Market Newsdesk

Topline results expected in first half of 2023

Addus HomeCare Announces Fourth Quarter and Year End 2022 Financial Results

FRISCO, Texas–(BUSINESS WIRE)–
Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the fourth quarter and year ended December 31, 2022.

Fourth Quarter 2022 Highlights:

• Revenues Grow 10.0% to $247.1 Million
• Net Income of $14.8 Million, or $0.91 per Diluted Share
• Adjusted Earnings per Diluted Share Increases to $1.11
• Adjusted EBITDA Increases 5.4% to $28.2 Million
• Cash flow from operations of $24.3 Million

Overview

Net service revenues were $247.1 million for the fourth quarter of 2022, a 10.0% increase compared with $224.6 million for the fourth quarter of 2021. Net income was $14.8 million for the fourth quarter of 2022, compared with $13.1 million for the fourth quarter of 2021, while net income per diluted share was $0.91 compared with $0.81 for the same period a year ago. Adjusted EBITDA increased 5.4% to $28.2 million for the fourth quarter of 2022 from $26.7 million for the fourth quarter of 2021. Adjusted net income per diluted share was $1.11 for the fourth quarter of 2022 compared with $0.97 for the fourth quarter of 2021. Adjusted net income per diluted share for the fourth quarter of 2022 excludes acquisition and de novo expenses of $0.06, restructure and other non-recurring costs of $0.01 and stock-based compensation expense of $0.13. (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)

For 2022, net service revenues increased 10.0% to $951.1 million from $864.5 million for the prior year. Net income was $46.0 million for 2022 compared with $45.1 million for 2021, and net income per diluted share was $2.84 compared with $2.81 per diluted share. Adjusted EBITDA increased 3.9% to $101.5 million for 2022 from $97.7 million for 2021. Adjusted net income for 2022 was $60.3 million compared with $58.3 million for 2021, while adjusted net income per diluted share was $3.73 compared with $3.63 for the prior year.

Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “Addus finished 2022 with another quarter of strong financial and operating performance. 2022 was a year of significant challenges, beginning with the Omicron surge in the first quarter followed by staffing shortages and inflationary pressures. However, we were able to successfully manage through these headwinds and extend our record of profitable growth for the year. Consistent execution of our strategy produced favorable results, with our 10% revenue growth over the fourth quarter last year leading to record annual revenues for the year. Our personal care revenues, which represented 74.2% of our business, were up 7.9% over the fourth quarter of 2021 on a same-store basis, reflecting steady volume growth trends. Home health revenues, which included the operations of Armada Home Health and Summit Home Health acquired in 2021, and the addition of Apple Home Healthcare operations effective October 1, 2022, were up 8.3% over the comparable quarter last year on a same-store basis. While home health remains the smallest service segment for Addus, we believe there are significant opportunities to expand these operations as they complement our personal care services, especially in markets where we believe there is an opportunity to enter value-based contracting arrangements. Our hospice business accounted for 20.5% of our revenues and were up 26.0% for 2022 compared to 2021. These results primarily reflected the addition of the integrated hospice operations of JourneyCare, which we acquired on February 1, 2022. Hospice same-store revenues were down 4.9% over the same quarter last year primarily due to the resumption of Medicare sequestration and a decrease in same store average daily census of 0.9%.”

Cash and Liquidity

As of December 31, 2022, the Company had cash of $80.0 million and bank debt of $134.9 million, with capacity and availability under its revolving credit facility of $380.2 million and $237.2 million, respectively. Net cash provided by operating activities was $24.3 million for the fourth quarter of 2022 and $105.1 million for the full year 2022. Allison added, “In the face of economic disruption we continued our record of consistent cash generation, with a focused effort on debt repayment, leading to a net $90 million reduction in our revolver balance during 2022.”

Looking Ahead

Allison continued, “Our strong balance sheet and disciplined approach to financial management provides us with the capital to continue investing in our business, including new technology to support the work of our caregivers and enhance our recruiting and hiring processes to meet our growing staffing needs. We remain focused on our acquisition strategy and continue to look for opportunities that fit our overall growth strategy and meet our primary objective to expand our clinical services capabilities in markets where we already have a strong personal care presence. We were pleased to add approximately $65 million in annualized revenues through acquisitions in 2022, and we remain confident in our development team’s ability to capitalize on new acquisition targets. While external factors have affected the timing of some opportunities, we believe we will benefit from a more favorable acquisition environment in 2023.

