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Addus HomeCare (ADUS)

Participants
Dru Anderson Corporate Communications
Dirk Allison President and CEO
Brian Poff EVP and CFO
Brian Tanquilut Jefferies, Inc.
Frank Morgan RBC Capital Markets
Matthew Gillmor Robert W. Baird
Dana Hambly Stephens, Inc.
Call transcript
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Operator

Good day ladies and gentlemen, and welcome to the Addus HomeCare Corporation Fourth Quarter 2018 Earnings Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions].

As a reminder this call is being recorded. to host like Dru today's now Anderson. would introduce for your conference I begin. you Maám, may

Dru Anderson

any Heather. of also measure you HomeCare release. to earnings the also comparable discussed quarter Addus and Litigation financial going you call, and company's forward-looking This meaning conference the to the or Corporation XXXX may XXXX, Reform measure will including extent Securities news by the in GAAP statements, To regarding reviewing of directly today's call annual and call. a beyond. Thank to among for website quarterly conference financial morning contain measure of fourth Private XXXX calculated Good reconciliation within according welcome find statements others, yesterday's financial is the that expected non-GAAP to performance the Addus' Act most

this any targets, like Without are may to statements. deemed to during For be historical identify are discussions this forecasts, statements made foregoing, fact statements. call and purpose, forward-looking the of beliefs, the expectations, of be that forward-looking intended statements not plans, limiting estimates,

that Please otherwise. sir. future call or fourth to cautioned Consequently, Mr. operations Addus' Securities company's these the from forward-looking filings the Allison. go whether statements, the the and and Exchange may events, in the may result would to any new no in by update important Executive statements. President The be company hereby information, obligation ahead, Officer, release. to factors, forth among undertakes forward-looking as with a now are Dirk over of Chief You turn I and and differ materially like Commission in quarter affected news others, its set statements results actual results discussed

Dirk Allison

issued is for fourth general will thank begin Poff, morning, we you some Brian yesterday with will results With Good our our comments, today me everyone, quarter us Brian discuss and Dru. you, quarter the Financial afternoon. Chief I conference Thank Officer. call. fourth that joining for and then

Following happy questions. to would be to we respond our comments any

acquisitions. fourth same quarter quarter million an period we solid As the yesterday, Revenue fourth organic our combination compared the of a as of driven compared announced XXXX. $XXX.X million of of continued in and X.X% period increased diluted XX.X%, an $X.XX our to same for increase growth for to $XXX XX.X%. earnings XXXX in fourth XXXX, for share per Adjusted to the of in quarter for the increase XXXX, the operating by performance was $X.XX

EBITDA and the EBITDA XX% had an XXXX Illinois. price fourth adjusted X.X%, offset Our in a even with continuing minimum $XX.X the we of adjusted margin increased increase $XX.X wage to from quarter of of million, for million lack

detail strong team. As reimbursement position reflecting continues efforts of our cash Brian the our to will be

store of fourth This to same first, wage Illinois result quarter related minimum same rate was items, below of X% lower Our was our the lack which X%. the last three quarter. primarily we target discussed store ongoing growth growth an increase of

up that period by And unit Second due outsourced is of referrals used the in ramp major three, care to related Medicaid coordinated care lower to Illinois transition lower state's referral company which for in Mexico the MCO's managed state. who program. the personal New a new referrals an

rate in the able XXXX on increase. minimum return quarter referrals we the end New in our first although to confident X% to Illinois range of may we X% We more obtain are that for normal Illinois. the a remain same of seen and be rate target have we until status of Mexico wage growth to Importantly both lower store

