987 | $ 184,576 | $ 190,216 | $ 192,376 | $ 168,993 | $ 148,915 | $ 138,507 | $ 764,775 | $ 648,791 | $ 516,647 |
Accounting Standards Update 2014-09 [Member] | |||||||||||
Allowance For Doubtful Accounts Receivable [Line Items] | |||||||||||
Net service revenues | $ 18,000 |
Significant Accounting Polici_7
Significant Accounting Policies (Estimated Useful Lives of Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Furniture and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 7 years |
Transportation Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 5 years |
Computer Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 3 years |
Computer Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment useful life | 10 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvements | Lesser of useful life or lease term |
Leases (Amounts Reported in Con
Leases (Amounts Reported in Condensed Consolidated Balance Sheets for Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease assets, net | $ 37,991 | $ 21,111 |
Short-term operating lease liabilities (in accrued expenses) | $ 9,283 | $ 7,234 |
Operating lease, liability, current, statement of financial position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | us-gaap:AccruedLiabilitiesCurrent |
Long-term operating lease liabilities | $ 35,516 | $ 14,301 |
Total operating lease liabilities | $ 44,799 | $ 21,535 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($)ft² | Dec. 31, 2018USD ($) | |
Lessee Lease [Line Items] | ||
Rent expense | $ 6 | |
Sublease income recognized | $ 0.3 | |
Downers Grove [Member] | ||
Lessee Lease [Line Items] | ||
Area of office space sublet | ft² | 21,000 | |
Frisco Corporate Headquarter [Member] | ||
Lessee Lease [Line Items] | ||
Lease agreement term | 11 years | |
Area of space after expand | ft² | 75,000 | |
Increase in the operating lease asset, net | $ 17 | |
Increase in operating lease liability | $ 22.6 | |
Frisco Corporate Headquarter [Member] | Frisco [Member] | ||
Lessee Lease [Line Items] | ||
Area of office space sublet | ft² | 12,000 |
Leases (Components of Lease Cos
Leases (Components of Lease Cost Reported in General and Administrative Expenses in Condensed Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease costs | $ 9,197 | $ 7,219 |
Short-term lease costs | 761 | 585 |
Less: sublease income | 323 | 312 |
Total lease cost, net | $ 9,635 | $ 7,492 |
Leases (Schedule of Weighted Av
Leases (Schedule of Weighted Average Remaining Lease Terms and Discount Rates) (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted average remaining lease term | 6 years 11 months 19 days | 3 years 5 months 1 day |
Weighted average discount rate | 4.18% | 5.14% |
Leases (Summary of Future Minim
Leases (Summary of Future Minimum Remaining Operating Lease Payments on Non-cancelable Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Year 1 | $ 10,681 | |
Year 2 | 9,007 | |
Year 3 | 6,977 | |
Year 4 | 5,231 | |
Year 5 | 3,521 | |
Thereafter | 16,514 | |
Total future minimum rental commitments | 51,931 | |
Less: Imputed interest | (7,132) | |
Total lease liabilities | $ 44,799 | $ 21,535 |
Leases (Supplemental Cash Flows
Leases (Supplemental Cash Flows Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 8,769 | $ 7,574 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 25,807 | $ 10,299 |
Public Offering (Narrative) (De
Public Offering (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 01, 2019 | Sep. 09, 2019 | Aug. 22, 2018 | Aug. 20, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | |||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Proceeds from issuance of common stock, net of issuance costs | $ 172,945 | $ 76,618 | |||||
Business acquisition purchase price | $ 207,660 | 184,076 | 62,440 | ||||
Increase to additional paid in capital from public offering | $ 172,945 | 76,618 | |||||
Issuance costs | $ 5,400 | ||||||
Term Loan [Member] | Credit Facility [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Repayment of credit facility | $ 102,600 | ||||||
Hospice Partners of America, LLC [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Business acquisition purchase price | $ 130,000 | ||||||
Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Shares issued during period | 2,300,000 | 2,100,000 | 2,300,000 | 1,390,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Public offering price, per share | $ 79.50 | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ 172,900 | ||||||
Underwriting discounts and estimated offering expenses | $ 9,900 | ||||||
Increase to additional paid in capital from public offering | $ 2 | $ 1 | |||||
Purchase price per share | $ 59 | ||||||
Additional Paid-in Capital [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Increase to additional paid in capital from public offering | $ 172,943 | $ 76,617 | |||||
Over-Allotment Option [Member] | Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Shares issued during period | 300,000 | 315,000 | |||||
Proceeds from issuance of common stock, net of issuance costs | $ 17,500 | ||||||
Primary Shares [Member] | Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Shares issued during period | 1,075,267 | ||||||
Proceeds from issuance of common stock, net of issuance costs | $ 59,100 | ||||||
Secondary Shares [Member] | Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Shares issued during period | 1,024,733 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | Dec. 04, 2020USD ($) | Nov. 01, 2020USD ($) | Jul. 01, 2020USD ($) | Oct. 01, 2019USD ($)location$ / sharesshares | Sep. 09, 2019$ / sharesshares | Aug. 01, 2019USD ($) | Jun. 01, 2019USD ($) | Aug. 22, 2018shares | Aug. 20, 2018$ / sharesshares | May 01, 2018USD ($) | Apr. 01, 2018USD ($) | Jan. 01, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2020USD ($)$ / shares | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)shares |
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total purchase price for business acquisition | $ 207,660,000 | $ 184,076,000 | $ 62,440,000 | |||||||||||||||||||||
Net service revenues | $ 195,996,000 | $ 193,987,000 | $ 184,576,000 | $ 190,216,000 | $ 192,376,000 | $ 168,993,000 | $ 148,915,000 | $ 138,507,000 | 764,775,000 | 648,791,000 | 516,647,000 | |||||||||||||
Operating income (loss) from continuing operations | 41,942,000 | 33,170,000 | 20,403,000 | |||||||||||||||||||||
Goodwill | $ 469,072,000 | $ 275,368,000 | $ 469,072,000 | $ 275,368,000 | $ 135,442,000 | |||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 1 year | |||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 25 years | |||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Shares issued during period | shares | 2,300,000 | 2,100,000 | 2,300,000 | 1,390,000 | ||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||||||||||||
Public offering price, per share | $ / shares | $ 59 | |||||||||||||||||||||||
Over Allotment Option [Member] | Common Stock [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Shares issued during period | shares | 300,000 | 315,000 | ||||||||||||||||||||||
State Licenses [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Identifiable intangible assets acquired | $ 10,700,000 | |||||||||||||||||||||||
Customer Relationships [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Identifiable intangible assets acquired | 4,700,000 | |||||||||||||||||||||||
Queen City Hospice [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Goodwill | $ 169,207,000 | |||||||||||||||||||||||
Queen City Hospice [Member] | Trade Names [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 15 years | |||||||||||||||||||||||
Identifiable intangible assets acquired | $ 11,000,000 | $ 11,000,000 | ||||||||||||||||||||||