“We are proud of our ability to deliver strong results despite some lingering headwinds related to the pandemic and the challenging labor market for health care providers. Demand for our services continues to grow, reflecting a greater societal awareness of the value of home-based care as the safest and most cost-effective option for many individuals. Addus is well-positioned to meet this demand across the care continuum, and we have a proven operating model that has delivered consistent and favorable results. Importantly, we have a dedicated team of frontline caregivers, who support our mission and continue to work tirelessly to provide quality care and support for our patients and their families. Working together, we look forward to the opportunities ahead for Addus in 2023 as we extend our market reach and deliver greater value to our shareholders.”

Non-GAAP Financial Measures

The information provided in this release includes adjusted net income, adjusted EBITDA and adjusted net income per diluted share, which are non-GAAP financial measures. The Company defines adjusted net income as net income before acquisition and de novo expenses, stock-based compensation expenses, restructure and other non-recurring costs, gain or loss on the sale of assets, and retroactive rate increases from Illinois. The Company defines adjusted EBITDA as earnings before interest expense, other non-operating income, taxes, depreciation, amortization, acquisition and de novo expense, stock-based compensation expense, restructure and other non-recurring costs, gain or loss on the sale of assets, and retroactive rate increases from Illinois. The Company defines adjusted diluted earnings per share as earnings per share, adjusted for acquisition and de novo expenses, stock-based compensation expense, restructure and other non-recurring costs, gain or loss on the sale of assets, and retroactive rate increases from Illinois. The Company defined adjusted net income, adjusted EBITDA, adjusted diluted earnings per share to exclude net COVID expenses arising from the pandemic from the second quarter of 2020 to the first quarter of 2021. The Company defines adjusted net service revenues as revenue adjusted for the closure of certain sites. The Company has provided, in the financial statement tables included in this press release, a reconciliation of adjusted net income to net income, a reconciliation of adjusted EBITDA to net income, a reconciliation of adjusted diluted earnings per share to earnings per share, and a reconciliation of adjusted net service revenues to net service revenues, in each case, the most directly comparable GAAP measure. Management believes that adjusted net income, adjusted EBITDA, adjusted diluted earnings per share, and adjusted net service revenues are useful to investors, management and others in evaluating the Company’s operating performance, to provide investors with insight and consistency in the Company’s financial reporting and to present a basis for comparison of the Company’s business operations among periods, and to facilitate comparison with the results of the Company’s peers.

Conference Call

Addus will host a conference call on Tuesday, February 28, 2023, at 9:00 a.m. Eastern time. To access the live call, dial (833) 629-0620 (international dial-in number is (412) 317-1805) and ask to join the Addus HomeCare earnings call. A telephonic replay of the conference call will be available through midnight on March 7, 2023, by dialing (877) 344-7529 (international dial-in number is (412) 317-0088) and entering pass code 6189112.

A live broadcast of Addus HomeCare’s conference call will be available under the Investor Relations section of the Company’s website: www.addus.com. An online replay will also be available on the Company’s website for one month, beginning approximately two hours following the conclusion of the live broadcast.

Forward-Looking Statements

Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “preliminary,” “continue,” “expect,” and similar expressions. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, including discretionary determinations by government officials, the consummation and integration of acquisitions, transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare’s relationships with referral sources, increased competition for Addus HomeCare’s services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize, any security breaches, cyber-attacks, loss of data or cybersecurity threats or incidents, and other risks set forth in the Risk Factors section in Addus HomeCare’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2022, which is available at www.sec.gov. The financial information described herein and the periods to which they relate are preliminary estimates that are subject to change and finalization. There is no assurance that the final amounts and adjustments will not differ materially from the amounts described above, or that additional adjustments will not be identified, the impact of which may be material. Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties, and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized. (Unaudited tables and notes follow).

About Addus HomeCare

Addus HomeCare is a provider of home care services that primarily include personal care services that assist with activities of daily living, as well as hospice and home health services. Addus HomeCare’s consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus HomeCare’s payor clients include federal, state, and local governmental agencies, managed care organizations, commercial insurers, and private individuals. Addus HomeCare currently provides home care services to approximately 46,500 consumers through 202 locations across 22 states. For more information, please visit www.addus.com.

