Addus HomeCare (ADUS) FY2021 results: revenue $864 million, up 13.0% on the year

Addus HomeCare Corp. (ADUS) reported revenue of $864 million for fiscal 2021, the year ended 31 December 2021, up 13.0% on the year before. Net income was $45 million, up 36.2%, and diluted earnings per share $2.81. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$864 million

+13.0% on the year

FY2016FY2021

Operating margin

7.6%

5.8% a year earlier

FY2016FY2021

Net income

$45 million

+36.2% on the year

FY2016FY2021

Diluted EPS

$2.81

+35.1% on the year

FY2016FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	864	765	649	+13.0%
Cost of revenue	595	539	470	+10.4%
Gross profit	270	226	179	+19.3%
Gross margin	31.2%	29.6%	27.6%
Operating income	65.9	44.5	34.8	+48.1%
Operating margin	7.6%	5.8%	5.4%
Interest expense	5.8	3.2	3.1	+82.1%
Pre-tax income	60.4	41.9	33.2	+44.0%
Income tax	15.3	8.8	7.4	+73.4%
Effective tax rate	25.3%	21.0%	22.2%
Net income	45.1	33.1	25.2	+36.2%
Net margin	5.2%	4.3%	3.9%
Diluted EPS	$2.81	$2.08	$1.77	+35.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	39.5	109	12.0	-63.9%
Capital expenditure	4.6	6.8	4.6	-32.0%
Free cash flow	34.8	103	7.4	-66.0%
Free cash flow margin	4.0%	13.4%	1.1%
Cash from investing	-42.0	-214	-189
Cash from financing	26.3	138	218	-80.9%
Depreciation and amortisation	14.5	12.1	10.6	+20.3%
Share-based compensation	9.4	6.0	5.8	+57.1%
Diluted shares, weighted	16m	16m	14m	+0.7%
Shares outstanding at period end	16m	16m	16m	+2.1%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	574	519	476	+10.7%
Debt	221	195	59.9	+13.4%
Operating lease liabilities	32.9	35.5	14.3	-7.5%
Other liabilities	119	144	87.0	-16.8%
Total liabilities and equity	948	893	637	+6.2%
Fixed assets	18.5	19.7	12.2	-6.4%
Goodwill	504	469	275	+7.5%
Intangible assets	64.3	71.5	57.1	-10.1%
Cash and equivalents	169	145	112	+16.4%
Receivables	137	133	150	+3.2%
Other assets	54.5	54.5	30.8	+0.1%
Total assets	948	893	637	+6.2%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.