Cook margins increase basis As Chicago approximately quarter offset we negatively XX [ph] wage last points. on the mentioned our an affected by margins South call the to fourth our lack with of impacted and minimum

is there pass diligently a Illinois would have this with a bill legislature increase working our Illinois' is to we rate leaders state reimbursement requested. increase. the as team before Our time rate which At

become reimbursement to July wage pass the no the this will bill to we X, law, mandated of that continue this increase passing experienced we believe increase assurances offset understands XXXX. industry that While minimum have and the state importance leadership

on Let Both acquisition on me worked this budget XXXX time as acquisitions, and expected. update this we the our were to during had able hard process you our and well we within and of time is gone transition of has complete. complete Arcadia teams period

office our and to have fourth We Cost to have center the were former and cost. booked this as acquisition headquarters closed in quarter back corporate Addus' functions moved Arcadia locations. of all effect support closing

head of We have we as synergies full first quarter into our realized XXXX.

were During segment. we hospice home the the transition and complete to fourth XXXX our quarter able health Ambercare also of of

not were synergies recorded achieve we Severance for quarter. were our and the transition to were those as for targets able Arcadia costs material in fourth While during quarter. as our reorganization

home fourth again base completed quarter of planned. had as also to During sites we hospice home budget the on our health conversion all care we home and

is team efficiencies new two be excited to our operational which this should these Our platform help in lines. service on

this There Our effects lot annualized companies. Addus home health other million how aligned has segment home health revenues. $XX.X of home PDGM recent with it a represents our and public been industry participants in issue. health discussion is around concerning certainly

on our extremely exposure will our and no material is want our results. review I small to effect you However, based on to financial understand PDGM that have

strong step based signed an a Care announced personal Long both will outperform partners care on very Health further has the previously us give We're operate. Shore strategy South with be that a we VIP Island excited team City States our we market coverage definitive the the to the five York services. developing Services, we operation agreement As will of family. acquisition our to and to the Addus to provider Together operations acquire VIP Long joining where the MCO of believe Island boroughs. at is New Addus VIP important assets services our in in This

will the with transition team help VIP as along acquisition. our been us senior this weeks we complete believe few leadership which past involved with we have the Over discussions

awaiting XXXX. approval this a second transaction are the state We and the quarter for during close for anticipate acquisition of

acquisition team us under a development state with operate work targets. intent to other two we are potential In VIP to new with potential while in continues a other the strengthens enter one we addition allows which our which states. letter of our currently Currently one, acquisitions; to of targeted

Of timing assurance be both or that or as transaction. no these course of to can there can transaction complete either we the of the

additional are We XXXX. close acquisitions ability our about during excited to

us services call by can last Medicare personal XXXX. Advantage I opportunities added that markets that the we pipeline mentioned focus discussed. previously beginning strong to Our be remains care Plans allowing offerings our earnings CMS in to that care on On announced their strategic have in had

of XXXX feel XXXX Medicare we frame While and we our Advantage that be providers service, now when this consider service to these beginning the a majority are time some providers. will of

Medicare personal members with care their services Advantage we contracts XXXX. large first plans to have our two to started Recently these during receive under contracts. to provide We patients

quality by about care. this personal payment working gather believe system excited Medicare increasing the of which they care. the of care of our partners to lowering care awareness the health data positive are the value services value appropriate these offering Addus and expand continues federal expanding help and cost will to that I the step a home of is indicate towards Advantage personal their to a improving government around allow with under availability We as continue to based services the the in providers

realize to should this to employees all all thank at turn of for a I provides fourth important more We the of patients a call Before our performance, Addus. review services company low and very quarter that needed over Brian cost. detailed let much me our

of these intimate care occur Addus setting. Our services much does The let patients me turn a less only due employees. our to that hard With of in work the to of their call to homes commitment good enable work Brian. progressing expensive more is in possible stay and the over health to which instead that each