Queen City Hospice [Member] | Non-competition Agreements [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 5 years | |||||||||||||||||||||||
Identifiable intangible assets acquired | $ 1,500,000 | 1,500,000 | ||||||||||||||||||||||
Queen City Hospice [Member] | State Licenses [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Identifiable intangible assets acquired | 7,500,000 | |||||||||||||||||||||||
Indefinite lived intangible assets acquired | 7,500,000 | |||||||||||||||||||||||
Queen City Hospice [Member] | Ohio [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total purchase price for business acquisition | 194,800,000 | |||||||||||||||||||||||
Acquisition related costs | 1,800,000 | |||||||||||||||||||||||
Integration costs | 100,000 | |||||||||||||||||||||||
Excess cash held by acquired business | $ 15,400,000 | |||||||||||||||||||||||
Net service revenues | 4,900,000 | |||||||||||||||||||||||
Operating income (loss) from continuing operations | $ 600,000 | |||||||||||||||||||||||
County Homemakers [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Goodwill | $ 13,363,000 | |||||||||||||||||||||||
County Homemakers [Member] | Trade Names [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 1 year | |||||||||||||||||||||||
Identifiable intangible assets acquired | $ 100,000 | $ 100,000 | ||||||||||||||||||||||
County Homemakers [Member] | State Licenses [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 8 years | |||||||||||||||||||||||
Identifiable intangible assets acquired | $ 300,000 | 300,000 | ||||||||||||||||||||||
County Homemakers [Member] | Pennsylvania [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total purchase price for business acquisition | 15,800,000 | |||||||||||||||||||||||
Acquisition related costs | 300,000 | |||||||||||||||||||||||
Integration costs | 200,000 | |||||||||||||||||||||||
Excess cash held by acquired business | $ 1,100,000 | |||||||||||||||||||||||
Net service revenues | 2,300,000 | |||||||||||||||||||||||
Operating income (loss) from continuing operations | $ 200,000 | |||||||||||||||||||||||
A Plus Health Care, Inc [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Goodwill | $ 9,698,000 | |||||||||||||||||||||||
A Plus Health Care, Inc [Member] | Trade Names [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 15 years | |||||||||||||||||||||||
Identifiable intangible assets acquired | 1,400,000 | $ 1,400,000 | ||||||||||||||||||||||
A Plus Health Care, Inc [Member] | Montana [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total purchase price for business acquisition | 14,500,000 | |||||||||||||||||||||||
Acquisition related costs | 400,000 | |||||||||||||||||||||||
Integration costs | 300,000 | |||||||||||||||||||||||
Excess cash held by acquired business | $ 2,800,000 | |||||||||||||||||||||||
Net service revenues | 4,900,000 | |||||||||||||||||||||||
Operating income (loss) from continuing operations | 1,000,000 | |||||||||||||||||||||||
SunLife Hospice [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total purchase price for business acquisition | 1,700,000 | |||||||||||||||||||||||
Goodwill | $ 1,600,000 | 1,600,000 | ||||||||||||||||||||||
Hospice Partners [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total purchase price for business acquisition | $ 135,600,000 | |||||||||||||||||||||||
Acquisition related costs | $ 1,600,000 | |||||||||||||||||||||||
Integration costs | 600,000 | |||||||||||||||||||||||
Excess cash held by acquired business | 5,500,000 | |||||||||||||||||||||||
Net service revenues | 14,800,000 | |||||||||||||||||||||||
Operating income (loss) from continuing operations | 2,300,000 | |||||||||||||||||||||||
Goodwill | $ 111,806,000 | |||||||||||||||||||||||
Number of locations | location | 21 | |||||||||||||||||||||||
Hospice Partners [Member] | Common Stock [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Shares issued during period | shares | 2,300,000,000 | |||||||||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | |||||||||||||||||||||||
Public offering price, per share | $ / shares | $ 79.50 | |||||||||||||||||||||||
Hospice Partners [Member] | Over Allotment Option [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Integration costs | $ 1,600,000 | |||||||||||||||||||||||
Hospice Partners [Member] | Over Allotment Option [Member] | Common Stock [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Shares issued during period | shares | 300,000,000 | |||||||||||||||||||||||
Hospice Partners [Member] | Trade Names [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 15 years | |||||||||||||||||||||||
Identifiable intangible assets acquired | $ 9,500,000 | |||||||||||||||||||||||
Hospice Partners [Member] | Non-competition Agreements [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Identifiable intangible assets acquired | $ 2,500,000 | |||||||||||||||||||||||
Hospice Partners [Member] | Non-competition Agreements [Member] | Minimum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 3 years | |||||||||||||||||||||||
Hospice Partners [Member] | Non-competition Agreements [Member] | Maximum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 5 years | |||||||||||||||||||||||
Hospice Partners [Member] | State Licenses [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Indefinite lived intangible assets acquired | $ 6,100,000 | |||||||||||||||||||||||
Alliance Home Health Care [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total purchase price for business acquisition | $ 23,500,000 | |||||||||||||||||||||||
Acquisition related costs | 400,000 | |||||||||||||||||||||||
Integration costs | $ 200,000 | 400,000 | ||||||||||||||||||||||
Goodwill | 17,062,000 | |||||||||||||||||||||||
Alliance Home Health Care [Member] | State Licenses [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 10 years | |||||||||||||||||||||||
Identifiable intangible assets acquired | 1,100,000 | |||||||||||||||||||||||
Indefinite lived intangible assets acquired | $ 4,300,000 | |||||||||||||||||||||||
Alliance Home Health Care [Member] | New York [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Net service revenues | 8,800,000 | |||||||||||||||||||||||
Operating income (loss) from continuing operations | 2,100,000 | |||||||||||||||||||||||
VIP Health Care Services [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Total purchase price for business acquisition | 29,900,000 | |||||||||||||||||||||||
Acquisition related costs | 300,000 | |||||||||||||||||||||||
Integration costs | $ 200,000 | 500,000 | ||||||||||||||||||||||
Goodwill | $ 11,936,000 | |||||||||||||||||||||||
VIP Health Care Services [Member] | State Licenses [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 6 years | |||||||||||||||||||||||
VIP Health Care Services [Member] | Customer Relationships [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 8 years | |||||||||||||||||||||||
VIP Health Care Services [Member] | New York [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Net service revenues | 30,000,000 | |||||||||||||||||||||||
Operating income (loss) from continuing operations | (200,000) | |||||||||||||||||||||||
Ambercare Corporation [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Goodwill | $ 28,831,000 | |||||||||||||||||||||||
Ambercare Corporation [Member] | Trade Name and Customer Relationships [Member] | Minimum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 3 years | |||||||||||||||||||||||
Ambercare Corporation [Member] | Trade Name and Customer Relationships [Member] | Maximum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 15 years | |||||||||||||||||||||||
Ambercare Corporation [Member] | New Mexico [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Acquisition related costs | $ 800,000 | |||||||||||||||||||||||
