Addus HomeCare (ADUS) FY2023 results: revenue $1.1 billion, up 11.3% on the year

Addus HomeCare Corp. (ADUS) reported revenue of $1.1 billion for fiscal 2023, the year ended 31 December 2023, up 11.3% on the year before. Net income was $63 million, up 35.8%, and diluted earnings per share $3.83. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.1 billion

+11.3% on the year

FY2016FY2023

Operating margin

8.6%

7.2% a year earlier

FY2016FY2023

Net income

$63 million

+35.8% on the year

FY2016FY2023

Diluted EPS

$3.83

+34.9% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,059	951	864	+11.3%
Cost of revenue	719	651	595	+10.3%
Gross profit	340	300	270	+13.4%
Gross margin	32.1%	31.5%	31.2%
Operating income	91.0	68.7	65.9	+32.3%
Operating margin	8.6%	7.2%	7.6%
Interest expense	11.1	8.9	5.8	+24.7%
Pre-tax income	81.3	60.2	60.4	+35.2%
Income tax	18.8	14.1	15.3	+33.0%
Effective tax rate	23.1%	23.5%	25.3%
Net income	62.5	46.0	45.1	+35.8%
Net margin	5.9%	4.8%	5.2%
Diluted EPS	$3.83	$2.84	$2.81	+34.9%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	112	105	39.5	+6.8%
Capital expenditure	9.5	8.3	4.6	+13.9%
Free cash flow	103	96.8	34.8	+6.2%
Free cash flow margin	9.7%	10.2%	4.0%
Cash from investing	-119	-107	-42.0
Cash from financing	-8.2	-87.5	26.3
Depreciation and amortisation	14.1	14.1	14.5	+0.5%
Share-based compensation	10.3	10.6	9.4	-2.9%
Diluted shares, weighted	16m	16m	16m	+0.8%
Shares outstanding at period end	16m	16m	16m	+0.6%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	707	634	574	+11.5%
Debt	124	132	221	-5.8%
Operating lease liabilities	39.7	35.5	32.9	+11.9%
Other liabilities	154	137	119	+12.2%
Total liabilities and equity	1,024	938	948	+9.2%
Fixed assets	24.0	21.2	18.5	+13.4%
Goodwill	663	583	504	+13.8%
Intangible assets	92.0	72.2	64.3	+27.4%
Cash and equivalents	64.8	80.0	169	-19.0%
Receivables	115	126	137	-8.0%
Other assets	65.1	56.3	54.5	+15.7%
Total assets	1,024	938	948	+9.2%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.