Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
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 Current Reporting Status | Yes | |
Entity Address, State or Province | TX | |
Entity File Number | 001-34504 | |
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, Postal Zip Code | 75034 | |
City Area Code | 469 | |
Local Phone Number | 535-8200 | |
Entity Common Stock, Shares Outstanding | 15,916,799 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash | $ 139,400 | $ 145,078 |
Accounts receivable, net | 138,270 | 132,650 |
Prepaid expenses and other current assets | 12,740 | 9,969 |
Total current assets | 290,410 | 287,697 |
Property and equipment, net of accumulated depreciation and amortization | 18,708 | 19,749 |
Other assets | ||
Goodwill | 469,476 | 469,072 |
Intangibles, net of accumulated amortization | 67,247 | 71,549 |
Deferred tax assets, net | 6,128 | 6,524 |
Operating lease assets, net | 37,191 | 37,991 |
Total other assets | 580,042 | 585,136 |
Total assets | 889,160 | 892,582 |
Current liabilities | ||
Accounts payable | 23,942 | 23,705 |
Accrued payroll | 33,836 | 35,815 |
Accrued expenses | 35,717 | 37,564 |
Government stimulus advances | 8,094 | 32,087 |
Accrued workers' compensation insurance | 14,382 | 13,759 |
Current portion of long-term debt | 973 | 971 |
Total current liabilities | 116,944 | 143,901 |
Long-term liabilities | ||
Long-term debt, less current portion, net of debt issuance costs | 193,714 | 193,901 |
Long-term operating lease liabilities | 34,339 | 35,516 |
Other long-term liabilities | 108 | 588 |
Total long-term liabilities | 228,161 | 230,005 |
Total liabilities | 345,105 | 373,906 |
Stockholders' equity | ||
Common stock—$.001 par value; 40,000 authorized and 15,917 and 15,826 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 16 | 16 |
Additional paid-in capital | 374,383 | 369,495 |
Retained earnings | 169,656 | 149,165 |
Total stockholders' equity | 544,055 | 518,676 |
Total liabilities and stockholders' equity | $ 889,160 | $ 892,582 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
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 | 15,917,000 | 15,826,000 |
Common stock, shares outstanding | 15,917,000 | 15,826,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Net service revenues | $ 217,893 | $ 184,576 | $ 423,195 | $ 374,792 |
Cost of service revenues | 149,083 | 129,579 | 293,188 | 263,960 |
Gross profit | 68,810 | 54,997 | 130,007 | 110,832 |
General and administrative expenses | 48,175 | 42,450 | 93,601 | 84,737 |
Depreciation and amortization | 3,587 | 2,940 | 7,188 | 5,827 |
Total operating expenses | 51,762 | 45,390 | 100,789 | 90,564 |
Operating income | 17,048 | 9,607 | 29,218 | 20,268 |
Interest income | (31) | (155) | (53) | (489) |
Interest expense | 1,262 | 721 | 2,478 | 1,629 |
Total interest expense, net | 1,231 | 566 | 2,425 | 1,140 |
Income before income taxes | 15,817 | 9,041 | 26,793 | 19,128 |
Income tax expense | 4,220 | 2,134 | 6,302 | 3,563 |
Net income | $ 11,597 | $ 6,907 | $ 20,491 | $ 15,565 |
Net income per common share | ||||
Basic income per share | $ 0.74 | $ 0.44 | $ 1.30 | $ 1 |
Diluted income per share | $ 0.72 | $ 0.43 | $ 1.28 | $ 0.98 |
Weighted average number of common shares and potential common shares outstanding: | ||||
Basic | 15,738 | 15,582 | 15,716 | 15,551 |
Diluted | 16,043 | 15,916 | 16,063 | 15,917 |
Condensed Consolidated Statem_2
Condensed 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, 2019 | $ 475,592 | $ 15 | $ 359,545 | $ 116,032 |
Balance, shares at Dec. 31, 2019 | 15,617 | |||
Forfeiture of shares of common stock under restricted stock award agreements, shares | (6) | |||
Stock-based compensation | 2,525 | 2,525 | ||
Shares issued for exercise of stock options | 1,179 | $ 1 | 1,178 | |
Shares issued for exercise of stock options, shares | 54 | |||
Net income | 15,565 | 15,565 | ||
Balance at Jun. 30, 2020 | 494,861 | $ 16 | 363,248 | 131,597 |
Balance, shares at Jun. 30, 2020 | 15,665 | |||
Balance at Mar. 31, 2020 | 486,808 | $ 16 | 362,102 | 124,690 |
Balance, shares at Mar. 31, 2020 | 15,660 | |||
Forfeiture of shares of common stock under restricted stock award agreements, shares | (1) | |||
Stock-based compensation | 1,118 | 1,118 | ||
Shares issued for exercise of stock options | 28 | 28 | ||
Shares issued for exercise of stock options, shares | 6 | |||
Net income | 6,907 | 6,907 | ||
Balance at Jun. 30, 2020 | 494,861 | $ 16 | 363,248 | 131,597 |
Balance, shares at Jun. 30, 2020 | 15,665 | |||
Balance at Dec. 31, 2020 | 518,676 | $ 16 | 369,495 | 149,165 |
Balance, shares at Dec. 31, 2020 | 15,826 | |||
Issuance of shares of common stock under restricted stock award agreements, shares | 88 | |||
Stock-based compensation | 4,764 | 4,764 | ||
Shares issued for exercise of stock options | 124 | 124 | ||
Shares issued for exercise of stock options, shares | 3 | |||
Net income | 20,491 | 20,491 | ||
Balance at Jun. 30, 2021 | 544,055 | $ 16 | 374,383 | 169,656 |
Balance, shares at Jun. 30, 2021 | 15,917 | |||
Balance at Mar. 31, 2021 | 529,910 | $ 16 | 371,835 | 158,059 |
Balance, shares at Mar. 31, 2021 | 15,903 | |||
Issuance of shares of common stock under restricted stock award agreements, shares | 13 | |||
Stock-based compensation | 2,525 | 2,525 | ||
Shares issued for exercise of stock options | 23 | 23 | ||
Shares issued for exercise of stock options, shares | 1 | |||
Net income | 11,597 | 11,597 | ||
Balance at Jun. 30, 2021 | $ 544,055 | $ 16 | $ 374,383 | $ 169,656 |
Balance, shares at Jun. 30, 2021 | 15,917 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 20,491 | $ 15,565 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities, net of acquisitions: | ||
Depreciation and amortization | 7,188 | 5,827 |
Deferred income taxes | 396 | 100 |
Stock-based compensation | 4,764 | 2,525 |
Amortization of debt issuance costs under the credit facility | 368 | 370 |
Provision for doubtful accounts | 529 | 436 |
Loss (gain) of disposal of assets | 352 | |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | (6,232) | 23,342 |
Prepaid expenses and other current assets | (3,004) | (3,608) |
Government stimulus advances | (23,993) | |
Accounts payable | 111 | (2,700) |
Accrued payroll | (1,900) | (1,800) |
Accrued expenses and other long-term liabilities | (2,039) | 10,478 |
Net cash (used in) provided by operating activities | (3,321) | 50,887 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,847) | (4,842) |
Acquisitions of businesses, net of cash acquired | (81) | (295) |
Proceeds from disposal of assets | 172 | |
Net cash used in investing activities | (1,928) | (4,965) |
Cash flows from financing activities: | ||
Payments on term loan — credit facility | (490) | (245) |
Cash received from exercise of stock options | 124 | 1,179 |
Other | (63) | (21) |
Net cash (used in) provided by financing activities | (429) | 913 |
Net change in cash | (5,678) | 46,835 |
Cash, at beginning of period | 145,078 | 111,714 |
Cash, at end of period | 139,400 | 158,549 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 2,136 | 992 |
Cash paid for income taxes | $ 10,950 | $ 6,414 |
Nature of Operations, Consolida
Nature of Operations, Consolidation, and Presentation of Financial Statements | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations, Consolidation, and Presentation of Financial Statements | 1. Nature of Operations, Consolidation, and Presentation of Financial Statements Addus HomeCare Corporation (“Holdings”) and its subsidiaries (together with Holdings, the “Company”, “we”, “us” or “our”) operate 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 payors include federal, state and local governmental agencies, managed care organizations, commercial insurers and private individuals. Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements and related notes have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q. The accompanying balance sheet as of December 31, 2020 has been derived from the Company’s audited financial statements for the year ended December 31, 2020 previously filed with the SEC. Accordingly, these financial statements do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements and should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2020 included in our Annual Report on Form 10-K, which includes information and disclosures not included herein. In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair statement of our financial position, results of operations, and cash flows for the interim periods presented in conformity with GAAP. Our results for any interim period are not necessarily indicative of results for a full year or any other interim period. Principles of Consolidation These Unaudited Condensed Consolidated Financial Statements include the accounts of Addus HomeCare Corporation, and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies 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, allowance for doubtful accounts, intangible assets acquired in business combinations and, when required, the quantitative impairment assessment of goodwill and indefinite lived intangible assets. Actual results could differ from those estimates. 