Brian Poff

Thank you Dirk good everyone. and to morning

demonstrated increasing Our the profitable trajectory level expand organically we results home as positioned acquisitions. the continued from to both well strategy of are for care demand in continue fourth XXXX. services growth of believe our execution financial of XXXX we solid an with We to for on growing and quarter this

the from the services expect in completion quarter growth the be of to second strengthened of of healthcare transaction XXXX. anticipated VIP our the by We impact acquisitions

pipeline continued to also We potential transactions. acquisition ongoing opportunities of and evaluate an from work towards other

services revenue As total million increased growth XXX revenue increase revenues fourth increase with mentioned over under reflected in in quarter home billable to for the fourth a the the just our per by in of XXXX. XX.X% was last and the Personal contribution and Dirk service This quarter of year XX.X% for The revenue business period. million remaining these day hospice and net from XXX.X accounted for hours health prior year. X% XX% XX.X% per for segments billable attributable from no quarter hours. care in revenues growth increased fourth to

XXXX added XX XX.X% XX.X Gross last May. compared million the was service for for for for fourth For quarter the fourth the revenue fourth after these Ambercare and million in lines acquisition the quarter in margin the of year. year approximately quarter XX.X% with

recent our quarter lowering the the points prior percentage for However XX.X%. XXX margin our ASU most comparable year gross of the adoption by margin quarter gross a was with XXXX-XX to basis

our increase of transaction was EBITDA of fourth charges share Adjusted for in expenses, to compensation, driving An business with year. to The quarter of compared per diluted of compared restructuring quarter adjusted net for margins share margin basis with in of M&A acquisitions. grew of accounting for to as continue increased saw increase million non-cash update. quarter of quarter expenses recent compared $X.XX. stock the to exclude fourth related M&A impacted the XX% with XXXX. quarter The quarter continue the for standards severance be fourth Approximately for fourth focus company's fourth XX the points and XXXX XX.X% basis the XX the fourth income additional improved costs growth $X.XX, attributable for on million the X.X% XXXX. associated XXXX. to the G&A to quarter other points of the G&A the Chicago based following; of XX.X the EBITDA from XXXX. we wage charges, of of The operational XX.X% $X.XX compensation to stock impact adjusted is for the cost X.X% quarter adoption is fourth efficiencies. the fourth the $X.XX fourth the expenses XX.X was revenue of based the restructuring quarter by the to of XXXX we the remainder $X.XX, minimum to quarter in and primarily due costs of XX.X% compared While increase and skilled results XXXX we our per during for quarter Adjusted last

adjusted fourth our joint reported per to exclude of of write asset of Reform tax down $X.XX, $X.XX, share previously the $X.XX results of As deferred on divestiture stock Tax Act, compensation transaction M&A of non-cash based for gain $X.XX. of a XXXX related expenses quarter the venture sale

with for rate XX.X% the was tax Our quarter fairly our expectations. of fourth XXXX consistent

expect in rate tax For to XXXX to our continue be XX% low range. we the

have the to the Illinois DSO was XXXX the end net quarter new of end end quarter million XX on the credit at facility totaled fourth XX quarter. At of our third with the quarter the end compared in days XX, for debt. the fourth XX to quarter only has in days we million. acquisition DSOs at Department at with days strategy million fourth X.X and support Aging to to cash in in New of operations client managed on York XX third DSOs announced XX.X in last offset of December continue between was the This days cash business our MCOs. an Our capacity the partially by XX had related the care bank compared we primarily and transitions Mexico hand New at from XXXX with our increase under decline quarter. declined of

the markets and prepared operator We expect to morning your thank with for MCO our after for please our now the comments will lines open in This to levels us. questions. the you receivables I return completion to transitions. concludes these ask being this the normal of

Operator

Instructions]. you. [Operator Thank

from question comes first with Jefferies. Your Brian Tanquilut

Your line is open.

