Addus HomeCare (ADUS)

Dru Anderson Investor Relations
Dirk Allison President and Chief Executive Officer
Brian Poff Executive Vice President and Chief Financial Officer
Brian Tanquilut Jefferies
Frank Morgan RBC Capital Markets
Matthew Gillmor Baird
John Ransom Raymond James
Mitra Ramgopal Sidoti
Call transcript
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Good day, ladies and gentlemen and welcome to the Addus Quarter 2 Earnings Conference Call. [Operator Instructions] As a reminder, today’s conference is being recorded. I would now like to turn the call over to Ms. Dru Anderson. Ma’am, you may begin.

Dru Anderson

you. Thank welcome call. HomeCare and XXXX second the conference earnings to morning Corporation Addus quarter Good is recorded. call Today’s being

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

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

important future a results set of the are cautioned news affected may to any that these the company statements second its actual Exchange filings release. as materially with statements, from undertakes be may the Addus’ quarter or Consequently, events others, factors, update in operations by and Securities whether statements. and results in in You among Commission and hereby no forward-looking information, differ obligation new otherwise. discussed forward-looking The result forth

sir. President I would ahead, now Executive Chief and company’s Mr. over turn Officer, Allison. the the like go to to Dirk Please call

Dirk Allison

Financial everyone and Executive is quarter our Good Officer. you Brian Thank second today Chief earnings for President morning, you, me XXXX and Vice joining With Dru. thank for us call. our Poff,

results we discuss overall begin the issued comments yesterday As second and then with will Brian some usual, afternoon. will that quarter I

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

success. promotion of Officer. of Zeke behalf Last week, also Executive retirement. our I him he’s senior as these have his Information history Chief Mike Officer. He Vice the in includes new important has for thank into IT has with of Technology. health success and team responsibilities Information our the Zoccoli, over congratulate the want President this to past want best care responsibility company. in XX announced been Zeke done including years. a of to for enters by important and Zeke leadership Addus of on area President to following our he Mike Chief I wish Senior Information all Addus X.X all months position want on previously instrumental and in him phase roles part of been the he of Mike’s an I Wattenbarger served where services am to for I held Vice former various to long the has new industry, take we excited retirement this our

an in Revenue yesterday, $XXX.X an the million the continued XXXX, operating announced the million quarter we $XXX.X was performance for for XXXX, XX%, compared of quarter XXXX increase same in solid XXXX. which of per of the our second As second for compared Adjusted to $X.XX period same-store as diluted of for included quarter second XX%. $X.XX same increase the earnings share increased to of growth. X.X% to period

Our the increased $XX.X for of to million $XX.X from quarter adjusted XXXX EBITDA XX.X% million. second

strong have to continue cash with debt. a position We minimal

increase lack As This our and Chicago of offset rate affect County negatively margins. XXXX, continued we previous an calls, Cook of affected also second increase quarter earnings on the has margins. the to X, lack mentioned wage July a increase to our corresponding minimum

Cook will budget, state experienced the our rate County. both With to in the the Illinois fiscal passing industry XXXX offset increases increases two and statutory minimum receive of wage Chicago

with but would XXXX, to to understand be increase due information per X, be our that Illinois that to financial September additional hour. on department required be been affected from and The to state’s file and information now has for appropriate XXXX, needed effective July the increase August X, expected and need will This minimum first federal We $XX.XX this Cook our increase results mean the government. the with delayed negatively rate the July will soon. County. X, rate by their obtain was federal wage will in approval effective expected increase July filed XXXX, This approval delay is Chicago expected to

increase X the costs. rate However, offset these September will

to We $XX.XX. increases additional we experienced effective, have January the X, offset two will rate in hourly our XXXX, increase will effective an are Once it X wage see Illinois. also will which take increases these past minimum rate

that Illinois cover to the with need to statute. wages appreciative by the mandated associated of make are the leadership minimum recognized the costs adjustments the State of We rate higher

quarter our second of in growth exceeded X% row, the our X%. to same-store goal stated a For

addition growth New also completion, nears we the the in In to growth market narrowing York the New in state-led our Mexico. continuing network provider as of nice saw

work and reimbursement they our consumers partners with new Our as benefit has coverage to us from to markets MCO add these in increased rates. allowed

forward, in rate remain growth our Going same-store of to X% we X%. confident goal