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. As of June 30, 2021 and 2020, dilutive stock options outstanding were approximately 526,000 and 579,000, respectively, and dilutive restricted stock awards outstanding were approximately 172,000 and 72,000, respectively. Included in the Company’s calculation of diluted earnings per share for the three and six months ended June 30, 2021, dilutive stock options outstanding were approximately 286,000 and 298,000, respectively. In addition, dilutive restricted stock awards outstanding were approximately 20,000 and 49,000 for the three and six months ended June 30, 2021, respectively. Included in the Company’s calculation of diluted earnings per share for the three and six months ended June 30, 2020, dilutive stock options outstanding were approximately 296,000 and 304,000, respectively. In addition, dilutive restricted stock awards outstanding were approximately 37,000 and 63,000 for the three and six months ended June 30, 2020, respectively. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Recently Issued Accounting Pronouncements 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 | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 3. Leases Amounts reported in the Company’s Unaudited Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 for our operating leases were as follows: June 30, 2021 December 31, 2020 (Amounts in Thousands) Operating lease assets, net $ 37,191 $ 37,991 Short-term operating lease liabilities (in accrued expenses) 9,621 9,283 Long-term operating lease liabilities 34,339 35,516 Total operating lease liabilities $ 43,960 $ 44,799 Lease Costs Components of lease costs were reported in general and administrative expenses in the Company’s Unaudited Condensed Consolidated Statements of Income as follows: For the Three Months Ended June 30, (Amounts in Thousands) For the Six Months Ended June 30, (Amounts in Thousands) 2021 2020 2021 2020 Operating lease costs $ 2,775 $ 2,120 $ 5,552 $ 4,238 Short-term lease costs 194 161 375 428 Less: sublease income (152 ) (74 ) (303 ) (149 ) Total lease costs, net $ 2,817 $ 2,207 $ 5,624 $ 4,517 Lease Term and Discount Rate Weighted average remaining lease terms and discount rates were as follows: June 30, 2021 December 31, 2020 Operating leases: Weighted average remaining lease term 6.72 6.97 Weighted average discount rate 4.03 % 4.18 % Maturity of Lease Liabilities A summary of our remaining operating lease payments as of June 30, 2021 were as follows: Operating Leases (Amounts in Thousands) Due in the 12-month period ended June 30, 2022 $ 10,967 2023 9,012 2024 7,109 2025 4,960 2026 3,289 Thereafter 15,095 Total future minimum rental commitments 50,432 Less: Imputed interest (6,472 ) Total lease liabilities $ 43,960 Supplemental cash flows information For the Six Months Ended June 30, (Amounts in Thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,313 $ 4,321 Right-of-use assets obtained in exchange for lease obligations: Operating leases 3,919 2,441 |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2021 | |
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 . The purchase price was approximately $ million, including the amount of acquired excess cash held by Queen City Hospice at the closing of the acquisition (approximately $ million). The purchase of Queen City Hospice was funded with the Company’s revolving credit facility and available cash. With the purchase of Queen City Hospice, the Company expanded its hospice services in the state of Ohio. The related integration costs were $ million and $1.7 million for the three and six months ended June 30, 2021, respectively. These costs were included in general and administrative expenses on the Unaudited Condensed 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 acquired are as follows: Total (Amounts in Thousands) Goodwill $ 169,356 Identifiable intangible assets 20,015 Cash 15,444 Property and equipment 759 Accounts receivable 5,835 Operating lease assets, net 3,028 Other assets 94 Accounts payable (2,257 ) Accrued expenses (503 ) Accrued payroll (1,555 ) 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 and $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. 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 integration costs were $0.2 million for the six months ended June 30, 2021. These costs were included in general and administrative expenses on the Unaudited Condensed 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 acquired are as follows: Total (Amounts in Thousands) Goodwill $ 13,457 Identifiable intangible assets 474 Cash 1,104 Property and equipment 52 Accounts receivable 1,396 Operating lease assets, net 485 Other assets 40 Accounts payable (122 ) 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. 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 integration costs were $0.1 million for the six months ended June 30, 2021. These costs were included in general and administrative expenses on the Unaudited Condensed Consolidated Statements of Income and were expensed as incurred. Based upon management’s final valuations, the fair values of the assets and liabilities acquired are as follows: Total (Amounts in Thousands) Goodwill $ 9,732 Identifiable intangible assets 1,523 Cash 2,819 Accounts receivable 1,009 Operating lease assets, net 180 Other assets 26 Accounts payable (34 ) Accrued expenses (353 ) Accrued payroll (275 ) 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 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. SunLife Home Care 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, we expanded our personal care services in the state of Arizona. The following table contains unaudited pro forma condensed consolidated income statement information of the Company for the three and six months ended June 30, 2020 as if each of the acquisitions of Queen City Hospice, County Homemakers and A Plus closed on January 1, 2020. For the Three Months Ended June 30, 2020 (Amounts in Thousands) For the Six Months Ended June 30, 2020 (Amounts in Thousands) Net service revenues $ 203,465 $ 412,434 Operating income 11,344 23,941 Net income 8,354 18,661 Net income per common share Basic income per share $ 0.54 $ 1.20 Diluted income per share $ 0.52 $ 1.17 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 as if Queen City Hospice, County Homemakers and A Plus had been acquired effective January 1, 2020. 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. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets The goodwill for the Company was $469.5 million and $469.1 million as of June 30, 2021 and December 31, 2020, respectively. A summary of the goodwill activity for the six months ended June 30, 2021 is provided below: Goodwill Hospice Personal Care Home Health Total (Amounts in Thousands) Goodwill as of December 31, 2020 $ 314,833 $ 152,448 $ 1,791 $ 469,072 Additions for acquisitions — 115 — 115 Adjustments to previously recorded goodwill 149 140 — 289 Goodwill as of June 30, 2021 $ 314,982 $ 152,703 $ 1,791 $ 469,476 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 as of June 30, 2021: 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 (35,391 ) (17,106 ) (3,336 ) (4,041 ) (59,874 ) Intangible assets subject to amortization, net 9,281 25,820 2,889 8,466 46,456 Total intangible assets at June 30, 2021 $ 9,281 $ 25,820 $ 2,889 $ 29,257 $ 67,247 Amortization expense related to the identifiable intangible assets amounted to $2.1 million and $4.3 million for the three and six months ended June 30, 2021, respectively, and $1.8 million and $3.5 million for the three and six months ended June 30, 2020, respectively. |
Details of Certain Balance Shee
Details of Certain Balance Sheet Accounts | 6 Months Ended |
Jun. 30, 2021 | |
Details Of Certain Balance Sheet Accounts [Abstract] | |
Details of Certain Balance Sheet Accounts | 6. Details of Certain Balance Sheet Accounts Prepaid expenses and other current assets consisted of the following: June 30, 2021 December 31, 2020 (Amounts in Thousands) Prepaid workers’ compensation and liability insurance $ 2,782 $ 2,838 Workers' compensation insurance receivable 1,860 1,860 Health insurance receivable 1,108 528 Other 6,990 4,743 Total prepaid expenses and other current assets $ 12,740 $ 9,969 Accrued expenses consisted of the following: June 30, 2021 December 31, 2020 (Amounts in Thousands) Current portion of operating lease liabilities $ 9,621 $ 9,283 Payor advances (1) 6,375 4,206 Accrued health insurance 5,010 5,607 Accrued professional fees 3,729 4,220 Accrued payroll taxes 1,812 4,543 Other 9,170 9,705 Total accrued expenses $ 35,717 $ 37,564 (1) Represents the deferred portion of payments received from payors for COVID-19 reimbursements which will be recognized as we incur specific COVID-19 related expenses (including expenses related to securing and maintaining adequate personnel) or will be returned to the extent such related expenses are not incurred . Government stimulus advances consisted of the following: June 30, 2021 December 31, 2020 (Amounts in Thousands) Payroll tax deferral $ 7,141 $ 7,141 Provider Relief Fund 953 12,252 CMS advanced payment program — Queen City Hospice — 10,801 Provider Relief Fund — Queen City Hospice — 1,893 Total government stimulus advances $ 8,094 $ 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. The American Rescue Plan Act of 2021 (“ARPA”), another relief package with numerous provisions that affect healthcare providers, was signed into law in March 2021. See Note 9 for additional information regarding government actions to mitigate COVID-19’s impact. Provider Relief Fund In total, the CARES Act and other relief legislation include over $178 billion in funding to be distributed through the Provider Relief Fund to eligible providers, including public entities and Medicare- and/or Medicaid-enrolled providers. In November 2020, the Company received grants in an aggregate principal amount of $13.7 million from the Provider Relief Fund, for which we had previously applied. The Company utilized $10.4 million and $11.3 million of these funds for the three and six months ended June 30, 2021, respectively, for healthcare related expenses, including retention payments, attributable to COVID-19 that were unreimbursed by other sources. In accordance with the current guidance issued by HHS, the Company expects to utilize additional funds through December 31, 2021, at which point we anticipate any unused funds will be returned. We are required to properly and fully document the use of such funds in reports to HHS, which must be submitted no later than March 31, 2022. 