Integration costs | 200,000 | 1,600,000 | ||||||||||||||||||||||
Excess cash held by acquired business | 12,000,000 | |||||||||||||||||||||||
Net service revenues | 36,700,000 | |||||||||||||||||||||||
Operating income (loss) from continuing operations | 7,100,000 | |||||||||||||||||||||||
Total purchase price for business acquisition | $ 39,600,000 | |||||||||||||||||||||||
Arcadia Home Care And Staffing [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Acquisition related costs | 800,000 | |||||||||||||||||||||||
Integration costs | $ 200,000 | 1,100,000 | ||||||||||||||||||||||
Net service revenues | 32,700,000 | |||||||||||||||||||||||
Operating income (loss) from continuing operations | 4,700,000 | |||||||||||||||||||||||
Goodwill | $ 13,072,000 | |||||||||||||||||||||||
Total purchase price for business acquisition | $ 18,900,000 | |||||||||||||||||||||||
Arcadia Home Care And Staffing [Member] | Trade Names, Customer Relationships and State Licenses [Member] | Minimum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 7 years | |||||||||||||||||||||||
Arcadia Home Care And Staffing [Member] | Trade Names, Customer Relationships and State Licenses [Member] | Maximum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 15 years | |||||||||||||||||||||||
Affiliate Branches of Arcadia [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Goodwill | $ 600,000 | |||||||||||||||||||||||
Acquisitions of business cash consideration | $ 600,000 | |||||||||||||||||||||||
Lifestyle Options, Inc. [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Goodwill | $ 2,751,000 | |||||||||||||||||||||||
Lifestyle Options, Inc. [Member] | Trade Name and Customer Relationships [Member] | Minimum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 10 years | |||||||||||||||||||||||
Lifestyle Options, Inc. [Member] | Trade Name and Customer Relationships [Member] | Maximum [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Intangible assets, estimated useful lives | 15 years | |||||||||||||||||||||||
Lifestyle Options, Inc. [Member] | Illinois [Member] | ||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||
Net service revenues | 5,800,000 | |||||||||||||||||||||||
Operating income (loss) from continuing operations | 500,000 | |||||||||||||||||||||||
Total purchase price for business acquisition | 4,100,000 | |||||||||||||||||||||||
Acquisitions of business cash consideration | 3,300,000 | |||||||||||||||||||||||
Business acquisition, contingent earn-out obligation | $ 800,000 | |||||||||||||||||||||||
Contingent consideration, remeasured | $ 0 |
Acquisitions (Schedule of Fair
Acquisitions (Schedule of Fair Values of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 04, 2020 | Nov. 01, 2020 | Jul. 01, 2020 | Dec. 31, 2019 | Oct. 01, 2019 | Aug. 01, 2019 | Jun. 01, 2019 | Dec. 31, 2018 | May 01, 2018 | Apr. 01, 2018 | Jan. 01, 2018 |
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 469,072 | $ 275,368 | $ 135,442 | |||||||||
Queen City Hospice [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 169,207 | |||||||||||
Identifiable intangible assets | 20,015 | |||||||||||
Cash | 15,444 | |||||||||||
Property and equipment | 759 | |||||||||||
Accounts receivable | 5,835 | |||||||||||
Operating lease assets, net | 3,028 | |||||||||||
Other assets | 121 | |||||||||||
Accounts payable | (2,092) | |||||||||||
Accrued expenses | (503) | |||||||||||
Accrued payroll | (1,598) | |||||||||||
Long-term operating lease liabilities | (2,765) | |||||||||||
Government stimulus advances | (12,694) | |||||||||||
Total purchase price | $ 194,757 | |||||||||||
County Homemakers [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 13,363 | |||||||||||
Identifiable intangible assets | 474 | |||||||||||
Cash | 1,104 | |||||||||||
Property and equipment | 52 | |||||||||||
Accounts receivable | 1,387 | |||||||||||
Operating lease assets, net | 485 | |||||||||||
Other assets | 40 | |||||||||||
Accounts payable | (19) | |||||||||||
Accrued expenses | (37) | |||||||||||
Accrued payroll | (543) | |||||||||||
Long-term operating lease liabilities | (485) | |||||||||||
Total purchase price | $ 15,821 | |||||||||||
A Plus Health Care, Inc [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 9,698 | |||||||||||
Identifiable intangible assets | 1,523 | |||||||||||
Cash | 2,819 | |||||||||||
Accounts receivable | 1,075 | |||||||||||
Operating lease assets, net | 180 | |||||||||||
Other assets | 26 | |||||||||||
Accounts payable | (21) | |||||||||||
Accrued expenses | (362) | |||||||||||
Accrued payroll | (311) | |||||||||||
Long-term operating lease liabilities | (100) | |||||||||||
Total purchase price | $ 14,527 | |||||||||||
Hospice Partners [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 111,806 | |||||||||||
Identifiable intangible assets | 18,090 | |||||||||||
Cash | 5,489 | |||||||||||
Property and equipment | 164 | |||||||||||
Accounts receivable | 6,411 | |||||||||||
Operating lease assets, net | 2,425 | |||||||||||
Other assets | 702 | |||||||||||
Accounts payable | (1,737) | |||||||||||
Accrued expenses | (3,635) | |||||||||||
Accrued payroll | (1,110) | |||||||||||
Deferred tax liability | (1,422) | |||||||||||
Long-term operating lease liabilities | (1,615) | |||||||||||
Total purchase price | $ 135,568 | |||||||||||
Alliance Home Health Care [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 17,062 | |||||||||||
Identifiable intangible assets | 5,422 | |||||||||||
Cash | 177 | |||||||||||
Accounts receivable | 1,754 | |||||||||||
Accounts payable | (316) | |||||||||||
Other liabilities | (641) | |||||||||||
Total purchase price | $ 23,458 | |||||||||||
VIP Health Care Services [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 11,936 | |||||||||||
Identifiable intangible assets | 15,370 | |||||||||||
Cash | 130 | |||||||||||
Property and equipment | 27 | |||||||||||
Accounts receivable | 4,730 | |||||||||||
Operating lease assets, net | 2,278 | |||||||||||
Other assets | 30 | |||||||||||
Accounts payable | (540) | |||||||||||
Accrued expenses | (770) | |||||||||||
Accrued payroll | (1,742) | |||||||||||
Long-term operating lease liabilities | (1,531) | |||||||||||
Total purchase price | $ 29,918 | |||||||||||
Ambercare Corporation [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 28,831 | |||||||||||
Identifiable intangible assets | 9,944 | |||||||||||
Cash | 12,028 | |||||||||||
Property and equipment | 154 | |||||||||||
Accounts receivable | 6,512 | |||||||||||
Other assets | 442 | |||||||||||
Financing lease | (75) | |||||||||||
Accounts payable | (3) | |||||||||||
Accrued expenses | (4,073) | |||||||||||
Deferred tax liability | (2,138) | |||||||||||
Total purchase price | $ 51,622 | |||||||||||
Arcadia Home Care And Staffing [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 13,072 | |||||||||||
Identifiable intangible assets | 2,264 | |||||||||||
Property and equipment | 155 | |||||||||||
Accounts receivable | 5,317 | |||||||||||
Other assets | 92 | |||||||||||
Accounts payable | (508) | |||||||||||
Accrued expenses | (1,540) | |||||||||||
Total purchase price | $ 18,852 | |||||||||||
Lifestyle Options, Inc. [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Goodwill | $ 2,751 | |||||||||||
Identifiable intangible assets | 1,152 | |||||||||||
Property and equipment | 18 | |||||||||||
Accounts receivable | 573 | |||||||||||
Other assets | 32 | |||||||||||
Accounts payable | (105) | |||||||||||
Accrued expenses | (291) | |||||||||||
Total purchase price | $ 4,130 |
Acquisitions (Unaudited Pro For
Acquisitions (Unaudited Pro Forma Condensed Consolidated Income Statement Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Queen City Hospice, A Plus and County Homemakers [Member] | |||
Business Acquisition [Line Items] | |||