our growth end rate of range for this Illinois should the thought continue the next at However, we market, to quarters. high increase in we the few with upcoming see same-store

markets health City. personal of Yesterday, in adds York New in Home we Foremost care primarily and under now Along ADC Alliance announced Home The a Health provider state. New in we and New service Care, hospice approximately have operation, that the previously acquisitions, Care, serve. personal we the not coverage care in broader Ambercare completion hospice our a our Alliance XXX in acquisition Mexico; home hospice two hospice, Mexico with provider did

our clinical approximately These market. $XX current our in of long-time non-clinical Foremost increase these services strategy become personal This City ability offer part Home both York will will will further our of continue our to annual by New services New and to area provider revenues follow of of the our City two areas acquisitions in the of home million. targeting to Both metropolitan is operation. VIP care markets, companies York personal and in care care. companies a Care

members the excited We Addus. to very Alliance welcome want and are new of Foremost, of I both and about team our to personally all addition

second quarter, As us announced, Together VIP New we both on Island, Services, Island City-based in will a care. offer full our on boroughs personal and previously our allow X York Care during New we VIP purchase York South the coverage of Long Health of City. partners, with MCO Shore provider completed of to the operation market to Long the

Our thank VIP transition teams VIP this who and to and I is to process. work would smoothly, like continue the Addus on progressing

strong are York the With closing the third state. a in position continue our growth our of Care acquisition, largest the we New to Health market, Foremost in

last excited are Advantage. opportunities the Addus on our few earnings As for we calls, discussed about Medicare under

their Medicare We with members. currently personal are National contracted plans care services to to provide Advantage

we these services savings spend. reducing working quality care expand Medicare MA potential We are In future that overall Advantage a integrated with more as on the development plans believe of begin of and the benefit offerings through the medical addition, opportunities several of improving personal goal care Plans with delivery will cost realize to model.

care experiencing trend MA Addus. partners, is and MA While current additional later we XXXX That continue. this growth this personal increased opportunity anticipate for we true and participants we being feel for in XXXX, we are the said, expect offerings from to additional horizon referrals plan our with

We, more review provide thank me Before much-needed financial a Addus. quarter detailed of performance, all at a our I let employees second cost. turn our company, very low service important this for Brian of continue call the and to a a as over to to consumers

that expensive I our much stay more Our the intimate appreciative efforts due the only homes very instead health of am of does care, Addus employees. progressing every to of services possible enable good to of and commitment their ongoing and work in work day less to a The the each in these hard which team. occur consumers each is setting. for

Brian. With that, the over to call let turn me

Brian Poff

had solid revenue XXXX. another morning, Thank quarter growth quarter in of of of with you, quarter compared strong and Dirk, the we as good second second produced same-store everyone. the X.X% XXXX Addus

are on in believe with positioned We strategy to organic and continue favorable growth are we results, trajectory our XXXX. executing this we well

operations, on look completed Health X, And end the were our quarter of growth following as in of second forward the additional solid two we of the noted, closed Dirk trends assets Services, the of June that to In VIP addition acquisitions XXXX. acquisition benefit incremental current to Care effective which X. the we August

opportunities We acquisition also other potential evaluate pipeline from and ongoing an continue pursue transactions. of to

total the quarter increase X.X% a hour. a increase The This by in accounted revenue for service Personal to As of Dirk last and XX% billable business quarter million mentioned, for year. for second net increased per XXXX. X.X% revenues billable quarter growth the revenues the of XX.X% million day million Combined, increased in revenue. reflected hours for to X.X% per over hospice in increased second revenue contributing care XX% $XXX.X last $X.X quarter in contributed hospice million from this second $XXX.X care services. revenue $X Hospice growth of year. second revenue XXXX, Health remaining $XX.X from segments was million home home the our Home from $X.X attributable and or up health for year sequentially for our revenue the first of quarter million million health XX%, in with $XX.X to and and

at with percentage the margin as XX% quarter quarter XXXX last compared year. second of second the remained quarter, first gross consistent for for has Our the XX.X% same and

of year, half XX.X% For business. skilled our to gross last XX% year-to-date period, profile from our primarily to the first margin higher-margin due improved for the the of