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. Queen City Hospice administered retention payments totaling $1.9 million to caregivers for the three and six months ended June 30, 2021, which we believe to be necessary to secure and maintain adequate personnel. Commercial organizations that receive and expend 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 The CARES Act expanded 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 allowing for the deferral of the employer portion of Social Security payroll taxes through December 31, 2020. 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 the period April 2, 2020 through June 30, 2020. Effective July 1, 2020, the Company began paying its deferred portion of employer Social Security payroll taxes and expects to repay the $7.1 million in the fourth quarter of 2021. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Long Term Debt [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Long-term debt consisted of the following: June 30, 2021 December 31, 2020 (Amounts in Thousands) Revolving loan under the credit facility $ 178,458 $ 178,458 Term loan under the credit facility 17,640 18,130 Less unamortized issuance costs (1,411 ) (1,716 ) Total $ 194,687 $ 194,872 Less current maturities (973 ) (971 ) Long-term debt $ 193,714 $ 193,901 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. 0.75 4.25 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. The Credit Agreement also contains 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 June 30, 2021, 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 such $50.0 million incremental revolving loans may be used for, among other things, general corporate purposes. On July 30, 2021, the Company entered into a Second Amendment (the “Second Amendment”) to its Credit Agreement, see Note 12 for additional information. During the six months ended June 30, 2021 and 2020, the Company had no draws under its credit facility. As of June 30, 2021, the Company had a total of $178.5 million of revolving loans, with an interest rate of 2.08%, and $17.6 million of term loans, with an interest rate of 2.09%, . and $18.1 million of term loans, with an interest rate of 1.90%, outstanding on its credit facility |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The effective income tax rates were 26.7% and 23.6% for the three months ended June 30, 2021 and 2020, 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 partially offset by the use of federal employment tax credits. The effective income tax rates were 23.5% and 18.6% for the six months ended June 30, 2021 and 2020, respectively |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Government 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 impact 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, the CARES Act, a sweeping stimulus bill intended to bolster the U.S. economy, was enacted. 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 On March 11, 2021, the ARPA was signed into law, another COVID-19 relief package with numerous provisions that affect healthcare providers, including additional funding targeted to specified healthcare providers and to improve coronavirus testing and vaccine-related activities. In addition to the Provider Relief Fund, the CARES Act and related laws include temporary changes to Medicare and Medicaid payment rules and relief from certain accounting provisions. For example, the laws temporarily lift the Medicare sequester, which would have otherwise reduced payments to Medicare providers by 2% as required by the Budget Control Act of 2011, from May 1, 2020, through December 31, 2021 (but also extend sequestration through 2030). This Medicare sequester relief resulted in an increase of $0.1 million and $0.2 million to home health net service revenues, and $0.7 million and $1.4 million, to hospice net service revenues for the three and six months ended June 30, 2021, respectively. For the three months ended June 30, 2020, the Medicare sequester relief resulted in an However, the ARPA increases the federal budget deficit in a manner that triggers an additional statutorily mandated sequestration under the Pay-As-You-Go Act of 2010 (“PAYGO Act”). As a result, absent congressional action, Medicare spending will be reduced by up to 4% in fiscal year 2022, in addition to the existing sequestration requirements of the Budget Control Act of 2011. We cannot currently determine if, or to what extent, our business, results of operations, financial condition or liquidity will ultimately be impacted by mandated sequestration triggers under the PAYGO Act, or if the mandated sequestration will occur. While conditions related to the COVID-19 pandemic have improved in recent months in the United States as vaccinations have become more widely available, it is impossible to predict the effect and ultimate impact of the COVID-19 pandemic on the Company as the situation continues to evolve. See Note 6 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. On June 2, 2021, the Company received a $6.5 million Request for Repayment from Palmetto, GBA, LLC (“Palmetto”), a Medicare administrative contractor, regarding Ambercare Hospice Inc. (“Ambercare”), our subsidiary that provides hospice services in New Mexico. The Centers for Medicare and Medicaid Services Office of Inspector General’s Office of Audit Services (“OAS”) had in 2018 initiated a clinical review of certain hospice claims billed during a timeframe from January 1, 2016 to December 31, 2017. The OAS review concluded that certain payments to Ambercare for hospice services during the review period were made in error. The Company acquired Ambercare in May 2018 and has a contractual right to full indemnification from any potential losses from the OAS review through the terms of the Ambercare purchase agreement. The Company disputes the results of the OAS review and related asserted billing errors and is in the process of filing administrative appeals. At this stage, the Company cannot predict the ultimate outcome of the appeal process. 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 Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Income. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 10. 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 three and six months ended June 30, 2021 and 2020, along with the items necessary to reconcile the segment information to the totals reported in the accompanying Unaudited Condensed 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 directly 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, information technology, corporate office support and facility costs and overall corporate management. For the Three Months Ended June 30, 2021 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 176,267 $ 36,909 $ 4,717 $ 217,893 Cost of services revenues 127,258 18,912 2,913 149,083 Gross profit 49,009 17,997 1,804 68,810 General and administrative expenses 16,358 8,673 968 25,999 Segment operating income $ 32,651 $ 9,324 $ 836 $ 42,811 For the Three Months Ended June 30, 2020 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 156,268 $ 24,525 $ 3,783 $ 184,576 Cost of services revenues 115,822 10,924 2,833 129,579 Gross profit 40,446 13,601 950 54,997 General and administrative expenses 14,603 6,297 883 21,783 Segment operating income $ 25,843 $ 7,304 $ 67 $ 33,214 For the Three Months Ended June 30, 2021 2020 (Amounts in Thousands) Segment reconciliation: Total segment operating income $ 42,811 $ 33,214 Items not allocated at segment level: Other general and administrative expenses 22,176 20,667 Depreciation and amortization 3,587 2,940 Interest income (31 ) (155 ) Interest expense 1,262 721 Income before income taxes $ 15,817 $ 9,041 For the Six Months Ended June 30, 2021 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 341,135 $ 73,003 $ 9,057 $ 423,195 Cost of services revenues 250,097 37,508 5,583 293,188 Gross profit 91,038 35,495 3,474 130,007 General and administrative expenses 31,641 17,136 1,933 50,710 Segment operating income $ 59,397 $ 18,359 $ 1,541 $ 79,297 For the Six Months Ended June 30, 2020 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 316,933 $ 49,737 $ 8,122 $ 374,792 Cost of services revenues 234,850 23,242 5,868 263,960 Gross profit 82,083 26,495 2,254 110,832 General and administrative expenses 30,205 12,754 1,905 44,864 Segment operating income $ 51,878 $ 13,741 $ 349 $ 65,968 For the Six Months Ended June 30, 2021 2020 (Amounts in Thousands) Segment reconciliation: Total segment operating income $ 79,297 $ 65,968 Items not allocated at segment level: Other general and administrative expenses 42,891 39,873 Depreciation and amortization 7,188 5,827 Interest income (53 ) (489 ) Interest expense 2,478 1,629 Income before income taxes $ 26,793 $ 19,128 |