Net service revenues | $ 831,290 | ||
Operating income from continuing operations | 45,555 | ||
Net income from continuing operations | $ 34,564 | ||
Basic income per share | $ 2.22 | ||
Diluted income per share | $ 2.17 | ||
Hospice Partners, Alliance and VIP [Member] | |||
Business Acquisition [Line Items] | |||
Net service revenues | $ 726,727 | ||
Operating income from continuing operations | 46,571 | ||
Net income from continuing operations | $ 35,748 | ||
Basic income per share | $ 2.59 | ||
Diluted income per share | $ 2.51 | ||
Ambercare Arcadia and Life Style {Member] | |||
Business Acquisition [Line Items] | |||
Net service revenues | $ 550,326 | ||
Operating income from continuing operations | 36,985 | ||
Net income from continuing operations | $ 24,346 | ||
Basic income per share | $ 2.02 | ||
Diluted income per share | $ 1.97 |
Property and Equipment (Schedul
Property and Equipment (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 34,714 | $ 22,183 |
Less: accumulated depreciation and amortization | (14,965) | (10,027) |
Property and equipment, net | 19,749 | 12,156 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,135 | 5,304 |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,097 | 3,410 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 199 | 157 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 9,402 | 3,749 |
Computer Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 11,881 | $ 9,563 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment | $ 34,714 | $ 22,183 | |
Depreciation and amortization | 12,051 | 10,574 | $ 8,642 |
Internally Developed Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment | 1,700 | 1,600 | |
Depreciation and amortization | $ 5,000 | $ 4,000 | $ 2,500 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | Dec. 04, 2020 | Nov. 01, 2020 | Jul. 01, 2020 | Jun. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill [Line Items] | |||||||
Goodwill | $ 469,072,000 | $ 275,368,000 | $ 135,442,000 | ||||
Adjustment of goodwill related to divestiture | $ 1,167,000 | ||||||
Discount rate used in goodwill impairment analysis | 8.50% | ||||||
Percent of fair value of reporting unit excess of carrying value | 90.00% | ||||||
Goodwill impairment charge | $ 0 | 0 | 0 | ||||
Amortization expense | $ 7,100,000 | 6,600,000 | 6,200,000 | ||||
Weighted average remaining useful lives of identifiable intangible assets | 9 years 9 months 18 days | ||||||
State Licenses [Member] | |||||||
Goodwill [Line Items] | |||||||
Finite-lived intangible assets related to acquisition | $ 10,700,000 | ||||||
Customer Relationships [Member] | |||||||
Goodwill [Line Items] | |||||||
Finite-lived intangible assets related to acquisition | $ 4,700,000 | ||||||
Minimum [Member] | |||||||
Goodwill [Line Items] | |||||||
Long-term revenue growth rate assumed in goodwill impairment analysis | 5.00% | ||||||
Intangible assets, estimated useful lives | 1 year | ||||||
Minimum [Member] | Customer and Referral Relationships [Member] | |||||||
Goodwill [Line Items] | |||||||
Intangible assets, estimated useful lives | 5 years | ||||||
Maximum [Member] | |||||||
Goodwill [Line Items] | |||||||
Long-term revenue growth rate assumed in goodwill impairment analysis | 5.50% | ||||||
Intangible assets, estimated useful lives | 25 years | ||||||
Maximum [Member] | Customer and Referral Relationships [Member] | |||||||
Goodwill [Line Items] | |||||||
Intangible assets, estimated useful lives | 10 years | ||||||
Hospice [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 314,833,000 | 146,983,000 | 22,200,000 | ||||
Adjustment of goodwill related to divestiture | 1,167,000 | ||||||
Personal Care [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 152,448,000 | $ 126,577,000 | $ 112,377,000 | ||||
Queen City Hospice [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 169,207,000 | ||||||
Queen City Hospice [Member] | State Licenses [Member] | |||||||
Goodwill [Line Items] | |||||||
Finite-lived intangible assets related to acquisition | $ 7,500,000 | ||||||
Queen City Hospice [Member] | Trade Names [Member] | |||||||
Goodwill [Line Items] | |||||||
Intangible assets, estimated useful lives | 15 years | ||||||
Finite-lived intangible assets related to acquisition | $ 11,000,000 | $ 11,000,000 | |||||
Queen City Hospice [Member] | Non-competition Agreements [Member] | |||||||
Goodwill [Line Items] | |||||||
Intangible assets, estimated useful lives | 5 years | ||||||
Finite-lived intangible assets related to acquisition | $ 1,500,000 | 1,500,000 | |||||
Queen City Hospice [Member] | Hospice [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 169,200,000 | ||||||
County Homemakers, A Plus and SunLife [Member] | Personal Care [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 24,700,000 | ||||||
County Homemakers [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 13,363,000 | ||||||
County Homemakers [Member] | State Licenses [Member] | |||||||
Goodwill [Line Items] | |||||||
Intangible assets, estimated useful lives | 8 years | ||||||
Finite-lived intangible assets related to acquisition | $ 300,000 | $ 300,000 | |||||
County Homemakers [Member] | Trade Names [Member] | |||||||
Goodwill [Line Items] | |||||||
Intangible assets, estimated useful lives | 1 year | ||||||
Finite-lived intangible assets related to acquisition | $ 100,000 | $ 100,000 | |||||
A Plus Health Care, Inc [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill | $ 9,698,000 | ||||||
A Plus Health Care, Inc [Member] | Trade Names [Member] | |||||||
Goodwill [Line Items] | |||||||
Intangible assets, estimated useful lives | 15 years | ||||||
Finite-lived intangible assets related to acquisition | $ 1,400,000 | $ 1,400,000 | |||||
General and Administrative Expense [Member] | |||||||
Goodwill [Line Items] | |||||||
Loss of disposal of assets | $ 300,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Summary of Goodwill and Related Adjustments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||
Goodwill, at Beginning of Period | $ 275,368 | $ 135,442 |
Additions for acquisitions | 193,867 | 140,059 |
Divestiture | (1,167) | |
Adjustments to previously recorded goodwill | 1,004 | (133) |
Goodwill, at End of Period | 469,072 | 275,368 |
Hospice [Member] | ||
Goodwill [Line Items] | ||
Goodwill, at Beginning of Period | 146,983 | 22,200 |
Additions for acquisitions | 169,207 | 124,750 |
Divestiture | (1,167) | |
Adjustments to previously recorded goodwill | (190) | 33 |
Goodwill, at End of Period | 314,833 | 146,983 |
Personal Care [Member] | ||
Goodwill [Line Items] | ||
Goodwill, at Beginning of Period | 126,577 | 112,377 |
Additions for acquisitions | 24,660 | 14,368 |
Adjustments to previously recorded goodwill | 1,211 | (168) |
Goodwill, at End of Period | 152,448 | 126,577 |
Home Health [Member] | ||
Goodwill [Line Items] | ||
Goodwill, at Beginning of Period | 1,808 | 865 |
Additions for acquisitions | 941 | |
Adjustments to previously recorded goodwill | (17) | 2 |
Goodwill, at End of Period | $ 1,791 | $ 1,808 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Schedule of Carrying Amount and Accumulated Amortization of Intangible Asset) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets with indefinite lives | $ 20,791 | $ 13,306 |
Intangible assets subject to amortization: | ||
Gross carrying amount | 106,330 | 95,739 |
Accumulated amortization | (55,572) | (51,966) |
Intangible assets subject to amortization, net | 50,758 | 43,773 |
Net balance at end of period | 71,549 | 57,079 |
Customer and Referral Relationships [Member] | ||
Intangible assets subject to amortization: | ||
Gross carrying amount | 44,672 | 48,028 |
Accumulated amortization | (34,439) | (35,665) |
Intangible assets subject to amortization, net | 10,233 | 12,363 |