expense wage non-reimbursed the lower impact quarter the from from of XX margin the by for consistent quarter compared the The was adjusted Adjusted of second last quarter, compared inclusive revenue points sequentially was of negative of quarter to XXXX. XXXX for minimum increase the in to XX.X% of increased XX XXXX. and to of XXXX. points X.X%, Chicago basis G&A the with quarter XX.X% million approximately for first EBITDA $XX.X of second $XX.X quarter EBITDA basis X.X% year second the second million the company’s

for the costs XX% Adjusted per diluted the $X.XX other stock-based following: and second income adjusted $X.XX $X.XX quarter XXXX $X.XX; of from grew share for severance non-cash exclude and M&A second quarter the second results per for to of transaction restructuring, of of quarter compensation share $X.XX. XXXX. of The the expenses net

reported, our and the costs share transaction of for and of stock-based second $X.XX. charges, compensation $X.XX; severance adjusted M&A other restructuring XXXX per results of previously expenses As quarter non-cash of $X.XX; exclude

the XXXX range for of rate our second quarter within XX.X%, tax Our of was expectation. the

with rate to increased XXXX, be for the profiles continue quarter low in first the rate points. expect York XX of and XXX quarter second of the to to our anticipate New DSOs to XX VIP in days Foremost the to compared the rate we addition our XX% going end range, XXXX forward XXXX. of basis days of of approximately with at tax end the by XXX at the we year tax full increase higher tax While

While fiscal expected cash compared the to shortfall encompass the the the year in we system the DSOs. second transfers the of flows first of experienced state’s end exhaustion budget fiscal in of already this community-based the Illinois have spend. expected quarter The of rose year. directly XXXX Aging the of we included as increase we the fiscal state’s in seen and to quarter. advance first prior end services to of with the quarter and the payer DSOs commitment, improvement improvement patient positive year home days during Department well saw quarter, appropriation appropriation days their XXXX to related the prior the as and This budget XX current at end for of year With relates of third for additional delays at the Illinois XX

work will continue new under leadership to to to with administration levels. normalized We to return the state try

end XXXX, in used $X.X we operations Our cash totaled With June year, we have after million million substantial only August second of X. hand. strategy had acquisitions Alliance facility million our cash in the to quarter on XX, and credit debt and million at $XX.X and support last net quarter our Foremost on to continue with at acquisition bank capacity $XX.X announced $XX

your questions. prepared to and ask please you I’ll open operator being line with This thank concludes us for now comments the this want I for the morning. our to


from [Operator line Tanquilut the our question first from Jefferies. And of Instructions] comes Brian

begin. may You

Brian Tanquilut

Congratulations really morning a guys. on quarter. good Hi good

you try guess, seeing importance have think think about business scale I my signs as MCOs with in early this of or to share and So what’s this New or first York is size with early it’s happening we’re Dirk, the you where and of Mexico, do managed? able in the question, that you’re stages we commercial the power better market rates or get states where to Medicaid the negotiating as get in New

Dirk Allison

offer were to start back the was that you goes of the Yes, number strategy that we but Yes. that value-based we where believe, with size this about it MCO X the state the the important. and care we and believe states wasn’t And negotiate or think ago more need. implementing look states that, to to within will Thanks, as to be we partners to Brian. do ability strived in, the state necessarily coverage would ability providers it the and managed more years and pricing the

much we this believe really will these do of while this the yet two So, not outside future, states, seen occur. we’ve in happening

Brian Tanquilut

Got these Can it. the the into with talked in contracted some we should thoughts what And contracts MA past. of value-based plans Dirk, of like do terms how give the that now the get with us about you’re color of how And little expansion hours, you on portion are plans discussions or a then, we’ve that the of opportunity be on already about know have, in this? that that this other touched you get national you of you opportunity? the terms how you thinking some in on I the do bit

Dirk Allison


think with really the with the personal the process care education now services, Advantage home service companies not on a dealing I going between component providers in non-clinical Medicare where real of because Addus, care past. like we the they’ve experienced our there’s

them working of their what to cost, how room on such trying show visits, through we’re as items readmission. related can emergency around so, positively with affect And days, bottom especially is hospitalization them line reduction we

starting like feel as with payers, a us, towards going continue direction we and value-based to these process, Brian, a move move longer system to that’s we in it’s takes than that little why for in a a time, So, take and care that XXXX. it’s little