Significant Payors
Significant Payors | 6 Months Ended |
Jun. 30, 2021 | |
Significant Payors [Abstract] | |
Significant Payors | 11. Significant Payors For the three and six months ended June 30, 2021 and 2020, the Company’s revenue by payor type was as follows: Personal Care For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues 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 $ 88,382 50.2 % $ 78,054 50.0 % $ 169,231 49.6 % $ 157,398 49.7 % Managed care organizations 78,865 44.7 69,282 44.3 154,321 45.2 141,393 44.6 Private pay 5,046 2.9 4,986 3.2 9,949 2.9 10,257 3.2 Commercial insurance 2,676 1.5 2,394 1.5 5,022 1.5 4,970 1.6 Other 1,298 0.7 1,552 1.0 2,612 0.8 2,915 0.9 Total personal care segment net service revenues $ 176,267 100.0 % $ 156,268 100.0 % $ 341,135 100.0 % $ 316,933 100.0 % Hospice For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues 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 $ 34,452 93.3 % $ 22,753 92.8 % $ 68,437 93.8 % $ 45,971 92.4 % Managed care organizations 1,395 3.8 1,198 4.9 2,882 3.9 2,578 5.2 Other 1,062 2.9 574 2.3 1,684 2.3 1,188 2.4 Total hospice segment net service revenues $ 36,909 100.0 % $ 24,525 100.0 % $ 73,003 100.0 % $ 49,737 100.0 % Home Health For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues 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 $ 3,825 81.1 % $ 3,010 79.6 % $ 7,327 80.9 % $ 6,480 79.8 % Managed care organizations 822 17.4 688 18.2 1,620 17.9 1,495 18.4 Other 70 1.5 85 2.2 110 1.2 147 1.8 Total home health segment net service revenues $ 4,717 100.0 % $ 3,783 100.0 % $ 9,057 100.0 % $ 8,122 100.0 % 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 the three and six months ended June 30, 2021 and 2020 were as follows: Personal Care For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues 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 $ 84,788 48.0 % $ 69,052 44.2 % $ 158,172 46.3 % $ 140,598 44.4 % New York 25,535 14.5 27,244 17.4 53,110 15.6 59,082 18.6 New Mexico 25,484 14.5 21,831 14.0 49,077 14.4 42,525 13.4 All other states 40,460 23.0 38,141 24.4 80,776 23.7 74,728 23.6 Total personal care segment net service revenues $ 176,267 100.0 % $ 156,268 100.0 % $ 341,135 100.0 % $ 316,933 100.0 % Hospice For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Ohio $ 14,694 39.8 % $ — — % $ 28,808 39.4 % $ — — % New Mexico 8,717 23.6 11,443 46.7 17,948 24.6 22,452 45.1 All other states 13,498 36.6 13,082 53.3 26,247 36.0 27,285 54.9 Total hospice segment net service revenues $ 36,909 100.0 % $ 24,525 100.0 % $ 73,003 100.0 % $ 49,737 100.0 % With the acquisition of Queen City Hospice, the Company expanded our hospice services in the state of Ohio. Home Health For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues 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 $ 4,717 100.0 % $ 3,783 100.0 % $ 9,057 100.0 % $ 8,122 100.0 % Total home health segment net service revenues $ 4,717 100.0 % $ 3,783 100.0 % $ 9,057 100.0 % $ 8,122 100.0 % A substantial portion of the Company’s revenue and accounts receivable are derived from services performed for federal, state and local governmental agencies. We derive a significant amount of our net service revenues in Illinois, which represented 38.9%, and 37.4% of our net service revenues for the three months ended June 30, 2021, and 2020, respectively, and accounted for 37.4% and 37.5% of our net service revenues for the six months ended June 30, 2021 and 2020, respectively. The related receivables due from the Illinois Department on Aging represented 16.7% and 15.9% of the Company’s net accounts receivable at June 30, 2021 and December 31, 2020, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events On July 30, 2021, the Company entered into the Second Amendment to its Credit Agreement. The Second Amendment, among other things, reallocated and refinanced the Company’s outstanding initial term loans as revolving loans (such that the Company has no outstanding initial term loans and no further initial term loans may be borrowed) and increased the Company’s revolving credit facility to an aggregate amount of $600,000,000. Moreover, the Second Amendment increased the Company’s incremental loan facility to an aggregate amount $125,000,000, which incremental loan facility may be for term loans or an increase to the revolving loan commitments. The maturity of the revolving credit facility was also extended from May 8, 2023 to July 30, 2026. On August 1, 2021, we completed the acquisition of Armada Skilled Homecare of New Mexico LLC, Armada Hospice of New Mexico LLC and Armada Hospice of Santa Fe LLC (“Armada”) for approximately $29.1 million, with funding provided by the revolving credit facility. With the purchase of Armada, the Company expanded our home health and hospice services in the state of New Mexico. The Company is currently assessing the fair value of identifiable net assets acquired. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements and related notes have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10-Q. The accompanying balance sheet as of December 31, 2020 has been derived from the Company’s audited financial statements for the year ended December 31, 2020 previously filed with the SEC. Accordingly, these financial statements do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements and should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2020 included in our Annual Report on Form 10-K, which includes information and disclosures not included herein. In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair statement of our financial position, results of operations, and cash flows for the interim periods presented in conformity with GAAP. Our results for any interim period are not necessarily indicative of results for a full year or any other interim period. |
Principles of Consolidation | Principles of Consolidation These Unaudited Condensed Consolidated Financial Statements include the accounts of Addus HomeCare Corporation, and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
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, allowance for doubtful accounts, intangible assets acquired in business combinations and, when required, the quantitative impairment assessment of goodwill and indefinite lived intangible assets. Actual results could differ from those estimates. |
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. As of June 30, 2021 and 2020, dilutive stock options outstanding were approximately 526,000 and 579,000, respectively, and dilutive restricted stock awards outstanding were approximately 172,000 and 72,000, respectively. Included in the Company’s calculation of diluted earnings per share for the three and six months ended June 30, 2021, dilutive stock options outstanding were approximately 286,000 and 298,000, respectively. In addition, dilutive restricted stock awards outstanding were approximately 20,000 and 49,000 for the three and six months ended June 30, 2021, respectively. Included in the Company’s calculation of diluted earnings per share for the three and six months ended June 30, 2020, dilutive stock options outstanding were approximately 296,000 and 304,000, respectively. In addition, dilutive restricted stock awards outstanding were approximately 37,000 and 63,000 for the three and six months ended June 30, 2020, respectively. |
Recently Issued and Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Recently Issued Accounting Pronouncements 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 (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Amounts Reported in Unaudited and Audited Condensed Consolidated Balance Sheets for Operating Leases | Amounts reported in the Company’s Unaudited Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 for our operating leases were as follows: June 30, 2021 December 31, 2020 (Amounts in Thousands) Operating lease assets, net $ 37,191 $ 37,991 Short-term operating lease liabilities (in accrued expenses) 9,621 9,283 Long-term operating lease liabilities 34,339 35,516 Total operating lease liabilities $ 43,960 $ 44,799 |
Components of Lease Costs Reported in General and Administrative Expenses in Unaudited Condensed Consolidated Statements of Income | Components of lease costs were reported in general and administrative expenses in the Company’s Unaudited Condensed Consolidated Statements of Income as follows: For the Three Months Ended June 30, (Amounts in Thousands) For the Six Months Ended June 30, (Amounts in Thousands) 2021 2020 2021 2020 Operating lease costs $ 2,775 $ 2,120 $ 5,552 $ 4,238 Short-term lease costs 194 161 375 428 Less: sublease income (152 ) (74 ) (303 ) (149 ) Total lease costs, net $ 2,817 $ 2,207 $ 5,624 $ 4,517 |
Schedule of Weighted Average Remaining Lease Terms and Discount Rates | Weighted average remaining lease terms and discount rates were as follows: June 30, 2021 December 31, 2020 Operating leases: Weighted average remaining lease term 6.72 6.97 Weighted average discount rate 4.03 % 4.18 % |
