Addus HomeCare (ADUS) FY2022 results: revenue $951 million, up 10.0% on the year

Addus HomeCare Corp. (ADUS) reported revenue of $951 million for fiscal 2022, the year ended 31 December 2022, up 10.0% on the year before. Net income was $46 million, up 2.0%, and diluted earnings per share $2.84. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2023.

Revenue

$951 million

+10.0% on the year

FY2016FY2022

Operating margin

7.2%

7.6% a year earlier

FY2016FY2022

Net income

$46 million

+2.0% on the year

FY2016FY2022

Diluted EPS

$2.84

+1.1% on the year

FY2016FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	951	864	765	+10.0%
Cost of revenue	651	595	539	+9.5%
Gross profit	300	270	226	+11.1%
Gross margin	31.5%	31.2%	29.6%
Operating income	68.7	65.9	44.5	+4.2%
Operating margin	7.2%	7.6%	5.8%
Interest expense	8.9	5.8	3.2	+53.4%
Pre-tax income	60.2	60.4	41.9	-0.4%
Income tax	14.1	15.3	8.8	-7.4%
Effective tax rate	23.5%	25.3%	21.0%
Net income	46.0	45.1	33.1	+2.0%
Net margin	4.8%	5.2%	4.3%
Diluted EPS	$2.84	$2.81	$2.08	+1.1%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	105	39.5	109	+166.2%
Capital expenditure	8.3	4.6	6.8	+78.7%
Free cash flow	96.8	34.8	103	+177.8%
Free cash flow margin	10.2%	4.0%	13.4%
Cash from investing	-107	-42.0	-214
Cash from financing	-87.5	26.3	138
Depreciation and amortisation	14.1	14.5	12.1	-3.0%
Share-based compensation	10.6	9.4	6.0	+12.6%
Diluted shares, weighted	16m	16m	16m	+0.7%
Shares outstanding at period end	16m	16m	16m	+1.2%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	634	574	519	+10.3%
Debt	132	221	195	-40.4%
Operating lease liabilities	35.5	32.9	35.5	+8.0%
Other liabilities	137	119	144	+14.8%
Total liabilities and equity	938	948	893	-1.0%
Fixed assets	21.2	18.5	19.7	+14.6%
Goodwill	583	504	469	+15.6%
Intangible assets	72.2	64.3	71.5	+12.2%
Cash and equivalents	80.0	169	145	-52.7%
Receivables	126	137	133	-8.4%
Other assets	56.3	54.5	54.5	+3.3%
Total assets	938	948	893	-1.0%

10-K for the year ended 31 December 2022, filed 28 February 2023: the filing.