Brian Tanquilut

good guys. XXXX. on Hey, morning Congrats good a

and that of to first I that for differentiate have it's the a helps then my Chipotle you how one for translating about labor putting or obviously or employers And pressures guys, concerns Dirk to from other pay you if or it's whether discussion question Amazon is don’t you or pressure as whoever higher mentioned? you [ph] the from whether topics you profile who just mind that wage of the thinking rates give think hiring? guys So Thank I how that on clinician on and key us are you. investors, how affects you about labor

Dirk Allison

has see providers let level as answer can start with We been is union me states you we time, due our that that our increase of number in as some the under are Brian, the contracts Thanks certainly have of pressure the wage in have largest service health same the in but economy I some minimum employees today. pressure states. Probably if to a know care various it all question. at of that

markets higher unionized the And where it and everybody work largely get established rate that to the we unions. have pay is not unions rates individuals. so us those state and contract comes the those we negotiate at for do a rate That's once to been has at to point about with is that the or industry that whatever negotiate in already

In taking care family workforce additional members. to about our that of family members XX% are of addition labor

So with in labor it's of them able actually house wage as of to opposed and the care and our function them less take trained really a being hire rates put get them their. to them to

rate them get patients. shift not board those there hourly because certainly a between a to we hard transfer somewhere companies, there's small increase on may be of just not It's once else. lot So in

a face family to but I of with and we our you some as makeup to us say think that do labor fair well our contracts mentioned as from economy our to degree. again shield the union competitors our So, force caregivers it's pressure that

Brian Tanquilut

the unions, a to just follow-up right the changes get in to that, you wage so reimbursing? described where seems the movement seems that wage with temporary but pricing I the rate the states terms Illinois what normally that and how given but minimum are issue seeing in you know increasing states minimum mean dynamics in an Dirk are just now states be And I speaking does generally you this or of translate? between the other

Brian Poff

generally markets of in and but negotiate we majority. the tend see is the you fairly unions see in And exclusive to seen what are states are in totally we've the Brian of will what to get back unions wage first strong with wage it's most minimum state working that's those passed and and the unions to get effect increases And the minimum increase where then vast that go -- not up. then increased. then as that the an minimum cover start to coming the bill with the are that wage try states after the we a

do it a into to white those you So basis. years. to have year period your Very in race is stepped to certain year-by-year have increases the to get going negotiate for you over cover state markets is states you effect going increase, tend with a four wage years, multiple may They to have cover on put to a that increases. few legislature each of three

are and wage negotiate us union but cost is for the to the will at states, us, over increase is increase time the a already end home minimum the the a to is with up minimum has partner these that in union I States to us we to then setting, that generally been law that institutionalized do wage that rate in minimum person itself working are you a enough of alternative union passed we is, by hand state if where with after leaders hand most, they period going affected the quit servicing setting. in going the bit a into higher fails the companies it higher are So wage to the tell of the a state with individual partners price given. sure increase that increase increase make offset or to Because rates little

leadership understands it's money overall population state for it's for it the the So also the good cause. costs while and that good --

of years a is exception you three last know there wage in delay with we've as offset good to experience to unusual. the increases which So with the now these right had not four Illinois minimum is maintaining

Brian Tanquilut

question me you talked it. appreciate No, got from Dirk, I Advantage prepared have in about Medicare it. remarks. your briefly Last

you're in don’t other what you are contracts with like, -- thinking other you go the will I and think middle now mind hearing looking how those XXXX? head of we they're how So into discussions of to structuring pay are you performance if where arrangement, we give they're discussions as through just whether walking about figured don’t color on right for, us pay payers if what type you for some just Thank us you. that mind and

Dirk Allison

nice believe potential three five the Medicare company we is for years. ourselves Advantage like certainly to know upside over a next you Well, a