Summary of Remaining Operating Lease Payments | A summary of our remaining operating lease payments as of June 30, 2021 were as follows: Operating Leases (Amounts in Thousands) Due in the 12-month period ended June 30, 2022 $ 10,967 2023 9,012 2024 7,109 2025 4,960 2026 3,289 Thereafter 15,095 Total future minimum rental commitments 50,432 Less: Imputed interest (6,472 ) Total lease liabilities $ 43,960 |
Supplemental Cash Flows Information | For the Six Months Ended June 30, (Amounts in Thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,313 $ 4,321 Right-of-use assets obtained in exchange for lease obligations: Operating leases 3,919 2,441 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Acquisition [Line Items] | |
Unaudited Pro Forma Condensed Consolidated Income Statement Information | The following table contains unaudited pro forma condensed consolidated income statement information of the Company for the three and six months ended June 30, 2020 as if each of the acquisitions of Queen City Hospice, County Homemakers and A Plus closed on January 1, 2020. For the Three Months Ended June 30, 2020 (Amounts in Thousands) For the Six Months Ended June 30, 2020 (Amounts in Thousands) Net service revenues $ 203,465 $ 412,434 Operating income 11,344 23,941 Net income 8,354 18,661 Net income per common share Basic income per share $ 0.54 $ 1.20 Diluted income per share $ 0.52 $ 1.17 |
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 acquired are as follows: Total (Amounts in Thousands) Goodwill $ 169,356 Identifiable intangible assets 20,015 Cash 15,444 Property and equipment 759 Accounts receivable 5,835 Operating lease assets, net 3,028 Other assets 94 Accounts payable (2,257 ) Accrued expenses (503 ) Accrued payroll (1,555 ) 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 acquired are as follows: Total (Amounts in Thousands) Goodwill $ 13,457 Identifiable intangible assets 474 Cash 1,104 Property and equipment 52 Accounts receivable 1,396 Operating lease assets, net 485 Other assets 40 Accounts payable (122 ) 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 final valuations, the fair values of the assets and liabilities acquired are as follows: Total (Amounts in Thousands) Goodwill $ 9,732 Identifiable intangible assets 1,523 Cash 2,819 Accounts receivable 1,009 Operating lease assets, net 180 Other assets 26 Accounts payable (34 ) Accrued expenses (353 ) Accrued payroll (275 ) Long-term operating lease liabilities (100 ) Total purchase price $ 14,527 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill and Related Adjustments | A summary of the goodwill activity for the six months ended June 30, 2021 is provided below: Goodwill Hospice Personal Care Home Health Total (Amounts in Thousands) Goodwill as of December 31, 2020 $ 314,833 $ 152,448 $ 1,791 $ 469,072 Additions for acquisitions — 115 — 115 Adjustments to previously recorded goodwill 149 140 — 289 Goodwill as of June 30, 2021 $ 314,982 $ 152,703 $ 1,791 $ 469,476 |
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 as of June 30, 2021: 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 (35,391 ) (17,106 ) (3,336 ) (4,041 ) (59,874 ) Intangible assets subject to amortization, net 9,281 25,820 2,889 8,466 46,456 Total intangible assets at June 30, 2021 $ 9,281 $ 25,820 $ 2,889 $ 29,257 $ 67,247 |
Details of Certain Balance Sh_2
Details of Certain Balance Sheet Accounts (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Details Of Certain Balance Sheet Accounts [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: June 30, 2021 December 31, 2020 (Amounts in Thousands) Prepaid workers’ compensation and liability insurance $ 2,782 $ 2,838 Workers' compensation insurance receivable 1,860 1,860 Health insurance receivable 1,108 528 Other 6,990 4,743 Total prepaid expenses and other current assets $ 12,740 $ 9,969 |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: June 30, 2021 December 31, 2020 (Amounts in Thousands) Current portion of operating lease liabilities $ 9,621 $ 9,283 Payor advances (1) 6,375 4,206 Accrued health insurance 5,010 5,607 Accrued professional fees 3,729 4,220 Accrued payroll taxes 1,812 4,543 Other 9,170 9,705 Total accrued expenses $ 35,717 $ 37,564 (1) Represents the deferred portion of payments received from payors for COVID-19 reimbursements which will be recognized as we incur specific COVID-19 related expenses (including expenses related to securing and maintaining adequate personnel) or will be returned to the extent such related expenses are not incurred . |
Schedule of Government Stimulus Advances | Government stimulus advances consisted of the following: June 30, 2021 December 31, 2020 (Amounts in Thousands) Payroll tax deferral $ 7,141 $ 7,141 Provider Relief Fund 953 12,252 CMS advanced payment program — Queen City Hospice — 10,801 Provider Relief Fund — Queen City Hospice — 1,893 Total government stimulus advances $ 8,094 $ 32,087 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Long Term Debt [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consisted of the following: June 30, 2021 December 31, 2020 (Amounts in Thousands) Revolving loan under the credit facility $ 178,458 $ 178,458 Term loan under the credit facility 17,640 18,130 Less unamortized issuance costs (1,411 ) (1,716 ) Total $ 194,687 $ 194,872 Less current maturities (973 ) (971 ) Long-term debt $ 193,714 $ 193,901 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | For the Three Months Ended June 30, 2021 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 176,267 $ 36,909 $ 4,717 $ 217,893 Cost of services revenues 127,258 18,912 2,913 149,083 Gross profit 49,009 17,997 1,804 68,810 General and administrative expenses 16,358 8,673 968 25,999 Segment operating income $ 32,651 $ 9,324 $ 836 $ 42,811 For the Three Months Ended June 30, 2020 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 156,268 $ 24,525 $ 3,783 $ 184,576 Cost of services revenues 115,822 10,924 2,833 129,579 Gross profit 40,446 13,601 950 54,997 General and administrative expenses 14,603 6,297 883 21,783 Segment operating income $ 25,843 $ 7,304 $ 67 $ 33,214 For the Three Months Ended June 30, 2021 2020 (Amounts in Thousands) Segment reconciliation: Total segment operating income $ 42,811 $ 33,214 Items not allocated at segment level: Other general and administrative expenses 22,176 20,667 Depreciation and amortization 3,587 2,940 Interest income (31 ) (155 ) Interest expense 1,262 721 Income before income taxes $ 15,817 $ 9,041 For the Six Months Ended June 30, 2021 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 341,135 $ 73,003 $ 9,057 $ 423,195 Cost of services revenues 250,097 37,508 5,583 293,188 Gross profit 91,038 35,495 3,474 130,007 General and administrative expenses 31,641 17,136 1,933 50,710 Segment operating income $ 59,397 $ 18,359 $ 1,541 $ 79,297 For the Six Months Ended June 30, 2020 (Amounts in Thousands) Personal Care Hospice Home Health Total Net service revenues $ 316,933 $ 49,737 $ 8,122 $ 374,792 Cost of services revenues 234,850 23,242 5,868 263,960 Gross profit 82,083 26,495 2,254 110,832 General and administrative expenses 30,205 12,754 1,905 44,864 Segment operating income $ 51,878 $ 13,741 $ 349 $ 65,968 For the Six Months Ended June 30, 2021 2020 (Amounts in Thousands) Segment reconciliation: Total segment operating income $ 79,297 $ 65,968 Items not allocated at segment level: Other general and administrative expenses 42,891 39,873 Depreciation and amortization 7,188 5,827 Interest income (53 ) (489 ) Interest expense 2,478 1,629 Income before income taxes $ 26,793 $ 19,128 |
Significant Payors (Tables)
Significant Payors (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Significant Payors [Abstract] | |
Schedule of Revenue by Payor Type | For the three and six months ended June 30, 2021 and 2020, the Company’s revenue by payor type was as follows: Personal Care For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues 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 $ 88,382 50.2 % $ 78,054 50.0 % $ 169,231 49.6 % $ 157,398 49.7 % Managed care organizations 78,865 44.7 69,282 44.3 154,321 45.2 141,393 44.6 Private pay 5,046 2.9 4,986 3.2 9,949 2.9 10,257 3.2 Commercial insurance 2,676 1.5 2,394 1.5 5,022 1.5 4,970 1.6 Other 1,298 0.7 1,552 1.0 2,612 0.8 2,915 0.9 Total personal care segment net service revenues $ 176,267 100.0 % $ 156,268 100.0 % $ 341,135 100.0 % $ 316,933 100.0 % Hospice For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues 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 $ 34,452 93.3 % $ 22,753 92.8 % $ 68,437 93.8 % $ 45,971 92.4 % Managed care organizations 1,395 3.8 1,198 4.9 2,882 3.9 2,578 5.2 Other 1,062 2.9 574 2.3 1,684 2.3 1,188 2.4 Total hospice segment net service revenues $ 36,909 100.0 % $ 24,525 100.0 % $ 73,003 100.0 % $ 49,737 100.0 % Home Health For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues 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 $ 3,825 81.1 % $ 3,010 79.6 % $ 7,327 80.9 % $ 6,480 79.8 % Managed care organizations 822 17.4 688 18.2 1,620 17.9 1,495 18.4 Other 70 1.5 85 2.2 110 1.2 147 1.8 Total home health segment net service revenues $ 4,717 100.0 % $ 3,783 100.0 % $ 9,057 100.0 % $ 8,122 100.0 % |