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(amounts and shares in thousands, except per share data)
(Unaudited)
Income Statement Information:	For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
	2022				2021				2022				2021
Net service revenues	$	247,050			$	224,642			$	951,120			$	864,499
Cost of service revenues		168,281				151,847				651,381				594,651
Gross profit		78,769				72,795				299,739				269,848
		31.9	%			32.4	%			31.5	%			31.2	%
General and administrative expenses		54,466				49,537				216,942				189,418
Depreciation and amortization		3,489				3,900				14,060				14,494
Total operating expenses		57,955				53,437				231,002				203,912
Operating income		20,814				19,358				68,737				65,936
Total interest expense, net		2,537				1,536				8,566				5,538
Income before income taxes		18,277				17,822				60,171				60,398
Income tax expense		3,515				4,764				14,146				15,272
Net income	$	14,762			$	13,058			$	46,025			$	45,126
Net income per diluted share:
Continuing Operations	$	0.91			$	0.81			$	2.84			$	2.81
Weighted average number of common shares outstanding:
Diluted		16,258				16,059				16,181				16,064
Cash Flow Information:	For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
	2022				2021				2022				2021
Net cash provided by operating activities	$	24,292			$	25,201			$	105,110			$	39,488
Net cash used in investing activities		(19,236	)			(9,582	)			(106,590	)			(42,015	)
Net cash (used in) provided by financing activities		(30,739	)			897				(87,454	)			26,344
Net change in cash		(25,683	)			16,516				(88,934	)			23,817
Cash at the beginning of the period		105,644				152,379				168,895				145,078
Cash at the end of the period	$	79,961			$	168,895			$	79,961			$	168,895

Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
	December 31,
	2022			2021
Assets
Current assets
Cash	$	79,961		$	168,895
Accounts receivable, net		125,501			136,955
Prepaid expenses and other current assets		17,345			18,491
Total current assets		222,807			324,341
Property and equipment, net		21,182			18,483
Other assets
Goodwill		582,837			504,392
Intangible assets, net		72,188			64,321
Operating lease assets		38,980			36,048
Total other assets		694,005			604,761
Total assets	$	937,994		$	947,585
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	22,092		$	19,358
Accrued payroll		44,937			44,083
Accrued expenses		38,308			37,077
Government stimulus advance		12,912			4,173
Accrued workers compensation		12,897			12,998
Total current liabilities		131,146			117,689
Long-term debt, less current portion, net of debt issuance costs		131,772			220,912
Long-term lease liability, less current portion		35,479			32,859
Other long-term liabilities		6,057			1,781
Total long-term liabilities		173,308			255,552
Total liabilities		304,454			373,241
Total stockholders’ equity		633,540			574,344
Total liabilities and stockholders’ equity	$	937,994		$	947,585

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES
Net Service Revenue by Segment
(Amounts in thousands)
(Unaudited)
	For the Three Months Ended December 31,						For the Twelve Months Ended December 31,
	2022			2021			2022			2021
Net Service Revenues by Segment
Personal Care	$	183,365		$	175,110		$	706,507		$	685,854
Hospice		50,612			40,155			201,772			152,253
Home Health		13,073			9,377			42,841			26,392
Total Revenue	$	247,050		$	224,642		$	951,120		$	864,499

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES
Key Statistical and Financial Data (Unaudited)
	For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
	2022				2021				2022				2021
General
Personal Care
States served at period end		–				–				22				22
Locations at period end		–				–				156				162
Average billable census total		38,169				37,405				37,482				38,051
Billable hours (in thousands)		7,465				7,425				29,412				30,151
Average billable hours per census per month		65.0				65.8				65.1				65.7
Billable hours per business day		114,849				112,498				113,122				115,521
Revenues per billable hour	$	24.48			$	23.28			$	23.91			$	22.71
Organic growth
– Revenue		7.9		%		8.0		%		4.6		%		7.3		%
Hospice
Locations served at period end		–				–				33				32
Admissions		3,393				2,381				13,171				9,592
Average daily census		3,213				2,635				3,279				2,561
Average discharge length of stay		90.2				99.3				87.7				96.5
Patient days		295,619				249,266				1,176,193				923,014
Revenue per patient day	$	171.21			$	165.64			$	171.55			$	164.95
Organic growth
– Revenue		(4.9	)	%		1.3		%		0.4		%		(6.2	)	%
– Average daily census		(0.9	)	%		(1.4	)	%		1.9		%		(11.2	)	%
Home Health
Locations served at period end		–				–				13				12
New Admissions		4,081				3,819				14,452				8,781
Recertifications		1,631				1,071				5,838				3,547
Total Volume		5,712				4,890				20,290				12,328
Visits		88,046				68,741				293,381				183,951
Organic growth
– Revenue		8.3		%		7.1		%		8.2		%		11.3		%
– New Admissions		(12.8	)	%		21.0		%		16.4		%		23.0		%
– Volume		(1.8	)	%		15.0		%		18.7		%		17.4		%
Percentage of Revenues by Payor:
Personal Care
State, local and other governmental programs		49.3		%		48.7		%		49.3		%		49.3		%
Managed care organizations		46.7				46.0				46.3				45.5
Private duty		2.5				2.9				2.6				2.9
Commercial		0.9				1.4				1.1				1.4
Other		0.6		%		1.0		%		0.7		%		0.9		%
Hospice
Medicare		91.3		%		93.1		%		90.9		%		93.3		%
Commercial		4.5				3.2				5.0				2.6
Managed care organizations		3.7				3.2				3.6				3.7
Other		0.5		%		0.5		%		0.5		%		0.4		%
Home Health
Medicare		74.9		%		75.1		%		73.5		%		78.4		%
Managed care organizations		18.9				17.0				20.3				16.9
Commercial		6.0				7.8				6.0				4.6
Other		0.2		%		0.1		%		0.2		%		0.1		%