Brian Tanquilut

last done pipeline how this then Or we’re And think Does months. year? does last X for between it. that the for within I the me, deals appreciate obviously, Dirk, now about I closed question as X mean year-end? look the and M&A,

Dirk Allison

of probably and team like will tell but I through, plan were. we a part They is to growth, our not. break, assure is strategy would strategic growth our a not our acquisitions. also wishes Addus Brian, company but only of Well, organic little you, be through we’re you a they’d part

clinical So, and we to continue be both looking nonclinical acquisitions. at

belief before working come to you year, have our we opportunities to So, the end is we’re the of the that in pipeline right that be now Addus. on is, we’ll we additional anticipate on enough talk able that with there about

Brian Tanquilut


Dirk. Thanks good. Sounds

Dirk Allison

Thanks Brian.


you. from our next comes of from Capital Thank the line And Morgan RBC question Frank Markets.

You may begin.

Frank Morgan

on hoping Advantage Good could rates? those And differences doing what little side offered? from government business? more morning. I on this Medicare little how the get Hi, relationships of you color just I you’re of other today? your was about in services kind referral about Could different those existing any any little you’re bit working it Is your a your in color relationships. on So, compare your a talk maybe to in a how color rates

Dirk Allison

Medicare forward. this for X/X to the going with how we’ve do receive normally out bring members important think such of of thanks That’s see to it new that’s very for state that in last the sense of it design. our see we where Advantage, makes that Yes benefit. patients MA it part programs, a offer and work from really future, we’re both our Medicaid is is It’s partially we as and a this by way of respite to trying service, year benefit a Frank. personal more The be then probably us. the believe, but in way partners started is will able I hours to care Plans a

them we hour to per with work continue a on we them. Today, basis. work So, with

goal future, with to be the we develop based. we sort more so and think would very the in of would some it’s data with I plans to go these be plans today. to benefit respite continue our a more that today, it’s again, But have can value early, of that model

Frank Morgan

impact guess there I expect back are still in narrowing of business York, this has networks you do of it is the more of New or feel there you And you do the narrowing there? you that or now full the been it. of run Got upside rate in think that like do on is kind

Dirk Allison

as we not that with third providers and continue we’ve see completion I But VIP of we in some that’s say and an XX we player the to said, main think That I be experience see that nearing city will quarter. that largely near will plans But managed advantage in. in benefits. last at city, state, being won’t now. it’s to was in acquisition, the narrowing these acquisition are believe continue continue think the as grow the to required is by completed, say, in months due the important some the of I that experienced foremost to most the the to we such care the increase timing

Frank Morgan

And home on final out the I your PDGM on it. color on then and clearly last making health smaller the view but health looks but seeing of business on care Got still with shook also how sort know what home part side? and care, of the, the there. your for for today, you’re it’s how then hospice hospice a my one, Any you’re acquisitions

Dirk Allison

home for care Really, the is very us for the PDGM health side very, immaterial.

very a of provider, small rural a of more We’re provider care.

it company hopefully, any the it’s do of it an but not take issue us fact be, we as advantage in today. that So, grow, Obviously, today, for that not changes as could a we’re we’ll occur.

and care Home hospice excited opportunity personal We the between we’re see hospice. As synergies between still there. see Health. about see to care, continue personal hospice, and far as synergy very We

we side the a Frank, We’ve we the at pay of our to been obviously, pay towards in grow. then we drive we but to So, very to that areas look we if we’re And can find goal a looking. we’ve the looked careful and than we offer, of strategic acquisition will and that clinical we’ve help as business, will, in willing continue, into are to our look excited willing been are hospice XX% about us all probably that revenue, little of past. more be X


Gillmor And from Thank comes question from Matthew line the you. of next our Baird.

begin. may You

Matthew Gillmor

ranges like maybe about that that sounds the was from it in an networks organization was deal, if other York wanted confirm you that for targets get the to up acquisition? Hi And going multiples ability just an that New acquisitions the then you’ve you of announced. were deal networks the with talked curious up bought that Can for share on going I a roughly as excluded question. thanks past? be narrow to follow forward, the I there’s you the the in the some there’s to pick through but that like similar line

Brian Poff

Yes, is this Matt, Brian.

good First, looking Alliance, think of multiple mix I on pretty being skilled. the question, a at

very profile we range, think deal I the typically skilled. were that we that happy paid higher we was still multiple would not in maybe for that expect our the that normal from our