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 the three and six months ended June 30, 2021 and 2020 were as follows: Personal Care For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues 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 $ 84,788 48.0 % $ 69,052 44.2 % $ 158,172 46.3 % $ 140,598 44.4 % New York 25,535 14.5 27,244 17.4 53,110 15.6 59,082 18.6 New Mexico 25,484 14.5 21,831 14.0 49,077 14.4 42,525 13.4 All other states 40,460 23.0 38,141 24.4 80,776 23.7 74,728 23.6 Total personal care segment net service revenues $ 176,267 100.0 % $ 156,268 100.0 % $ 341,135 100.0 % $ 316,933 100.0 % Hospice For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Amount (in Thousands) % of Segment Net Service Revenues Ohio $ 14,694 39.8 % $ — — % $ 28,808 39.4 % $ — — % New Mexico 8,717 23.6 11,443 46.7 17,948 24.6 22,452 45.1 All other states 13,498 36.6 13,082 53.3 26,247 36.0 27,285 54.9 Total hospice segment net service revenues $ 36,909 100.0 % $ 24,525 100.0 % $ 73,003 100.0 % $ 49,737 100.0 % With the acquisition of Queen City Hospice, the Company expanded our hospice services in the state of Ohio. Home Health For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Amount (in Thousands) % of Segment Net Service Revenues 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 $ 4,717 100.0 % $ 3,783 100.0 % $ 9,057 100.0 % $ 8,122 100.0 % Total home health segment net service revenues $ 4,717 100.0 % $ 3,783 100.0 % $ 9,057 100.0 % $ 8,122 100.0 % |
Nature of Operations, Consoli_2
Nature of Operations, Consolidation, and Presentation of Financial Statements (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of operating segments | 3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
ASU 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 | true | true | ||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2021 | Jan. 1, 2021 | ||
Stock Options [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of potential diluted securities outstanding | 526,000 | 579,000 | 526,000 | 579,000 |
Number of securities included in calculation of diluted earnings per share | 286,000 | 296,000 | 298,000 | 304,000 |
Restricted Stock [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of potential diluted securities outstanding | 172,000 | 72,000 | 172,000 | 72,000 |
Number of securities included in calculation of diluted earnings per share | 20,000 | 37,000 | 49,000 | 63,000 |
Leases (Amounts Reported in Una
Leases (Amounts Reported in Unaudited and Audited Condensed Consolidated Balance Sheets for Operating Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease assets, net | $ 37,191 | $ 37,991 |
Short-term operating lease liabilities (in accrued expenses) | $ 9,621 | $ 9,283 |
Operating lease, liability, current, statement of financial position [Extensible List] | Accrued expenses | Accrued expenses |
Long-term operating lease liabilities | $ 34,339 | $ 35,516 |
Total operating lease liabilities | $ 43,960 | $ 44,799 |
Leases (Components of Lease Cos
Leases (Components of Lease Costs Reported in General and Administrative Expenses in Unaudited Condensed Consolidated Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease costs | $ 2,775 | $ 2,120 | $ 5,552 | $ 4,238 |
Short-term lease costs | 194 | 161 | 375 | 428 |
Less: sublease income | (152) | (74) | (303) | (149) |
Total lease costs, net | $ 2,817 | $ 2,207 | $ 5,624 | $ 4,517 |
Leases (Schedule of Weighted Av
Leases (Schedule of Weighted Average Remaining Lease Terms and Discount Rates) (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted average remaining lease term | 6 years 8 months 19 days | 6 years 11 months 19 days |
Weighted average discount rate | 4.03% | 4.18% |
Leases (Summary of Remaining Op
Leases (Summary of Remaining Operating Lease Payments) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 10,967 | |
2023 | 9,012 | |
2024 | 7,109 | |
2025 | 4,960 | |
2026 | 3,289 | |
Thereafter | 15,095 | |
Total future minimum rental commitments | 50,432 | |
Less: Imputed interest | (6,472) | |
Total lease liabilities | $ 43,960 | $ 44,799 |
Leases (Supplemental Cash Flows
Leases (Supplemental Cash Flows Information) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 5,313 | $ 4,321 |
Right-of-use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 3,919 | $ 2,441 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Dec. 04, 2020 | Dec. 01, 2020 | Nov. 01, 2020 | Jul. 01, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||||||
Total purchase price for business acquisition | $ 81 | $ 295 | ||||||
Goodwill | $ 469,476 | 469,476 | $ 469,072 | |||||
Queen City Hospice [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 169,356 | |||||||
Queen City Hospice [Member] | Trade Names [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets, estimated useful lives | 15 years | |||||||
Identifiable intangible assets acquired | $ 11,000 | |||||||
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 | |||||||
Queen City Hospice [Member] | State Licenses [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Indefinite lived intangible assets acquired | 7,500 | |||||||
Queen City Hospice [Member] | Ohio [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total purchase price for business acquisition | 194,800 | |||||||
Integration costs | $ 800 | 1,700 | ||||||
Excess cash held by acquired business | $ 15,400 | |||||||
County Homemakers [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 13,457 | |||||||
County Homemakers [Member] | Trade Names [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets, estimated useful lives | 1 year | |||||||
Identifiable intangible assets acquired | $ 100 | |||||||
County Homemakers [Member] | State Licenses [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets, estimated useful lives | 8 years | |||||||
Identifiable intangible assets acquired | $ 300 | |||||||
County Homemakers [Member] | Pennsylvania [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total purchase price for business acquisition | 15,800 | |||||||
Integration costs | 200 | |||||||
Excess cash held by acquired business | $ 1,100 | |||||||
A Plus Health Care, Inc [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 9,732 | |||||||
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 | |||||||
A Plus Health Care, Inc [Member] | Montana [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total purchase price for business acquisition | 14,500 | |||||||
Integration costs | $ 100 | |||||||
Excess cash held by acquired business | $ 2,800 | |||||||
SunLife Hospice [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Total purchase price for business acquisition | 1,700 | |||||||
Goodwill | $ 1,600 |
Acquisitions (Schedule of Fair
Acquisitions (Schedule of Fair Values of Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 04, 2020 | Dec. 01, 2020 | Jul. 01, 2020 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 469,476 | $ 469,072 | |||
Queen City Hospice [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 169,356 | ||||
Identifiable intangible assets | 20,015 | ||||
Cash | 15,444 | ||||
Property and equipment | 759 | ||||
Accounts receivable | 5,835 | ||||
Operating lease assets, net | 3,028 | ||||
Other assets | 94 | ||||
Accounts payable | (2,257) | ||||
Accrued expenses | (503) | ||||
Accrued payroll | (1,555) | ||||
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 | $ 13,457 | ||||
Identifiable intangible assets | 474 | ||||
Cash | 1,104 | ||||
Property and equipment | 52 | ||||
Accounts receivable | 1,396 | ||||
Operating lease assets, net | 485 | ||||
Other assets | 40 | ||||
Accounts payable | (122) | ||||
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 | $ 9,732 | ||||
Identifiable intangible assets | 1,523 | ||||
Cash | 2,819 | ||||
Accounts receivable | 1,009 | ||||
Operating lease assets, net | 180 | ||||
Other assets | 26 | ||||
Accounts payable | (34) | ||||
Accrued expenses | (353) | ||||
Accrued payroll | (275) | ||||
Long-term operating lease liabilities | (100) | ||||
Total purchase price | $ 14,527 |
Acquisitions (Unaudited Pro For
Acquisitions (Unaudited Pro Forma Condensed Consolidated Income Statement Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Business Combinations [Abstract] | ||
Net service revenues | $ 203,465 | $ 412,434 |
Operating income | 11,344 | 23,941 |
Net income | $ 8,354 | $ 18,661 |
Basic income per share | $ 0.54 | $ 1.20 |
Diluted income per share | $ 0.52 | $ 1.17 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||||
Goodwill | $ 469,476 | $ 469,476 | $ 469,072 | ||
Amortization expense | 2,100 | $ 1,800 | $ 4,300 | $ 3,500 | |
Weighted average remaining useful lives of identifiable intangible assets | 9 years 6 months | ||||
Minimum [Member] | |||||
Goodwill [Line Items] | |||||
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] | |||||
Intangible assets, estimated useful lives | 25 years | ||||
Maximum [Member] | Customer and Referral Relationships [Member] | |||||
Goodwill [Line Items] | |||||
Intangible assets, estimated useful lives | 10 years | ||||
General and Administrative Expense [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 469,500 | $ 469,500 | $ 469,100 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Summary of Goodwill and Related Adjustments) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Goodwill [Line Items] | |
Goodwill, at Beginning of Period | $ 469,072 |
Additions for acquisitions | 115 |
Adjustments to previously recorded goodwill | 289 |
Goodwill, at End of Period | 469,476 |
Hospice [Member] | |
Goodwill [Line Items] | |
Goodwill, at Beginning of Period | 314,833 |
Adjustments to previously recorded goodwill | 149 |
Goodwill, at End of Period | 314,982 |
Personal Care [Member] | |
Goodwill [Line Items] | |
Goodwill, at Beginning of Period | 152,448 |
Additions for acquisitions | 115 |