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Amounts in thousands, except per share data)
(Unaudited) (1)
	For the Three Months Ended December 31,								For the Twelve Months Ended December 31,
	2022				2021				2022				2021
Reconciliation of Adjusted EBITDA to Net Income: (2)
Net income	$	14,762			$	13,058			$	46,025			$	45,126
Interest expense, net		2,537				1,536				8,566				5,538
(Gain) loss on sale of assets		(33	)			9				(60	)			25
Income tax expense		3,515				4,764				14,146				15,272
Depreciation and amortization		3,489				3,900				14,060				14,494
COVID-19 expense, net		–				–				–				(591	)
Illinois retro, net		–				(1,005	)			–				–
Acquisition and de novo expenses		1,155				1,923				7,657				7,306
Stock-based compensation expense		2,680				2,329				10,625				9,434
Restructure and other non-recurring costs		143				200				461				1,057
Adjusted EBITDA	$	28,248			$	26,714			$	101,480			$	97,661
Reconciliation of Adjusted Net Income to Net Income: (3)
Net income	$	14,762			$	13,058			$	46,025			$	45,126
Loss on sale of assets, net of tax		(26	)			7				(46	)			19
COVID-19 expense, net of tax		–				–				–				(445	)
Illinois retro, net of tax		–				(739	)			–				–
Acquisition and de novo expenses, net of tax		1,005				1,413				5,857				5,750
Stock-based compensation expense, net of tax		2,198				1,712				8,126				7,049
Restructuring and other non-recurring costs, net of tax		116				147				353				790
Adjusted Net Income	$	18,055			$	15,598			$	60,315			$	58,289
Reconciliation of Net Income per Diluted Share to Adjusted Net Income per Diluted Share: (4)
Net income per diluted share	$	0.91			$	0.81			$	2.84			$	2.81
Loss on sale of assets per diluted share		–				–				–				–
COVID-19 expense per diluted share		–				–				–				(0.03	)
Illinois retro, net per diluted share		–				(0.05	)			–				–
Acquisition and de novo expenses per diluted share		0.06				0.09				0.36				0.36
Restructure and other non-recurring costs per diluted share		0.01				0.01				0.02				0.05
Stock-based compensation expense per diluted share		0.13				0.11				0.51				0.44
Adjusted net income per diluted share	$	1.11			$	0.97			$	3.73			$	3.63
Reconciliation of Net Service Revenues to Adjusted Net Service Revenues: (5)
Net service revenues	$	247,050			$	224,642			$	951,120			$	864,499
Revenues associated with the closure of certain sites		–				(368	)			(761	)			(2,184	)
Adjusted net service revenues	$	247,050			$	224,274			$	950,359			$	862,315

Footnotes:

(1) The Company defined adjusted net income, adjusted EBITDA, and adjusted diluted earnings per share to exclude net COVID expenses arising from the pandemic from the second quarter of 2020 to the first quarter of 2021.

(2) We define Adjusted EBITDA as earnings before interest expense, other non-operating income, taxes, depreciation, amortization, acquisition and de novo expenses, stock-based compensation expense, restructure expenses and other non-recurring costs and loss on the sale of assets and retroactive rate increases from Illinois. Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(3) We define Adjusted Net Income as net income before acquisition and de novo expenses, stock-based compensation expense, restructure and other non-recurring costs and gain or loss on the sale of assets and retroactive rate increases from Illinois. Adjusted Net Income is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(4) We define Adjusted diluted earnings per share as earnings per share, adjusted for acquisition and de novo expenses, stock-based compensation expense and restructure and other non-recurring costs and loss on the sale of asset and retroactive rate increases from Illinois. Adjusted diluted earnings per share is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(5) We define Adjusted net service revenues as revenue adjusted for the closure of certain sites. Adjusted net service revenues is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005708/en/