So good mixed last business the reasonable came did to that Ambercare personal a of with skilled decent similar that some of kind year that had was amount with we a asset, care. multiple a really

historically. the but was were range very we we’ve definitely So, happy, that in seen that

that kind New multiple on with York, what’s was than is Foremost our a smaller range. lower asset. a It’s of in going

had be tend those amount for lower talked we’ve to of in York, obviously, multiples but in situation. a with tuck-ins, that happening smaller as think decent leverage we previously that New what’s anyway, I

there. get looks provided multiple great us it as an coverage a that other well. So, to a occurred. office out for like advantage and has were little strategic bit think didn’t us to there, pipeline City that that. we they going shook of It in York I But This the we with gave in so And a Manhattan in have happy do definitely opportunities New were M&A there’s system the area. we VIP paid transition

that to at. So other continuing things look we’re

Matthew Gillmor

once could past, could basis. margin with do having drag. bit think then up of rate the could maybe update And as the updates a on you Once does following And how for third of and rate I come the Okay. just the XX% close about some these you quarter targets? margins. give on do little all Illinois us in through? a a through, the point Fair we’re impact basis well get kind the in to come the as talked back XXXX? you you XX looking sense if curious you’ve I XX if And was enough. update long-term Or the temporary rates respect basis it be issue, on points timing guess be us kind how at will you you’ll larger

Brian Poff

help that the bit Matt, By a again. this with with of be typical in the will get consistent Brian that offset our Yes, expectations what this is our as time will September July X we that offset little dollar the year. January became help increase definitely cover should XXXX think that the increase, our I increase, Chicago effective we profile. well took last and and kind of

Chicago-specific when that that increase, well. that. for ongoing our increase, state not process but out is As as anticipated think have process of you it’s have rate we workers know, downstate finalized, get to an through we’ll go we we our we haven’t That a

those about. to the margin that acquisitions a well. business go that XX% our through. after as to we are it’s we’ve So, helpful consistent get definitely, keep talked helping we’ve target existing back with that But towards The profile announced pretty us

getting So, sure. when to anticipate range that leverage, we get we that that with in would rolled January through for

Matthew Gillmor

Okay, great. much. Thanks very


our Ransom Thank you. next the come line James. And John from question Raymond will from

may begin. You

John Ransom

good Hi morning.

me like things I simple. know to You make

a low the we yet downstream negotiations So, $XX completed at Illinois we everything time gross about you talked I we And revenue gross about is thought about have XXs guys margin. the in, when and XXXX, SEIU. think a when think modeled with baked million your and fully we not

still the we’re a that those now past impact weeks think are about for So decent assumptions walking that, to few pretty XXXX? around

Brian Poff


changed. are those still really decent. think I Nothing’s

the expected timing. only is just the think really impacted thing I that’s

moved works changed as the with a really We else state has little the components. that’s back that nothing government, X, as as but the expect bit far July

John Ransom

Board the they’re come something doing to just some that? about through be is on the assets. given about of on I strategy. notable development that Okay. discussion there do the we’ve with at And thing know and has on weeks wanted spend? talked in I terms different that a finding different things difficulty level think trying latest and But and follow up to something a accelerate all M&A, other know it’s with M&A of and I again, there was some But out few do will been in pace the you And that’s what’s that. since greatest months or years Amedisys your

Brian Poff


But I I color can John, add think is still our just robust. some on start, well. Dirk can pipeline think, as pretty I M&A, and

a focus acquisitions do We team strong in continuing a pretty to our have areas. strategic as

as had these well sure integration. definitely and right from we as then sourcing internally. a we perspective to resources We so, conversations area that And made mentioned we the dedicated had

ongoing. primary think large of isn’t That to a it’s acquisitions. grow So, a that’s ours but I focus always really change, through

Dirk Allison

last been multisite we successful to acquisitions, think companies. years we’ve companies leadership Yes. things, on past the with of I And experienced through X has over John, as the the have growing seen that we in added that very brought our one team,

clinical type strategic, than it we’ve some a in care around negotiate which managed all revolves care that something two, larger give it’s it’s mind has to with us to a that that to Advantage coverage MA if the certainly how that offer a we personal to states to And services. providers service; in be strategy, partners. of little future that benefit for that push MA it’s if ability in outsource going in looked operate, coverage is this, like One, can so the eventually area size personal past help along it’s care give at preparing in those we we the that and nothing be Again, we services might offer look today bet-the-farm I Medicaid we if nonclinical some would important believe would then it very to have not as Medicare now the clinical, but in and do not position our say our at only acquisitions, you that we’re things: X continues that potential the but feel say larger rates