Adjustments to previously recorded goodwill | 140 |
Goodwill, at End of Period | 152,703 |
Home Health [Member] | |
Goodwill [Line Items] | |
Goodwill, at Beginning of Period | 1,791 |
Goodwill, at End of Period | $ 1,791 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Schedule of Carrying Amount and Accumulated Amortization of Intangible Asset) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets with indefinite lives | $ 20,791 | |
Intangible assets subject to amortization: | ||
Gross carrying amount | 106,330 | |
Accumulated amortization | (59,874) | |
Intangible assets subject to amortization, net | 46,456 | |
Total intangible assets at June 30, 2021 | 67,247 | $ 71,549 |
Customer And Referral Relationships [Member] | ||
Intangible assets subject to amortization: | ||
Gross carrying amount | 44,672 | |
Accumulated amortization | (35,391) | |
Intangible assets subject to amortization, net | 9,281 | |
Total intangible assets at June 30, 2021 | 9,281 | |
Trade Names and Trademarks [Member] | ||
Intangible assets subject to amortization: | ||
Gross carrying amount | 42,926 | |
Accumulated amortization | (17,106) | |
Intangible assets subject to amortization, net | 25,820 | |
Total intangible assets at June 30, 2021 | 25,820 | |
Non-competition Agreements [Member] | ||
Intangible assets subject to amortization: | ||
Gross carrying amount | 6,225 | |
Accumulated amortization | (3,336) | |
Intangible assets subject to amortization, net | 2,889 | |
Total intangible assets at June 30, 2021 | 2,889 | |
State Licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets with indefinite lives | 20,791 | |
Intangible assets subject to amortization: | ||
Gross carrying amount | 12,507 | |
Accumulated amortization | (4,041) | |
Intangible assets subject to amortization, net | 8,466 | |
Total intangible assets at June 30, 2021 | $ 29,257 |
Details of Certain Balance Sh_3
Details of Certain Balance Sheet Accounts (Schedule of Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Details Of Certain Balance Sheet Accounts [Abstract] | ||
Prepaid workers’ compensation and liability insurance | $ 2,782 | $ 2,838 |
Workers' compensation insurance receivable | 1,860 | 1,860 |
Health insurance receivable | 1,108 | 528 |
Other | 6,990 | 4,743 |
Total prepaid expenses and other current assets | $ 12,740 | $ 9,969 |
Details of Certain Balance Sh_4
Details of Certain Balance Sheet Accounts (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Details Of Certain Balance Sheet Accounts [Abstract] | ||
Current portion of operating lease liabilities | $ 9,621 | $ 9,283 |
Payor advances | 6,375 | 4,206 |
Accrued health insurance | 5,010 | 5,607 |
Accrued professional fees | 3,729 | 4,220 |
Accrued payroll taxes | 1,812 | 4,543 |
Other | 9,170 | 9,705 |
Total accrued expenses | $ 35,717 | $ 37,564 |
Details of Certain Balance Sh_5
Details of Certain Balance Sheet Accounts (Schedule of Government Stimulus Advances) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Details Of Certain Balance Sheet Accounts [Line Items] | ||
Payroll tax deferral | $ 7,141 | $ 7,141 |
Provider Relief Fund | 953 | 12,252 |
Total government stimulus advances | $ 8,094 | 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_6
Details of Certain Balance Sheet Accounts (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2020 | Apr. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Details Of Certain Balance Sheet Accounts [Line Items] | |||||
Payroll tax deferral | $ 7,141,000 | $ 7,141,000 | $ 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 fourth quarter of 2021 | 7,100,000 | ||||
CARES Act [Member] | Provider Relief Fund [Member] | |||||
Details Of Certain Balance Sheet Accounts [Line Items] | |||||
CARES Act and other relief legislation | 178,000,000,000 | ||||
Aggregate principal amount of grants received | $ 13,700,000 | ||||
Fund distributed to health care related expenses | 10,400,000 | 11,300,000 | |||
CARES Act [Member] | Provider Relief Fund [Member] | Queen City Hospice [Member] | |||||
Details Of Certain Balance Sheet Accounts [Line Items] | |||||
Intends to pay retention payments | $ 1,900,000 | $ 1,900,000 | |||
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] | |||||
CMS advanced payment program — Queen City Hospice | 10,800,000 | ||||
Repayment of grants | $ 0 | ||||
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Less unamortized issuance costs | $ (1,411) | $ (1,716) |
Total | 194,687 | 194,872 |
Less current maturities | (973) | (971) |
Long-term debt | 193,714 | 193,901 |
Revolving Credit Loan [Member] | Senior Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | 178,458 | 178,458 |
Term Loan [Member] | Senior Secured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt gross | $ 17,640 | $ 18,130 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - Credit Agreement [Member] - Capital One, National Association [Member] - USD ($) | Sep. 12, 2019 | Oct. 31, 2018 | Oct. 30, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Maximum aggregate loan amount available | $ 269,600,000 | $ 112,800,000 | ||||
Debt instrument, maturity date | May 8, 2023 | |||||
Debt instrument total net leverage ratio | 4.25% | |||||
Line of credit outstanding amount | 8,700,000 | |||||
Delayed Draw Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum aggregate loan amount available | $ 19,600,000 | |||||
Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit outstanding amount | $ 17,600,000 | $ 18,100,000 | ||||
Debt instrument stated interest rate | 2.09% | 1.90% | ||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument total net leverage ratio | 3.75% | |||||
Federal Funds Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 0.50% | |||||
London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 1.00% | |||||
London Interbank Offered Rate (LIBOR) | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 0.00% | |||||
Based On Applicable Senior Leverage Ratio | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 0.75% | |||||
Based On Applicable Senior Leverage Ratio | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 1.50% | |||||
Based On Applicable Leverage Ratio [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 1.75% | |||||
Based On Applicable Leverage Ratio [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument variable interest rate margin | 2.50% | |||||
Restriction on Dividends [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate amount of dividends and distributions | $ 7,500,000 | |||||
Revolving Credit Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum aggregate loan amount available | $ 300,000,000 | $ 250,000,000 | ||||
Increase in credit facility | 50,000,000 | |||||
Proceeds of credit facility | $ 50,000,000 | |||||
Proceeds from line of credit | 0 | $ 0 | ||||
Line of credit outstanding amount | $ 178,500,000 | $ 178,500,000 | ||||
Debt instrument stated interest rate | 2.08% | 1.90% | ||||
Revolving Credit Loan [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fee charged on unused portion of revolving credit facility | 0.20% | |||||
Revolving Credit Loan [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Fee charged on unused portion of revolving credit facility | 0.35% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 26.70% | 23.60% | 23.50% | 18.60% |
Percentage of excess tax benefit included in effective income tax rage | 3.00% | 7.50% |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Jun. 02, 2021 | Apr. 24, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2022 |
Commitments And Contingencies [Line Items] | |||||||
Net service revenues | $ 217,893 | $ 184,576 | $ 423,195 | $ 374,792 | |||
Home Health [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Net service revenues | 4,717 | 3,783 | 9,057 | 8,122 | |||
Hospice [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Net service revenues | 36,909 | 24,525 | 73,003 | $ 49,737 | |||
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% | ||||||
Deferred payroll taxes | 4.00% | ||||||
PPPHCE Act [Member] | Home Health [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Net service revenues | 100 | 100 | 200 | ||||
PPPHCE Act [Member] | Hospice [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Net service revenues | $ 700 | $ 300 | $ 1,400 | ||||
Palmetto [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Proceeds from legal settlements | $ 6,500 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net service revenues | $ 217,893 | $ 184,576 | $ 423,195 | $ 374,792 |
Cost of services revenues | 149,083 | 129,579 | 293,188 | 263,960 |
Gross profit | 68,810 | 54,997 | 130,007 | 110,832 |
General and administrative expenses | 48,175 | 42,450 | 93,601 | 84,737 |
Operating income | 17,048 | 9,607 | 29,218 | 20,268 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expenses | 25,999 | 21,783 | 50,710 | 44,864 |
Operating income | 42,811 | 33,214 | 79,297 | 65,968 |
Personal Care [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 176,267 | 156,268 | 341,135 | 316,933 |
Cost of services revenues | 127,258 | 115,822 | 250,097 | 234,850 |
Gross profit | 49,009 | 40,446 | 91,038 | 82,083 |
Personal Care [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expenses | 16,358 | 14,603 | 31,641 | 30,205 |
Operating income | 32,651 | 25,843 | 59,397 | 51,878 |
Hospice [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 36,909 | 24,525 | 73,003 | 49,737 |
Cost of services revenues | 18,912 | 10,924 | 37,508 | 23,242 |