I think that. consistent very saying we've been

with As like Medicaid, large managed negotiation far as states. most of other Medicare of we Medicaid offer Advantage have in players, various the which services relationships some

the the a month approach. is a to in network to providers they a are go how and the that are believe to Advantage So the at while maybe we based their that Advantage little in do from negotiate long-term I in different it the more reimbursement, their start Medicaid providers to part ability the rate at until to looking a Advantage lot be state providers standpoint. obviously risk have point with different, negotiation inroads most first from various Medicaid. us reimburse than benefit Medicare tightening are or per not side eventually reputation is a per at company MCO's market. of The cases may gives is type with, -- participants taker the department already state them offering in going the of same Medicare that membership. or this Medicare want at we the of member this time a In for least the

multiple care of they they're to type as activities, more now Advantage in coverage personal it's going as offering as early service they your going give to scope first gather is at the to kind can do where personal it's to it be got problem to Medicare is Are long are far Medicaid have service to to a and aspects and you what the that they data to to in of or providers do they We've more of for going the and do us think acute a got are very do to we I daily process. care. you buy. decide living as have an we've much what decide of going couple that offering as so limited months allow

is So on I'm period based their in the benefit that shifts personal Medicare care to company and with when trying sell their members. a the to members for offer real Medicare of to is the way negotiation, a upside medical evade on of the different what it's members to for Advantage a Addus is like from their every loss experience personal I they not subject the care start that think looking they're reduce time company to ratio plan a over thinking Advantage thinking terms just to and the

we're years. the So that over of couple see hoping occur to next

Brian Tanquilut

Alright, thanks guys.

Operator

you. Thank

question Capital Frank from Markets. next RBC comes Your with Morgan

line Your open. is

Frank Morgan

likely you you entrants changes and more seeing backlog initial some any color in service you're seeing us any in and competition MA the for appreciate given are lines of about on opportunity? deals could give a valuations most terms activity morning, the actual curious Good but of this little the and new color acquisition if that just of that

Dirk Allison

may consistent the segment we are we're important markets for and to that two of EBITDA changed, we're steady maybe their segment, related personal personal a large pay The other but having services. care mentioned to small as to very at care seven offerings services. six the intent and have the very service slight They in by a that have rates personal deals is us very -- have care -- the been us. majority majority that six of Yeah, times not times of we Frank so under letter the that's that two for

we've point competition been this the time has As related competition honestly at far around not and seen care especially increase acquisitions in an steady. very as personal

if very to different we as those. market PE hospice hot a there looking far and that's pay looking And you has out out Now pretty lot at for there's firms were get those just frothy have been to know of rate been as that companies. as acquisition, the a you

were So, not answer a this different would vastly competitive. I majority these if hospice it's in a but the we are have of because care personal that

Frank Morgan

you what it acquired of would kind mean pending take in be we XX do with of year Got for and under you you look of a say number what end might what the when to you would your called basis transact revenue growth the get think of million case you scenario VIP log? this a terms I want with it kind sort of deal, in just be really to good year acquisitions, best you think able revenue whatever or at -- to to

Dirk Allison

question understanding trying would answer change as least I like can, I it think you Well during you in answer. your I of XXX personally this I as at XXXX. I'm is the us would on revenue to depending who bring tell to by million probably giving you giving not would see honestly but saying guidance just

would you CFO so. or he if were you conservative think talking million our to like tell I XX more

that. So, how with about we'll million, go XXX

Frank Morgan

nice number. I round Yeah, like that,

Just last get I one one and the back queue. in will

your is noticed home business result of care have a any right the home that, know conversion in you any as thanks? base now and On will off of small disruption -- a part this I but hop I sense a

Dirk Allison

did never our side that in the think did that small one was probably a hospice we bit way two in ADC the Well hanging this went conversion great anytime and too. through that you we we operate had bit we company that changes wanted thing we just when due a really be. I hospice a Ambercare go through transition the at getting base the sales care fact And thing look I health home of conversion. sales people by the the bit, that in there working but place are plan related The was things really a tied material that during were to to factors that us a the home major job were slowdown care day faced little for that up every hard we reduce without to of something get a going to into services the team going think Ambercare's the force, and and we to two home make acquired to a second

And and so have in fourth in of this changes a of hospice during force quarter third lot our started pay have the the sales really had now quarter year we to that benefits. first

things base would I was care disruption also say added home other So, but a slight that. to home

Operator

you. Thank

Your comes with from Baird. next Matthew Gillmor Robert question

line is Your open.