Brian W. Poff

Executive Vice President, Chief Financial Officer

Addus HomeCare Corporation

(469) 535-8200

[email protected]

Dru Anderson

FINN Partners

(615) 324-7346

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Insurance Seniors Hospitals Professional Services Health Insurance Family Managed Care General Health Consumer Health

MEDIA:

Logo

Musa Tariq Joins Guardant Health Board of Directors

PALO ALTO, Calif.–(BUSINESS WIRE)–
Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, announced today the appointment of Musa Tariq to its board of directors, effective March 6. Currently the chief marketing officer for GoFundMe, the world’s leading fundraising platform, Tariq is a distinguished marketing executive with experience leading global consumer brands.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230227005656/en/

“We are very pleased to welcome Musa Tariq to our board of directors,” said Helmy Eltoukhy, Guardant Health chairman and co-CEO. “Musa brings a wealth of knowledge and expertise in building some of the world’s most recognized brands. His insights will be extremely valuable as we continue to build our brand and shape the company’s next chapter to empower every individual to stay one step ahead of cancer.”

Since joining GoFundMe in January 2021, Tariq has been recognized for his leadership in Forbes’ Entrepreneurial CMO List 2022, and in Insider’s Most Innovative CMOs of 2022. Before his role with GoFundMe, Tariq was global head of marketing for Airbnb Experiences where he drove brand awareness and adoption of that rapidly growing part of Airbnb’s business. Prior to Airbnb, he was chief brand officer at Ford Motor Company and also held marketing leadership roles at Apple, Nike and Burberry.

“I am excited to join the Guardant Health board at such a pivotal time in the company’s evolution,” said Tariq. “Guardant is a leader in helping patients at all stages of cancer live longer and healthier lives, and now they’ve developed a simple blood test to find cancer early, when it’s most treatable. I look forward to working with the company’s leadership team to advance its mission to transform the future of cancer care.”

A distinguished counselor to iconic and emerging global brands, Tariq currently serves as an advisor to MasterClass, The British Fashion Council, Felix Capital and several other starts ups. He has a B.S. in Geography and Economics from London School of Economics.

About Guardant Health

Guardant Health is a leading precision oncology company focused on helping conquer cancer globally through use of its proprietary tests, vast data sets and advanced analytics. The Guardant Health oncology platform leverages capabilities to drive commercial adoption, improve patient clinical outcomes and lower healthcare costs across all stages of the cancer care continuum. Guardant Health has commercially launched Guardant360®, Guardant360 CDx, Guardant360 TissueNext™, Guardant360 Response™, and GuardantINFINITY™ tests for advanced-stage cancer, and Guardant Reveal™ for early-stage cancer. The Guardant Health screening portfolio, including the commercially launched Shield™ test, aims to address the needs of individuals eligible for cancer screening. For more information, visit guardanthealth.com and follow the company on LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005656/en/

Investor Contact:

Alex Kleban

[email protected]

+1 657-254-5417

Media Contact:

Michael Weist

[email protected]

+1 317-371-0035

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Marketing Oncology Medical Supplies Communications Health Health Technology

MEDIA:

Logo

Photo

Musa Tariq, Chief Marketing Officer of GoFundMe, is joining the Guardant Health board of directors. (Photo: Business Wire)

BILL to Participate in Upcoming Investor Conferences

SAN JOSE, Calif.–(BUSINESS WIRE)–
BILL (NYSE:BILL), a leader in financial automation software for small and midsize businesses (SMBs), today announced its participation in the following upcoming investor conferences:

Morgan Stanley Technology, Media & Telecom Conference

Monday, March 6, 2023 at 1:30pm PT

KeyBanc Emerging Technology Summit

Tuesday, March 7, 2023 at 1:00pm PT

Wolfe FinTech Forum

Tuesday, March 14, 2023 at 8:00am PT

Live webcasts, as well as replays, will be available on the Company’s investor relations website at https://investor.bill.com/. Please note presentation times are subject to change.

About BILL:

BILL (NYSE: BILL) is a leader in financial automation software for small and midsize businesses (SMBs). As a champion of SMBs, we are dedicated to automating the future of finance so businesses can thrive. Hundreds of thousands of businesses trust BILL solutions to manage financial workflows, including payables, receivables, and spend and expense management. With BILL, businesses are connected to a network of millions of members, so they can pay or get paid faster. Through our automated solutions, we help SMBs simplify and control their finances, so they can confidently manage their businesses, and succeed on their terms. BILL is a trusted partner of leading U.S. financial institutions, accounting firms, and accounting software providers. BILL is headquartered in San Jose, California. For more information, visit bill.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005179/en/

IR Contact:

Karen Sansot

[email protected]

Press Contact:

Mark Heller

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Professional Services Business Technology Software Finance Fintech Banking

MEDIA:

Posted on February 27, 2023 4:23 pm

Bluegreen Vacations Breaks Ground for Mill Springs Lodge

Bluegreen Vacations Breaks Ground for Mill Springs Lodge

BOCA RATON, Fla.–(BUSINESS WIRE)–
Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) (“Bluegreen Vacations,” “Bluegreen,” or the “Company”), a vacation ownership company, announced today the groundbreaking for the Bluegreen Mill Springs Lodge Resort in Pigeon Forge, Tennessee.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230227005861/en/

Bluegreen Vacations Groundbreaking for Mill Springs Lodge Resort in Pigeon Forge, Tennessee (Photo: Business Wire)

Expected to open in 2024, the new lodge-style resort is being planned to feature architecture, interior design and amenities inspired by the surrounding Smoky Mountains and to offer an elevated level of quality and finishes throughout the property. With a nod to the Arts and Crafts era, the lodge is expected to highlight native hardwoods, dormers, cultured stone facades, waterfalls, outdoor pools, fire pits and other elements reminiscent of the period. Additionally, 67 guest accommodations are planned to include three-bedroom presidential suites, two-bedroom units as well as studio-style rooms featuring upgraded cabinetry, kitchen appliances, decorative lighting and other amenities which offer owners and guests an ideal setting for comfort and relaxation.

“This region continues to be a popular destination among Bluegreen’s owners, and we are very excited to introduce them to this beautifully-designed resort,” said Dusty Tonkin, Chief Sales & Marketing Officer of Bluegreen Vacations. “The planned design of the accommodations, along with the amenities such as the spa, are a direct response to the increasing expectations of our owners. We believe that once completed, Mill Springs Lodge will be added to the list of ‘must-visit’ resorts,” he added.

Mill Springs Lodge is among the three new developments being added to Bluegreen’s portfolio, which already includes 43 Club Resorts in iconic destinations across the United States. Bluegreen recently announced the acquisition of the Panama City Beach Resort and Spa in Panama City Beach, Florida, which has been renamed Bluegreen at Bayside Resort and Spa; as well as 46 units at the Streamside at Vail resort enclave in Vail, Colorado.

“Bluegreen continues to focus on providing our owners with opportunities to enjoy memorable vacations with their loved ones. This includes identifying the right opportunities to expand our footprint with new resorts so that more people can experience the power of vacation,” Mr. Tonkin concluded.

About Bluegreen Vacations Holding Corporation: Bluegreen Vacations Holding Corporation is a leading vacation ownership company that markets and sells vacation ownership interests and manages resorts in popular leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with 70 Club and Club Associate Resorts and access to nearly 11,300 other hotels and resorts through partnerships and exchange networks. The Company also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services to, or on behalf of, third parties.

For further information about Bluegreen Vacations, please visit www.BluegreenVacations.com.

This press release contains forward-looking statements. All opinions, forecasts, projections, future plans, and other statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements involve risks, uncertainties, and other factors, many of which are beyond the Company’s control and may cause actual results or performance to differ from those set forth or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, the risk that the Mill Springs Lodge will not be developed as currently planned or anticipated and that development may take longer than anticipated; and the risk that resort availability and inclusion into the Bluegreen Vacation Club may be delayed, is not guaranteed and is subject to meeting all applicable licensing, registration, and governmental requirements. The Company cautions that the foregoing factors are not exclusive. The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005861/en/

Bluegreen Vacations Contact Info:

Media and Public Relations: Marcia McLaughlin, Director, Brand & Owner Marketing

Telephone: 561-912-8115

Email: [email protected]

Bluegreen Vacations Holding Corporation Contact Info:

Investor Relations: Leo Hinkley, Managing Director, Investor Relations Officer

Telephone: 954-399-7193

Email: [email protected]

KEYWORDS: Florida Tennessee United States North America

INDUSTRY KEYWORDS: Interior Design Commercial Building & Real Estate Vacation Lodging Construction & Property Destinations Travel

MEDIA:

Logo

Photo

Bluegreen Vacations Groundbreaking for Mill Springs Lodge Resort in Pigeon Forge, Tennessee (Photo: Business Wire)

Grindr Announces Q&A Platform for Shareholders Ahead of Fourth Quarter and Full Year 2022 Earnings Release

LOS ANGELES–(BUSINESS WIRE)–
Grindr Inc. (NYSE: GRND), the world’s largest social network for the LGBTQ community, today announced the opening of a shareholder Q&A on the Say Technologies platform to enable shareholders to submit questions in connection with its upcoming earnings release. Grindr is scheduled to host a live discussion of its fourth quarter and full year 2022 earnings at 2:00 p.m. PT / 5:00 p.m. ET on Monday, March 6, 2023.