Gross profit | 17,997 | 13,601 | 35,495 | 26,495 |
Hospice [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expenses | 8,673 | 6,297 | 17,136 | 12,754 |
Operating income | 9,324 | 7,304 | 18,359 | 13,741 |
Home Health [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net service revenues | 4,717 | 3,783 | 9,057 | 8,122 |
Cost of services revenues | 2,913 | 2,833 | 5,583 | 5,868 |
Gross profit | 1,804 | 950 | 3,474 | 2,254 |
Home Health [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative expenses | 968 | 883 | 1,933 | 1,905 |
Operating income | $ 836 | $ 67 | $ 1,541 | $ 349 |
Segment Information (Segment Re
Segment Information (Segment Reconciliation to Totals reported in the accompanying Consolidated Financial Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Operating income | $ 17,048 | $ 9,607 | $ 29,218 | $ 20,268 |
Other general and administrative expenses | 22,176 | 20,667 | 42,891 | 39,873 |
Depreciation and amortization | 3,587 | 2,940 | 7,188 | 5,827 |
Interest income | (31) | (155) | (53) | (489) |
Interest expense | 1,262 | 721 | 2,478 | 1,629 |
Income before income taxes | 15,817 | 9,041 | 26,793 | 19,128 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | $ 42,811 | $ 33,214 | $ 79,297 | $ 65,968 |
Significant Payors (Revenue by
Significant Payors (Revenue by Payor Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net service revenues | $ 217,893 | $ 184,576 | $ 423,195 | $ 374,792 |
Personal Care [Member] | ||||
Net service revenues | 176,267 | 156,268 | 341,135 | 316,933 |
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | ||||
Net service revenues | $ 176,267 | $ 156,268 | $ 341,135 | $ 316,933 |
Concentration risk, percentage | 100.00% | 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 | $ 88,382 | $ 78,054 | $ 169,231 | $ 157,398 |
Concentration risk, percentage | 50.20% | 50.00% | 49.60% | 49.70% |
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Managed Care Organizations [Member] | ||||
Net service revenues | $ 78,865 | $ 69,282 | $ 154,321 | $ 141,393 |
Concentration risk, percentage | 44.70% | 44.30% | 45.20% | 44.60% |
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Private Pay [Member] | ||||
Net service revenues | $ 5,046 | $ 4,986 | $ 9,949 | $ 10,257 |
Concentration risk, percentage | 2.90% | 3.20% | 2.90% | 3.20% |
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Commercial Insurance [Member] | ||||
Net service revenues | $ 2,676 | $ 2,394 | $ 5,022 | $ 4,970 |
Concentration risk, percentage | 1.50% | 1.50% | 1.50% | 1.60% |
Personal Care [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Other [Member] | ||||
Net service revenues | $ 1,298 | $ 1,552 | $ 2,612 | $ 2,915 |
Concentration risk, percentage | 0.70% | 1.00% | 0.80% | 0.90% |
Hospice [Member] | ||||
Net service revenues | $ 36,909 | $ 24,525 | $ 73,003 | $ 49,737 |
Hospice [Member] | Revenues [Member] | Customer Concentration Risk [Member] | ||||
Net service revenues | $ 36,909 | $ 24,525 | $ 73,003 | $ 49,737 |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Hospice [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Medicare [Member] | ||||
Net service revenues | $ 34,452 | $ 22,753 | $ 68,437 | $ 45,971 |
Concentration risk, percentage | 93.30% | 92.80% | 93.80% | 92.40% |
Hospice [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Managed Care Organizations [Member] | ||||
Net service revenues | $ 1,395 | $ 1,198 | $ 2,882 | $ 2,578 |
Concentration risk, percentage | 3.80% | 4.90% | 3.90% | 5.20% |
Hospice [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Other [Member] | ||||
Net service revenues | $ 1,062 | $ 574 | $ 1,684 | $ 1,188 |
Concentration risk, percentage | 2.90% | 2.30% | 2.30% | 2.40% |
Home Health [Member] | ||||
Net service revenues | $ 4,717 | $ 3,783 | $ 9,057 | $ 8,122 |
Home Health [Member] | Revenues [Member] | Customer Concentration Risk [Member] | ||||
Net service revenues | $ 4,717 | $ 3,783 | $ 9,057 | $ 8,122 |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Home Health [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Medicare [Member] | ||||
Net service revenues | $ 3,825 | $ 3,010 | $ 7,327 | $ 6,480 |
Concentration risk, percentage | 81.10% | 79.60% | 80.90% | 79.80% |
Home Health [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Managed Care Organizations [Member] | ||||
Net service revenues | $ 822 | $ 688 | $ 1,620 | $ 1,495 |
Concentration risk, percentage | 17.40% | 18.20% | 17.90% | 18.40% |
Home Health [Member] | Revenues [Member] | Customer Concentration Risk [Member] | Other [Member] | ||||
Net service revenues | $ 70 | $ 85 | $ 110 | $ 147 |
Concentration risk, percentage | 1.50% | 2.20% | 1.20% | 1.80% |
Significant Payors (Revenue b_2
Significant Payors (Revenue by Geographic Location) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net service revenues | $ 217,893 | $ 184,576 | $ 423,195 | $ 374,792 |
Revenues [Member] | Geographic Concentration Risk [Member] | Illinois [Member] | ||||
Concentration risk, percentage | 38.90% | 37.40% | 37.40% | 37.50% |
Personal Care [Member] | ||||
Net service revenues | $ 176,267 | $ 156,268 | $ 341,135 | $ 316,933 |
Personal Care [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | ||||
Net service revenues | $ 176,267 | $ 156,268 | $ 341,135 | $ 316,933 |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Personal Care [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | Illinois [Member] | ||||
Net service revenues | $ 84,788 | $ 69,052 | $ 158,172 | $ 140,598 |
Concentration risk, percentage | 48.00% | 44.20% | 46.30% | 44.40% |
Personal Care [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | New York [Member] | ||||
Net service revenues | $ 25,535 | $ 27,244 | $ 53,110 | $ 59,082 |
Concentration risk, percentage | 14.50% | 17.40% | 15.60% | 18.60% |
Personal Care [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | New Mexico [Member] | ||||
Net service revenues | $ 25,484 | $ 21,831 | $ 49,077 | $ 42,525 |
Concentration risk, percentage | 14.50% | 14.00% | 14.40% | 13.40% |
Personal Care [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | All Other States [Member] | ||||
Net service revenues | $ 40,460 | $ 38,141 | $ 80,776 | $ 74,728 |
Concentration risk, percentage | 23.00% | 24.40% | 23.70% | 23.60% |
Hospice [Member] | ||||
Net service revenues | $ 36,909 | $ 24,525 | $ 73,003 | $ 49,737 |
Hospice [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | ||||
Net service revenues | $ 36,909 | $ 24,525 | $ 73,003 | $ 49,737 |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Hospice [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | New Mexico [Member] | ||||
Net service revenues | $ 8,717 | $ 11,443 | $ 17,948 | $ 22,452 |
Concentration risk, percentage | 23.60% | 46.70% | 24.60% | 45.10% |
Hospice [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | All Other States [Member] | ||||
Net service revenues | $ 13,498 | $ 13,082 | $ 26,247 | $ 27,285 |
Concentration risk, percentage | 36.60% | 53.30% | 36.00% | 54.90% |
Hospice [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | Ohio [Member] | ||||
Net service revenues | $ 14,694 | $ 28,808 | ||
Concentration risk, percentage | 39.80% | 39.40% | ||
Home Health [Member] | ||||
Net service revenues | $ 4,717 | $ 3,783 | $ 9,057 | $ 8,122 |
Home Health [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | ||||
Net service revenues | $ 4,717 | $ 3,783 | $ 9,057 | $ 8,122 |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Home Health [Member] | Revenues [Member] | Geographic Concentration Risk [Member] | New Mexico [Member] | ||||
Net service revenues | $ 4,717 | $ 3,783 | $ 9,057 | $ 8,122 |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Significant Payors (Narrative)
Significant Payors (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenues [Member] | Illinois Department On Aging [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 22.60% | 23.20% | 21.50% | 23.20% | |
Revenues [Member] | Geographic Concentration Risk [Member] | Illinois [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 38.90% | 37.40% | 37.40% | 37.50% | |
Accounts Receivable [Member] | Illinois Department On Aging [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 16.70% | 15.90% |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - USD ($) | Aug. 01, 2021 | Jul. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Subsequent Event [Line Items] | ||||
Total purchase price for business acquisition | $ 81,000 | $ 295,000 | ||
Revolving Credit Loan [Member] | Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Revolving credit facility maturity term | May 8, 2023 | |||
Revolving Credit Loan [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Revolving credit facility maturity term | Jul. 30, 2026 | |||
Subsequent Event [Member] | Armada Skilled Homecare [Member] | ||||
Subsequent Event [Line Items] | ||||
Total purchase price for business acquisition | $ 29,100,000 | |||
Subsequent Event [Member] | Revolving Credit Loan [Member] | ||||
Subsequent Event [Line Items] | ||||
Maximum aggregate loan amount available | $ 600,000,000 | |||
Subsequent Event [Member] | Revolving Credit Loan [Member] | Second Amendment Credit Agreement [Member] | ||||
Subsequent Event [Line Items] | ||||
Maximum aggregate loan amount available | 125,000,000 | |||
Subsequent Event [Member] | Term Loan [Member] | ||||
Subsequent Event [Line Items] | ||||
Line of credit outstanding amount | $ 0 |