Matthew Gillmor

the some asking to and of that New I you Thanks the organic Maybe mentioned follow growth the question. trend, Mexico up for temporary impacted on items Illinois. referrals want about that in

that could sounded like wanted is? of you'd the with the provide but you bit little of New a I understand in the temporary if could was issue vendor confirm MCOs the new be without correct? impact I so And just these with Mexico items, wondering the but some details sort items think in what for change closer mentioned that a Illinois, if on care, sort then you to coordinated to X% dynamics just of on more I you maybe think size it also

Dirk Allison

above think items we these not had been would occurred. Yes, X% we

on referrals do that time they the give large referrals new by we'll outsource company were of plan CCU's the CCUs state The contact companies ramp of at period as go one the was their is daily it cannot where acquired pick up sold handle care they referral explain have what That system operates occurred. our then of and to company company a do our lot company and of care plan patients companies care to first normal halfway get the to what assessments care to and had through happened patient. and they deficient for and for don't out develop in are activities are a find seen towards way potential themselves Addus and Illinois Illinois. based many took they'll they has out that What back of living In of us that more Mexico a to that we then we sale. of they as quarter, and we're of me Illinois actually looking and Let called like during level. they'll These prior both the well coordinated personal units. an fourth the and in New quarter have a increase back experience up we I quarter now and an guess handling so seen the for in you

that good an to So still believe we're our a X% that X% number. is comfortable problem. We on annual basis won't a be

just is about large in Xst. that the our we towards date lower of a part to because business talking state on the as and July is rate we've any the increase be year been Illinois working mentioned part of we're honestly first effect half potential could The that of to

two would we through quarters increase. the an go without So first

Matthew Gillmor

up? as guess a you've as guess the frequently had these discussion I to assume years guess side, can the deals on what of them you on of being side I'm last those under wrong? of just me as advanced I two these and two up follow size ask with you Frank you correct just I those I if pipeline thanks I to the LOI and it, then are smaller couple or pretty you acquisition sort characterize And discussions would I then done the LOIs that larger confirm reason you and the Got are that relatively sort maybe having, wanted are to

Dirk Allison

potentially lot and to We to of we does be guarantee get don't do a We don’t want we two in always instances of that happen, say don't deal. beforehand, That we while clear letter sign enough close. to to work we have the that's not But I close intent. sign will try can't these that. very about

through the working far diligence final and are document. to that long, on trying get We of fairly stages definitive final process fairly of due along to our

all As million know look far at about in revenue. going XX things in XX from size you we've you the XX the when as back to size way million options acquired to XXXX revenue. in Upwards of the million

acquired million. mid we've are would the either. type smaller certainly in that Not plus We smallest but done some even not I biggest these have say range. the X

Matthew Gillmor

Got that services? just with then where discussion I by already last you XXXX, state you confirm plans more Advantage they then are or Medicare type talking that live contracts it wanted as those guess And national you're for a in partners? provide the talked question, you state Medicare to states with are about looking Advantage are and I is that in

Dirk Allison

they a in XX are as X states we probably to realize we in large to fairly increase acquisitions. operate you the we Well states that especially which XX are continue have majority and cover we but and with that these in state, states operate of

nice of we believe we where not large those that's them, always it's fair services around can an But state us, with population markets looking great to and share Medicare big going specifically for they're maybe the going grow have in. because Advantage partner to opportunities partnership. team get our word particular it's for where it's if working our a would Advantage a a So elsewhere patients would to in But of we add has a with in where we certainly we're done a may we're able be big Medicare that relationship official job forward. of and our continue in providers also strong they

Matthew Gillmor

Got it, you. thank

Operator

Thank you. [Operator Instructions].

from comes Dana question Hambly next with Stephens. Your

Your line is open.