Starting today, retail and institutional shareholders will be able to submit and upvote questions to management. To submit questions ahead of earnings, please visit app.saytechnologies.com/grindr-2022-q4. The Q&A platform will remain open until 24 hours before the earnings discussion.

A link to the live discussion of the fourth quarter and full year 2022 results is available on the Company’s investor relations website at https://investors.grindr.com. A replay will also be made available following the discussion at the same website.

About Grindr Inc.

With roughly 11 million monthly active users in virtually every country in the world, Grindr has grown to become a fundamental part of the queer community since its launch in 2009. The company continues to expand its ecosystem to enable gay, bi, trans and queer people to connect, express themselves, and discover the world around them. Grindr is headquartered in West Hollywood, California. The Grindr app is available on the App Store and Google Play.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005838/en/

Investors:

[email protected]

Media:

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Apps/Applications Technology Entertainment LGBTQ+ Online Communications Mobile Entertainment Software Social Media Consumer

MEDIA:

Posted on February 27, 2023 4:22 pm

Acadia Healthcare Reports Fourth Quarter 2022 Results

Acadia Healthcare Reports Fourth Quarter 2022 Results

Company Provides Full Year and First Quarter 2023 Guidance

FRANKLIN, Tenn.–(BUSINESS WIRE)–
Acadia Healthcare Company, Inc. (NASDAQ: ACHC) today announced financial results for the fourth quarter and year ended December 31, 2022.

Fourth Quarter Highlights

• Revenue totaled $675.3 million, an increase of 13.8% over the fourth quarter of 2021
• Same facility revenue increased 9.4% compared to the fourth quarter of 2021, including an increase in revenue per patient day of 5.2% and an increase in patient days of 4.0%
• Net income attributable to Acadia totaled $61.1 million, or $0.67 per diluted share, and adjusted income from continuing operations attributable to Acadia stockholders totaled $68.1 million, or $0.74 per diluted share, which included $0.04 of income from the Provider Relief Fund (“PRF”) established under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act
• Adjusted EBITDA totaled $150.9 million, which included $5.2 million of income from the PRF established under the CARES Act
• Recorded a $5.9 million unfavorable adjustment to professional and general liability reserves relating to the settlement or expected settlement of certain prior year claims relating primarily to the 2017 to 2018 period
• Opened a joint venture facility with Lutheran Health Network, in Ft. Wayne, Indiana, and added seven new Comprehensive Treatment Centers (“CTCs”) through acquiring four existing facilities and opening three de novos

Fourth Quarter Results

The Company reported revenue of $675.3 million for the fourth quarter of 2022, compared with $593.5 million for the fourth quarter of 2021. Adjusted EBITDA was $150.9 million for the fourth quarter of 2022, compared with $156.1 million for the same period last year.

During the fourth quarter of 2022, the Company recorded $5.2 million of income from the PRF related to the American Rescue Plan (“ARP”) Rural Payments. The Company will continue to review the remaining $9.0 million of ARP funds held on its balance sheet as of December 31, 2022, for potential repayment of the remaining balance.

The Company also recorded an unfavorable adjustment of $5.9 million, or $0.05 per diluted share, to its professional and general liability reserves relating to the settlement or expected settlement of certain prior year claims relating primarily to the 2017 to 2018 period. The estimated accrual for professional and general liabilities is based on historical claims, prior settlements and judgments, demographic factors, industry trends, severity factors, and other actuarial assumptions.

Net income attributable to Acadia stockholders for the fourth quarter of 2022 was $61.1 million, or $0.67 per diluted share. Adjusted income from continuing operations attributable to Acadia stockholders was $0.74 per diluted share for the fourth quarter of 2022. Adjustments to income include transaction-related expenses and the income tax effect of adjustments to income. A reconciliation of all non-GAAP financial results in this press release begins on page 10.

For the fourth quarter of 2022, Acadia’s same facility revenue increased 9.4% compared with the fourth quarter of 2021, including an increase in revenue per patient day of 5.2% and an increase in patient days of 4.0%.

Chris Hunter, Chief Executive Officer of Acadia Healthcare Company, remarked, “Acadia delivered another quarter and year of strong growth. These results reflect the robust demand for our behavioral healthcare services, the dedicated work of our extraordinary employees and our proven ability to meet this critical societal need. With solid execution across the key pathways of our growth strategy, we extended our market reach in 2022 and solidified our industry leadership position. Our committed team of employees and clinicians across our operations have continued to tirelessly provide quality patient care for those seeking treatment for mental health and substance use issues.