So, you’ll look directions continue it targets. in us M&A relates those as to potential see to

John Ransom

And your I But peers some hard off, home then one I know. for to model of thinking this have just ideally, and that is creating a hospice, this is care of last I there personal sort Is given me are mean pull care, think continuum. blended those buy-and-build assets try providers that partner you do package maybe model. there to where going a plan market-by-market a B are, go type expensive other plans? to how is and be think with Or one versus to a Medicare/Medicaid with it’s sort of JV you

Dirk Allison

own in the believe thought JV Well, I processes. model. their each company has Others think

relationship. come to add if as the personal our fact ability building We yet like of into possible control. that controlling difficult We to that clinical type ownership, yet been process we across of not presence, and presence through We nation. cost the We we already and have one of the it. to the build behind entered to own we’ve quality of probably can try have strongly and so, the that’s believe back of care most a resources large it believe

there, is out the unless on still you these side. hospice that takes is one and especially the this Now a to of higher, is the little services are acquire it clinical points brought valuation

challenge. to always that’s so be a And going

John Ransom

or from takes that now this said to modeling a of other but you where some been modeling have that Health, know, maybe something build build do think think case? X move now you spending I breaks the infrastructure sort acquisitions Is went to dam do have you get for it? capability got health PDGM. and ready heck you a to buy you do so, out that have a year-plus rollout, companies to people Do the Is lot into peer you little we’ve And you can again, Right. of them modeling? if that and have home if PDGM it is Home bit to of we for infrastructure big of are think on some process the more this? something

Dirk Allison

how that we’re in in we care we’ll buy affects area, time, in, to any and home that after believe, rule it. we grow be able to prior in is effect, in not way fact be continue be at companies it material that the these will we that the if and Well, see PDGM believe to to coming it able

today. So, that’s thinking more our

John Ransom

much. so thanks Okay,

Dirk Allison

John. Thanks


from [Operator Instructions] Mitra comes Sidoti. Our next question line Ramgopal from of the

begin. You may

Mitra Ramgopal

good morning. Yes, hi

couple think of We couple X%. I the X% past, in questions. trending over this we what Just And the how wondering to you quarters, last should X% you’ve wondering that was just that plus New remainder year benefited from saw that XXXX. York. Obviously, feel same-store of to I and is a the guided above number if was sustainable. pretty into about of you’ve going

Dirk Allison

we up yourself our us. still and want confident from X, to such that being effective shareholders, still we’re increase are goal with X% guys that the a shareholders to in work said, potential September by as long-term nice rate, Mitra, X% hopefully, January followed our and X. growth then to That organic a getting we give Illinois,

or through. slightly to be end, so above rate going flow those price high So, we growth the for quarters pushing four probably the are next that as increases at

being a So, that statutory extraordinary for we that our to to and goal wage of is that because we feel will done off. that an increases minimum don’t change of stated really in is fall take want kind care change encompass to

but above X%, four long-term, will are we quarters. next high be So X% for a the do end little still or at believe the we to we

Mitra Ramgopal

terms Okay. terms look the a growth next constraints years, labor few front just see No, being do And potential out your headwind you market sufficient you to able given as labor of over as in the find then tight side, the there? that’s great. on of in caregivers

Dirk Allison

operations to Yes. believe increases difficult our it everything playing a we now other next think the and continue and companies, single talk to for impediment wage to HR along the in to a do biggest the more our our that leadership field a number as as it’s economy that a our few our technology years. can with it team to use growth right going I for know other company, We team, team, I increase but to It’s our doing I constantly. is the in are areas folks today. some probably with ability recruit, of aspect of of leveled law be minimum operation like about

Mitra Ramgopal

Thanks Okay. taking question. again the for


no Thank for call further would closing Allison at this questions Dirk I I like to back remarks. showing the you. am turn to And time.

Dirk Allison

your week. much, very our thank continuing like everybody earnings Listen, you I and participation Thank in today on interest for today. you. Addus a you have Thank for would call to operator. great Hope your


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