Dana Hambly

the you limited the those started right are those taking to Medicare questions. are to contracts or Dirk, now? clarify Hey, two Advantage state multi-state a single thanks for just just

Dirk Allison

are state. Those multi

Dana Hambly

with to a Those And it's to just so are sort you're right is of deliver and the now multi, similar is it Advantage process, different number your doing with go of approved you're okay. much with job or it what Medicaid that as hours X for billable Medicare then in M&A?

Dirk Allison

us a model offering think data for will and also a the would go that can providers want way. like per like an is see with Medicare increase say to be more get only have I member opportunity think Today month I I to I it the because per if that we future. is Advantage possibly our not for but really a to help a pricing more bit the long-term of opportunity that ever to do size company in margins think Dana ours

Dana Hambly

the Okay, similar right to current and some billable is what structure hours? Medicaid seeing kind states regarding your of now number of of larger the with in you're maybe

Dirk Allison

our I itself don't can model Medicaid think you business. Medicare after Advantage the

at stay XX of months a care XX month. You business know average hours provide and about patient we in per our for right Medicaid we with

You maybe are and shorter care to see days less to XX much see duration hours. a going going of you're potentially

hospital less room Advantage today a don't from most think looking the Medicare are yet particular area our this a revenue at maybe realize reduce So to nursing sell we the visits, by services again they've plan. more ratio really overall I providers through today, can offering medical less days. benefit as in standpoint said loss this

way truly level. comes service I as get the a between similar. are that more think will you service that But may Medicaid come see today they and different and Medicare levels the

Dana Hambly

Okay, helpful. that the of Illinois criteria out their billable new hours? that's on state to switch Is in the will alright, entity change any on this there concern to CCU

Dirk Allison

actually during takes of a bit done they've doing worked think anytime over It at you've it well. that. of you you know them. to and job we're a It get a matter think and got and No, a little in. take quarter. concerned took systems was the all. your good them change going We and company time I not fourth them very just We've management bit to with up bring just a I

Dana Hambly

I narrowed the they networks narrow year. last York Okay, lastly and believe then New

I supposed recall year. again that's to think I narrow As this

if me of these could wrong thinking you there correct seen any the Just you narrow general I'm and networks but also about this? criteria other have states one within for remaining what's just

Dirk Allison

the Well MCO criterion, think I each make think again can I own their decisions.

can coverage of give can entire do them would the you what cover of to it they're that certain limited have if population. think providers I with number kind membership providers to they want a their coverage,

company advantage locations Island which network. us the has take competitors real when that to any probably looking a a MCO's than gives reduce So service Island of we Addus as on can more example, our an the like let's are Long Long

the we following proper patients had provide us not to about service MCOs be if you plan not care the levels, think us level, showing of with service right the the our Now weren't would trouble. you don't coverage in issues providing complaining if us not up, I we doing I then care much how geographic

and size the with service stay start you and to our coverage then us in proper hopefully providing geographic networks. these allows appropriate So

we of advantage you to other are provider as ours service states size operate that in today not Again is think realize hopefully area. limit are time the we a and of the that looking Dana do that has expertise point states size aware company the to the like far that this in coverage at an I in network. and any As their

would a today caregivers the this in have important as today. Long that growth caregivers in that of is states we -- and So very what lot seeing really see is finding we and other difficulty that Island nice with we're of growth coming

Dana Hambly

guys. thanks Alright,

Operator

further Thank like I'd for and you this the I'm Dirk Officer remarks. Mr. at to showing call President closing no Allison, turn time. Chief over and questions back to Executive

Dirk Allison

today and want for thank call. Thank have on hope their Addus participating interest a I We you for thank to week, earnings everyone operator. great our you. you in

Operator

have you wonderful gentlemen, conference. Everyone conclude in and Ladies This may the thank disconnect. for a and does you today's all participating day. program