Net balance at end of period | 10,233 | 12,363 |
Trade Names and Trademarks [Member] | ||
Intangible assets subject to amortization: | ||
Gross carrying amount | 42,926 | 31,036 |
Accumulated amortization | (15,191) | (12,941) |
Intangible assets subject to amortization, net | 27,735 | 18,095 |
Net balance at end of period | 27,735 | 18,095 |
Non-competition Agreements [Member] | ||
Intangible assets subject to amortization: | ||
Gross carrying amount | 6,225 | 4,655 |
Accumulated amortization | (2,887) | (2,234) |
Intangible assets subject to amortization, net | 3,338 | 2,421 |
Net balance at end of period | 3,338 | 2,421 |
State Licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets with indefinite lives | 20,791 | 13,306 |
Intangible assets subject to amortization: | ||
Gross carrying amount | 12,507 | 12,020 |
Accumulated amortization | (3,055) | (1,126) |
Intangible assets subject to amortization, net | 9,452 | 10,894 |
Net balance at end of period | $ 30,243 | $ 24,200 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets (Schedule of Future Amortization of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2021 | $ 7,711 | |
2022 | 6,582 | |
2023 | 6,098 | |
2024 | 5,855 | |
2025 | 4,232 | |
Thereafter | 20,280 | |
Intangible assets subject to amortization, net | $ 50,758 | $ 43,773 |
Details of Certain Balance Sh_3
Details of Certain Balance Sheet Accounts (Schedule of Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Details Of Certain Balance Sheet Accounts [Abstract] | ||
Prepaid workers’ compensation and liability insurance | $ 2,838 | $ 2,040 |
Workers’ compensation insurance receivable | 1,860 | 1,989 |
Health insurance receivable | 528 | 1,567 |
Other | 4,743 | 2,397 |
Total prepaid expenses and other current assets | $ 9,969 | $ 7,993 |
Details of Certain Balance Sh_4
Details of Certain Balance Sheet Accounts (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Details Of Certain Balance Sheet Accounts [Abstract] | ||
Current portion of operating lease liabilities | $ 9,283 | $ 7,234 |
Accrued health insurance | 5,607 | 4,140 |
Accrued professional fees | 4,220 | 2,517 |
Payor advances | 4,206 | |
Accrued payroll taxes | 4,543 | 1,843 |
Other | 9,705 | 6,695 |
Total accrued expenses | $ 37,564 | $ 22,429 |
Details of Certain Balance Sh_5
Details of Certain Balance Sheet Accounts (Schedule of Accrued Expenses) (Parenthetical) (Details) $ in Millions | Dec. 31, 2020USD ($) |
CARES Act [Member] | |
Schedule Of Accrued Expenses [Line Items] | |
Deferred payor advance | $ 4.2 |
Details of Certain Balance Sh_6
Details of Certain Balance Sheet Accounts (Schedule of Government Stimulus Advances) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Details Of Certain Balance Sheet Accounts [Line Items] | |
Provider Relief Fund | $ 12,252 |
Payroll tax deferral | 7,141 |
Total government stimulus advances | 32,087 |
Queen City Hospice [Member] | |
Details Of Certain Balance Sheet Accounts [Line Items] | |
Provider Relief Fund | 1,893 |
CMS advanced payment program - Queen City Hospice | $ 10,801 |
Details of Certain Balance Sh_7
Details of Certain Balance Sheet Accounts (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2020 | Jun. 30, 2020 | Apr. 30, 2020 | Dec. 31, 2020 | |
Details Of Certain Balance Sheet Accounts [Line Items] | ||||
Payroll tax deferral | $ 7,141,000 | |||
Queen City Hospice [Member] | ||||
Details Of Certain Balance Sheet Accounts [Line Items] | ||||
CMS advanced payment program - Queen City Hospice | 10,801,000 | |||
CARES Act [Member] | ||||
Details Of Certain Balance Sheet Accounts [Line Items] | ||||
Payroll tax deferral | $ 7,100,000 | |||
Repayment of deferred payroll taxes in 2021 | 7,000,000 | |||
CARES Act [Member] | Provider Relief Fund [Member] | ||||
Details Of Certain Balance Sheet Accounts [Line Items] | ||||
Aggregate principal amount of grants received | $ 13,700,000 | 6,900,000 | ||
Repayment of grants | $ 6,900,000 | |||
Fund distributed to health care related expenses | $ 1,400,000 | |||
CARES Act [Member] | Provider Relief Fund [Member] | Queen City Hospice [Member] | ||||
Details Of Certain Balance Sheet Accounts [Line Items] | ||||
Aggregate principal amount of grants received | 2,500,000 | |||
Repayment of grants | 1,900,000 | |||
Fund distributed to health care related expenses | 600,000 | |||
CARES Act [Member] | Provider Relief Fund [Member] | Minimum [Member] | ||||
Details Of Certain Balance Sheet Accounts [Line Items] | ||||
Annual awards for commercial organizations | 750,000 | |||
CARES Act [Member] | Medicare Accelerated And Advance Payment Program [Member] | Queen City Hospice [Member] | ||||
Details Of Certain Balance Sheet Accounts [Line Items] | ||||
Repayment of grants | 0 | |||
CMS advanced payment program - Queen City Hospice | $ 10,800,000 | |||
Repayment of funds period | 2021-03 | |||
CARES Act [Member] | Medicare Accelerated And Advance Payment Program [Member] | Hospice and Home Health [Member] | ||||
Details Of Certain Balance Sheet Accounts [Line Items] | ||||
Medicare payment period | 3 months | |||
CARES Act [Member] | Medicare Accelerated And Advance Payment Program [Member] | Maximum [Member] | Hospice and Home Health [Member] | ||||
Details Of Certain Balance Sheet Accounts [Line Items] | ||||
Request percentage of advance or accelerated payment | 100.00% |
Long-Term Debt (Schedule of Lon
Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Financing leases | $ 21 | |
Less unamortized issuance costs | $ (1,716) | (2,452) |
Total | 194,872 | 59,892 |
Less current maturities | (971) | (728) |
Long-term debt | 193,901 | 59,164 |
Revolving Credit Loan [Member] | Senior Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | 178,458 | 43,458 |
Term Loan [Member] | Senior Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | $ 18,130 | $ 18,865 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) | Sep. 12, 2019 | Aug. 01, 2019 | Jun. 01, 2019 | Oct. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||||
Debt issuance costs | $ 1,716,000 | $ 2,452,000 | ||||
Credit Agreement [Member] | Capital One, National Association [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum aggregate loan amount available | $ 269,600,000 | 112,600,000 | 191,400,000 | |||
Debt instrument, maturity date | May 8, 2023 | |||||
Debt instrument total net leverage ratio | 4.25% | |||||
Debt issuance costs | $ 900,000 | |||||
Line of credit outstanding amount | 9,000,000 | 10,000,000 | ||||
Credit Agreement [Member] | Capital One, National Association [Member] | Delayed Draw Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum aggregate loan amount available | $ 19,600,000 | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | Delayed Draw Term Loan [Member] | Alliance Home Health Care [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from line of credit | $ 23,500,000 | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit outstanding amount | $ 18,100,000 | $ 18,900,000 | ||||
Debt instrument stated interest rate | 1.90% | 3.45% | ||||
Credit Agreement [Member] | Capital One, National Association [Member] | Revolving Credit Loan [Member] | VIP Health Care Services [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from line of credit | $ 19,600,000 | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument total net leverage ratio | 3.75% | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | Federal Funds Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 0.50% | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 1.00% | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | London Interbank Offered Rate (LIBOR) | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 0.00% | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | Based On Applicable Senior Leverage Ratio | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 0.75% | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | Based On Applicable Senior Leverage Ratio | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 1.50% | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | Based On Applicable Leverage Ratio [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 1.75% | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | Based On Applicable Leverage Ratio [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 2.50% | |||||
Credit Agreement [Member] | Capital One, National Association [Member] | Restriction on Dividends [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate amount of dividends and distributions | $ 7,500,000 | |||||
Credit Agreement [Member] | Revolving Credit Loan [Member] | Capital One, National Association [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum aggregate loan amount available | $ 300,000,000 | $ 250,000,000 | ||||
Increase in credit facility | 50,000,000 | |||||
Debt issuance costs | $ 400,000 | |||||
Line of credit outstanding amount | $ 178,500,000 | $ 43,400,000 | ||||
Debt instrument stated interest rate | 1.90% | 3.44% | ||||
Credit Agreement [Member] | Revolving Credit Loan [Member] | Capital One, National Association [Member] | Queen City Hospice [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from line of credit | $ 135,000,000 | |||||
Credit Agreement [Member] | Revolving Credit Loan [Member] | Capital One, National Association [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fee charged on unused portion of revolving credit facility | 0.20% | |||||
Credit Agreement [Member] | Revolving Credit Loan [Member] | Capital One, National Association [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fee charged on unused portion of revolving credit facility | 0.35% |
Income Taxes (Current and Defer
Income Taxes (Current and Deferred Federal and State Income Tax Provision from Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Federal | $ 10,230 | $ 5,876 | $ 2,883 |
State | 3,312 | 2,442 | 1,562 |
Deferred | |||
Federal | (3,690) | (734) | (265) |
State | (1,043) | (225) | (84) |
Provision for income taxes | $ 8,809 | $ 7,359 | $ 4,096 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | ||
Deferred Tax Assets, Accounts receivable allowances | $ 14,023 | $ 9,256 |
Deferred Tax Assets, Accrued compensation | 3,580 | 2,765 |
Deferred Tax Assets, Accrued workers' compensation | 3,220 | 3,327 |
Deferred Tax Assets, Transactions Costs | 1,677 | 1,311 |
Deferred Tax Assets, Restructuring costs | 108 | 135 |
Deferred Tax Assets, Stock-based compensation | 833 | 793 |
Deferred Tax Assets, Government stimulus advances | 1,933 | |
Deferred Tax Assets, Operating lease liabilities | 12,123 | 5,896 |
Deferred Tax Assets, Other | 1,269 | 584 |
Total long-term deferred tax assets | 38,766 | 24,067 |
Deferred Tax Liabilities, Goodwill and intangible assets | (18,891) | (15,079) |
Deferred Tax Liabilities, Property and equipment | (3,217) | (1,037) |
Deferred Tax Liabilities, Prepaid insurance | (534) | |
Deferred Tax Liabilities, Operating lease assets, net | (10,052) | (5,606) |
Deferred Tax Liabilities, Other | (82) | (164) |
Total long-term deferred tax liabilities | (32,242) | (22,420) |
Total net deferred tax assets | $ 6,524 | $ 1,647 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statutory federal tax rate | 21.00% | 21.00% | 21.00% |
Effective income tax rate | 21.00% | 22.20% | 20.10% |
U.S Federal authorities [Member] | Minimum [Member] | |||
Tax year open for examination | 2017 | ||
U.S Federal authorities [Member] | Maximum [Member] | |||
Tax year open for examination | 2019 | ||
State authorities [Member] | Minimum [Member] | |||
Tax year open for examination | 2015 | ||
State authorities [Member] | Maximum [Member] | |||
Tax year open for examination | 2019 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Statutory Federal Tax Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |||
Federal income tax at statutory rate | 21.00% | 21.00% | 21.00% |
State and local taxes, net of federal benefit | 6.00% | 6.40% | 6.30% |
Jobs tax credits, net | (5.10%) | (8.30%) | (10.70%) |
162(m) disallowance for executive compensation | 6.00% | 7.50% | 4.50% |
Nondeductible permanent items | 0.40% | 0.70% | 2.20% |
Nondeductible penalties | 1.30% | ||
Excess tax benefit | (5.60%) | (6.70%) | (2.70%) |
Federal/state return to provision | (1.60%) | 0.60% | 0.20% |
Other | (0.10%) | (0.30%) | (0.70%) |
Effective income tax rate | 21.00% | 22.20% | 20.10% |
Stock Options And Restricted _3
Stock Options And Restricted Stock Awards (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option compensation expense | $ 6 | $ 5.8 | $ 4.1 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, Granted shares | 0 | ||
Stock option compensation expense | $ 2 | 2.5 | 2 |
Unrecognized compensation cost | $ 2.6 | ||
Unrecognized compensation cost recognition period | 1 year 6 months | ||
Intrinsic value on vested stock options | $ 27 | ||
Intrinsic value on outstanding stock options | $ 12.5 | ||
Share-based compensation number of shares vested | 312,499 | ||
Share-based compensation number of shares unvested | 193,221 | ||
Intrinsic value on exercised stock options | $ 7.5 | 7.3 | 1.8 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock option compensation expense | 4 | $ 3.3 | $ 2.1 |
Unrecognized compensation cost | $ 9.8 | ||
Unrecognized compensation cost recognition period | 1 year 8 months 12 days | ||
Fair market value of vested restricted stock awards | $ 6 | ||
2017 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum shares of stock awards authorized for issuance | 1,182,270 | ||
Share-based compensation number of common stock available for grant | 614,888 | ||
2017 Omnibus Incentive Plan [Member] | Stock options or stock appreciation rights "SARs" [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum shares of stock awards authorized for issuance | 500,000 | ||
2017 Omnibus Incentive Plan [Member] | Awards denominated in shares of common stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum shares of stock awards authorized for issuance | 300,000 | ||
2017 Omnibus Incentive Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, expiration period | 10 years | ||
Exercise prices of stock options outstanding, lower range limit | $ 8.91 | ||
Exercise prices of stock options outstanding, upper range limit | $ 87.80 | ||
2017 Omnibus Incentive Plan [Member] | Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment vesting period | 3 years | ||
2017 Omnibus Incentive Plan [Member] | Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment vesting period | 4 years | ||
2017 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, expiration period | 10 years | ||
2017 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment vesting period | 1 year | ||
2017 Omnibus Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment vesting period | 4 years |
Stock Options And Restricted _4
Stock Options And Restricted Stock Awards (Summary of Stock Option Activity and Weighted Average Exercise Price) (Details) - Stock Options [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options, Outstanding, beginning of period shares | 648,000 |
Options, Granted shares | 0 |
Options, Exercised shares | (127,000) |
Options, Forfeited/Cancelled shares | (15,000) |
Options, Outstanding, end of period shares | 506,000 |
Weighted Average Exercise Price, Outstanding, beginning of period | $ / shares | $ 37.43 |
Weighted Average Exercise Price, Exercised | $ / shares | 31.07 |
Weighted Average Exercise Price, Forfeited/Cancelled | $ / shares | 37.25 |
Weighted Average Exercise Price, Outstanding, end of period | $ / shares | $ 39.03 |
Stock Options And Restricted _5
Stock Options And Restricted Stock Awards (Weighted-Average Estimated Fair Value of Employee Stock Options Granted) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value | $ 29.78 | $ 14.72 |
Risk-free discount rate, minimum | 1.72% | 2.32% |
Risk-free discount rate, maximum | 2.29% | 2.84% |
Volatility | 43.00% | 45.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life | 4 years 2 months 12 days | 4 years 1 month 6 days |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life | 4 years 4 months 24 days | 4 years 2 months 12 days |
Stock Options And Restricted _6
Stock Options And Restricted Stock Awards (Summary of Status of Unvested Restricted Stock Awards Outstanding) (Details) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted stock awards at beginning of period | shares | 149 |
Awarded | shares | 88 |
Vested | shares | (77) |
Forfeited | shares | (6) |
Unvested restricted stock awards at end of period | shares | 154 |
Weighted Average Grant Date Fair Value beginning of period | $ / shares | $ 51.10 |
Weighted Average Grant Date Fair Value, Awarded | $ / shares | 101.96 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 45.67 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 45.65 |
Weighted Average Grant Date Fair Value end of period | $ / shares | $ 83.30 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
401(k) Retirement Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Company matching contribution amount | $ 0.3 | $ 0.2 | $ 0.3 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 8 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 27, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments And Contingencies [Line Items] | |||||||||||||
Net service revenues | $ 195,996 | $ 193,987 | $ 184,576 | $ 190,216 | $ 192,376 | $ 168,993 | $ 148,915 | $ 138,507 | $ 764,775 | $ 648,791 | $ 516,647 | ||
Home Health [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Net service revenues | 16,245 | 14,462 | 6,856 | ||||||||||
Hospice [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Net service revenues | 101,297 | $ 53,601 | $ 18,850 | ||||||||||
PPPHCE Act [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Authorized fund to be distributed to health care providers | $ 178,000,000 | ||||||||||||
PPPHCE Act [Member] | Forecast [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Percentage of reduced payments to Medicare providers | 2.00% | ||||||||||||
PPPHCE Act [Member] | Home Health [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Net service revenues | 200 | ||||||||||||
PPPHCE Act [Member] | Hospice [Member] | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Net service revenues | $ 1,300 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of business segments | 3 |
Segment Information (Summary of
Segment Information (Summary of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net service revenues | $ 195,996 | $ 193,987 | $ 184,576 | $ 190,216 | $ 192,376 | $ 168,993 | $ 148,915 | $ 138,507 | $ 764,775 | $ 648,791 | $ 516,647 |
Cost of services revenues | 538,538 | 469,553 | 379,843 | ||||||||
Gross profit | 59,104 | 56,301 | 54,997 | 55,835 | 57,542 | 45,176 | 39,693 | 36,827 | 226,237 | 179,238 | 136,804 |
General and administrative expenses | 169,679 | 133,912 | 105,335 | ||||||||
Operating income from continuing operations | $ 11,716 | $ 12,523 | $ 9,607 | $ 10,661 | $ 14,530 | $ 7,335 | $ 7,391 | $ 5,496 | 44,507 | 34,752 | 22,827 |
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
General and administrative expenses | 89,635 | 72,491 | 50,015 | ||||||||
Operating income from continuing operations | 136,602 | 106,747 | 86,789 | ||||||||
Personal Care [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net service revenues | 647,233 | 580,728 | 490,941 | ||||||||
Cost of services revenues | 480,191 | 432,413 | 365,264 | ||||||||
Gross profit | 167,042 | 148,315 | 125,677 | ||||||||
Personal Care [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
General and administrative expenses | 60,468 | 56,887 | 44,728 | ||||||||
Operating income from continuing operations | 106,574 | 91,428 | 80,949 | ||||||||
Hospice [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net service revenues | 101,297 | 53,601 | 18,850 | ||||||||
Cost of services revenues | 47,197 | 27,203 | 10,010 | ||||||||
Gross profit | 54,100 | 26,398 | 8,840 | ||||||||
Hospice [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
General and administrative expenses | 25,394 | 12,399 | 3,742 | ||||||||
Operating income from continuing operations | 28,706 | 13,999 | 5,098 | ||||||||
Home Health [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net service revenues | 16,245 | 14,462 | 6,856 | ||||||||
Cost of services revenues | 11,150 | 9,937 | 4,569 | ||||||||
Gross profit | 5,095 | 4,525 | 2,287 | ||||||||
Home Health [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
General and administrative expenses | 3,773 | 3,205 | 1,545 | ||||||||
Operating income from continuing operations | $ 1,322 | $ 1,320 | $ 742 |
Segment Information (Segment Re
Segment Information (Segment Reconciliation to Totals reported in the accompanying Consolidated Financial Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating income | $ 11,716 | $ 12,523 | $ 9,607 | $ 10,661 | $ 14,530 | $ 7,335 | $ 7,391 | $ 5,496 | $ 44,507 | $ 34,752 | $ 22,827 |
Other general and administrative expenses | 80,044 | 61,421 | 55,320 | ||||||||
Depreciation and amortization | 12,051 | 10,574 | 8,642 | ||||||||
Interest income | (624) | (1,523) | (2,592) | ||||||||
Interest expense | 3,189 | 3,105 | 5,016 | ||||||||
Income from continuing operations before income taxes | 41,942 | 33,170 | 20,403 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | $ 136,602 | $ 106,747 | $ 86,789 |
Significant Payors (Revenue by
Significant Payors (Revenue by Payor Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net service revenues | $ 195,996 | $ 193,987 | $ 184,576 | $ 190,216 | $ 192,376 | $ 168,993 | $ 148,915 | $ 138,507 | $ 764,775 | $ 648,791 | $ 516,647 |
Personal Care [Member] | |||||||||||
Net service revenues | 647,233 | 580,728 | 490,941 | ||||||||
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | |||||||||||
Net service revenues | $ 647,233 | $ 580,728 | $ 490,941 | ||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | State, Local And Other Governmental Programs [Member] | |||||||||||
Net service revenues | $ 324,670 | $ 303,479 | $ 285,973 | ||||||||
Concentration risk, percentage | 50.20% | 52.20% | 58.20% | ||||||||
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Managed Care Organizations [Member] | |||||||||||
Net service revenues | $ 287,032 | $ 239,559 | $ 173,391 | ||||||||
Concentration risk, percentage | 44.30% | 41.30% | 35.30% | ||||||||
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Private Pay [Member] | |||||||||||
Net service revenues | $ 20,398 | $ 21,765 | $ 20,003 | ||||||||
Concentration risk, percentage | 3.20% | 3.70% | 4.10% | ||||||||
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Commercial Insurance [Member] | |||||||||||
Net service revenues | $ 9,991 | $ 9,204 | $ 6,173 | ||||||||
Concentration risk, percentage | 1.50% | 1.60% | 1.30% | ||||||||
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Other [Member] | |||||||||||
Net service revenues | $ 5,142 | $ 6,721 | $ 5,401 | ||||||||
Concentration risk, percentage | 0.80% | 1.20% | 1.10% | ||||||||
Hospice [Member] | |||||||||||
Net service revenues | $ 101,297 | $ 53,601 | $ 18,850 | ||||||||
Hospice [Member] | Revenues [Member] | Customer Concentration Risk [Member] | |||||||||||
Net service revenues | $ 101,297 | $ 53,601 | $ 18,850 | ||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Hospice [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Medicare [Member] | |||||||||||
Net service revenues | $ 94,068 | $ 49,649 | $ 17,652 | ||||||||
Concentration risk, percentage | 92.90% | 92.60% | 93.60% | ||||||||
Hospice [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Managed Care Organizations [Member] | |||||||||||
Net service revenues | $ 4,931 | $ 2,768 | $ 1,047 | ||||||||
Concentration risk, percentage | 4.90% | 5.20% | 5.60% | ||||||||
Hospice [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Other [Member] | |||||||||||
Net service revenues | $ 2,298 | $ 1,184 | $ 151 | ||||||||
Concentration risk, percentage | 2.20% | 2.20% | 0.80% | ||||||||
Home Health [Member] | |||||||||||
Net service revenues | $ 16,245 | $ 14,462 | $ 6,856 | ||||||||
Home Health [Member] | Revenues [Member] | Customer Concentration Risk [Member] | |||||||||||
Net service revenues | $ 16,245 | $ 14,462 | $ 6,856 | ||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Home Health [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Medicare [Member] | |||||||||||
Net service revenues | $ 12,765 | $ 11,218 | $ 6,034 | ||||||||
Concentration risk, percentage | 78.60% | 77.60% | 88.00% | ||||||||
Home Health [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Managed Care Organizations [Member] | |||||||||||
Net service revenues | $ 3,188 | $ 2,942 | $ 752 | ||||||||
Concentration risk, percentage | 19.60% | 20.30% | 11.00% | ||||||||
Home Health [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Other [Member] | |||||||||||
Net service revenues | $ 292 | $ 302 | $ 70 | ||||||||
Concentration risk, percentage | 1.80% | 2.10% | 1.00% |
Significant Payors (Revenue b_2
Significant Payors (Revenue by Geographic Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net service revenues | $ 195,996 | $ 193,987 | $ 184,576 | $ 190,216 | $ 192,376 | $ 168,993 | $ 148,915 | $ 138,507 | $ 764,775 | $ 648,791 | $ 516,647 |
Revenues [Member] | Geographic Concentration Risk [Member] | Illinois [Member] | |||||||||||
Concentration risk, percentage | 37.70% | 38.20% | 45.00% | ||||||||
Personal Care [Member] | |||||||||||
Net service revenues | $ 647,233 | $ 580,728 | $ 490,941 | ||||||||
Personal Care [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | |||||||||||
Net service revenues | $ 647,233 | $ 580,728 | $ 490,941 | ||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Personal Care [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | Illinois [Member] | |||||||||||
Net service revenues | $ 288,326 | $ 247,524 | $ 232,518 | ||||||||
Concentration risk, percentage | 44.60% | 42.60% | 47.30% | ||||||||
Personal Care [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | New York [Member] | |||||||||||
Net service revenues | $ 115,510 | $ 108,403 | $ 65,117 | ||||||||
Concentration risk, percentage | 17.80% | 18.70% | 13.30% | ||||||||
Personal Care [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | New Mexico [Member] | |||||||||||
Net service revenues | $ 86,618 | $ 75,666 | $ 58,914 | ||||||||
Concentration risk, percentage | 13.40% | 13.00% | 12.00% | ||||||||
Personal Care [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | All Other States [Member] | |||||||||||
Net service revenues | $ 156,779 | $ 149,135 | $ 134,392 | ||||||||
Concentration risk, percentage | 24.20% | 25.70% | 27.40% | ||||||||
Hospice [Member] | |||||||||||
Net service revenues | $ 101,297 | $ 53,601 | $ 18,850 | ||||||||
Hospice [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | |||||||||||
Net service revenues | $ 101,297 | $ 53,601 | $ 18,850 | ||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Hospice [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | New Mexico [Member] | |||||||||||
Net service revenues | $ 42,648 | $ 38,790 | $ 18,850 | ||||||||
Concentration risk, percentage | 42.10% | 72.40% | 100.00% | ||||||||
Hospice [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | All Other States [Member] | |||||||||||
Net service revenues | $ 58,649 | $ 14,811 | |||||||||
Concentration risk, percentage | 57.90% | 27.60% | |||||||||
Home Health [Member] | |||||||||||
Net service revenues | $ 16,245 | $ 14,462 | $ 6,856 | ||||||||
Home Health [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | |||||||||||
Net service revenues | $ 16,245 | $ 14,462 | $ 6,856 | ||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Home Health [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | New Mexico [Member] | |||||||||||
Net service revenues | $ 16,245 | $ 14,462 | $ 6,856 | ||||||||
Concentration risk, percentage | 100.00% | 100.00% | 100.00% |
Significant Payors (Narrative)
Significant Payors (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues [Member] | Illinois Department On Aging [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 23.00% | 25.30% | 31.70% |
Revenues [Member] | Geographic Concentration Risk [Member] | Illinois [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 37.70% | 38.20% | 45.00% |
Accounts Receivable [Member] | Illinois Department On Aging [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 15.90% | 25.10% |
Unaudited Summarized Quarterl_3
Unaudited Summarized Quarterly Financial Information (Schedule of Quarterly Results of Operations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net service revenues | $ 195,996 | $ 193,987 | $ 184,576 | $ 190,216 | $ 192,376 | $ 168,993 | $ 148,915 | $ 138,507 | $ 764,775 | $ 648,791 | $ 516,647 |
Gross profit | 59,104 | 56,301 | 54,997 | 55,835 | 57,542 | 45,176 | 39,693 | 36,827 | 226,237 | 179,238 | 136,804 |
Operating income | 11,716 | 12,523 | 9,607 | 10,661 | 14,530 | 7,335 | 7,391 | 5,496 | 44,507 | 34,752 | 22,827 |
Net income from continuing operations | 8,449 | 9,119 | 6,907 | 8,658 | 10,737 | 5,486 | 5,292 | 4,296 | 33,133 | 25,811 | 16,307 |
(Loss) earnings from discontinued operations | (574) | (574) | 126 | ||||||||
Net income | $ 8,449 | $ 9,119 | $ 6,907 | $ 8,658 | $ 10,737 | $ 4,912 | $ 5,292 | $ 4,296 | $ 33,133 | $ 25,237 | $ 16,433 |
Average shares outstanding: | |||||||||||
Basic | 15,664 | 15,618 | 15,582 | 15,519 | 15,435 | 13,766 | 13,044 | 12,995 | 15,596 | 13,816 | 12,049 |
Diluted | 16,013 | 15,957 | 15,916 | 15,907 | 15,881 | 14,203 | 13,433 | 13,381 | 15,956 | 14,248 | 12,383 |
Basic | |||||||||||
Continuing operations | $ 0.54 | $ 0.58 | $ 0.44 | $ 0.56 | $ 0.70 | $ 0.40 | $ 0.41 | $ 0.33 | $ 2.12 | $ 1.87 | $ 1.35 |
Discontinued operations | (0.04) | ||||||||||
Basic income per share | 0.54 | 0.58 | 0.44 | 0.56 | 0.70 | 0.36 | 0.41 | 0.33 | 2.12 | 1.83 | 1.36 |
Diluted net income per share | |||||||||||
Continuing operations | 0.53 | 0.57 | 0.43 | 0.54 | 0.68 | 0.39 | 0.39 | 0.32 | 2.08 | 1.81 | 1.32 |
Discontinued operations | (0.04) | ||||||||||
Diluted income per share | $ 0.53 | $ 0.57 | $ 0.43 | $ 0.54 | $ 0.68 | $ 0.35 | $ 0.39 | $ 0.32 | $ 2.08 | $ 1.77 | $ 1.33 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) $ in Thousands | Feb. 11, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||||||||||
Net service revenues | $ 195,996 | $ 193,987 | $ 184,576 | $ 190,216 | $ 192,376 | $ 168,993 | $ 148,915 | $ 138,507 | $ 764,775 | $ 648,791 | $ 516,647 | |
Consumer Directed Personal Assistance Program [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Net service revenues | $ 52,000 | |||||||||||
Consumer Directed Personal Assistance Program [Member] | Minimum [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Estimated transition period | 6 months | |||||||||||
Consumer Directed Personal Assistance Program [Member] | Maximum [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Estimated transition period | 12 months |