Strategic Investments for Long-Term Growth

“During the fourth quarter of 2022, we made further progress in meeting our growth objectives across each of our service lines. As demand for our services continues to grow, we have made the necessary investments in our operations to support sustained long-term growth. We believe our five distinct growth pathways will enable the Company to meet this demand and extend our market reach.

“Our first pathway, facility expansions, remains a primary driver of our growth, as this pathway allows us to efficiently expand services in established markets by utilizing our existing infrastructure and experienced staff. We added 80 beds to our existing facilities during the fourth quarter, finishing the year with a strong second half of 212 bed additions and bringing our total number to 290 for the year. Looking ahead, we expect to add approximately 300 beds through facility expansions in 2023.

“A second important growth pathway is to identify underserved markets for behavioral healthcare services and develop wholly owned de novo facilities that bridge this gap and help meet the critical community need. In July 2022, we opened a 60-bed children’s hospital as the first stage of our Montrose Behavioral Health Hospital operations in Chicago. We expect to complete this project and begin operations at our 101-bed adult hospital and the outpatient facility in late 2023 once renovations are complete. In addition to the new Chicago facilities, we expect to open our de novo facility, Coachella Valley Behavioral Health, in Indio, California, later this year. We will continue to pursue additional opportunities across the country with a goal to develop and open acute and specialty facilities in 2024.

“We also continued to expand our network of CTCs, specifically designed to meet the growing and critical need for addiction treatment, especially for patients dealing with opioid use disorder. During the fourth quarter, we opened three new CTCs in Florida and Delaware, bringing our total to seven new CTCs for the year. As the opioid crisis has continued to escalate across the country, we believe Acadia’s CTC facilities and programs play a vital role in the communities they serve. We will continue to expand our CTC network and service offerings to meet this essential need with an objective of adding at least six CTCs in the year ahead.”

Hunter added, “Forming strategic partnerships is a third attractive growth pathway for Acadia. We have been fortunate to establish strong relationships with leading healthcare providers and premier healthcare systems across the country who want to expand behavioral healthcare treatment options in their respective communities. We bring the clinical expertise and experience they need to deliver high quality care, while we have an opportunity to leverage the providers’ market presence and established relationships in their communities. During the third quarter, we opened a new 90-bed facility with our joint venture partner, Covenant Health, in Knoxville, Tennessee. During the fourth quarter, we opened our ninth joint venture facility, a 120-bed hospital known as Maple Heights Behavioral Health, with our partner, Lutheran Health Network, in Ft. Wayne, Indiana. Acadia has joint venture partnerships for 19 facilities with 10 facilities expected to open over the next several years, including two in 2023.

“For our fourth pathway, we have a very disciplined focus on M&A opportunities and continue to look for selective acquisitions that complement our growth strategy and are incremental to our financial objectives. During the fourth quarter of 2022, we acquired four CTCs from Georgia-based Brand New Start Treatment Centers, located in separate suburbs of the Atlanta metropolitan area, extending Acadia’s CTC network to 151 locations. We remain focused on identifying attractive M&A opportunities that are complementary to our existing geographic footprint and portfolio of service offerings. We are fortunate to have a strong balance sheet that provides the flexibility to pursue acquisitions as well as make the necessary investments to support our other strategic growth pathways.

“For the fifth growth pathway, we remain focused on extending the continuum of care across our facilities and identifying additional ways to support patients. During the fourth quarter of 2022, we expanded our network of step-down programs by adding Intensive Outpatient Programs (IOP) across several of the communities that we serve. To further support our growth objectives, we also continued to implement our strategy of improving cross-referral opportunities between our facilities by launching the program to several strategically identified regions,” added Hunter.

Cash and Liquidity

Maintaining a strong financial position will continue to be a top priority for Acadia in 2023. As of December 31, 2022, the Company had $97.6 million in cash and cash equivalents and $525 million available under its $600 million revolving credit facility with a net leverage ratio of approximately 2.1x.

During the fourth quarter, the Company completed its repayment of amounts received pursuant to the Medicare Accelerated and Advanced Payment Program under the CARES Act. Of the $45.2 million of advanced payments received in 2020, the Company repaid a total of $25.1 million in 2021 and paid the remaining balance of $20.1 million in 2022, including $1.2 million in the fourth quarter of 2022.

Looking Ahead

“We are proud of our results for 2022, and even more proud of our vitally important work to support expanding patient populations in order to make a positive difference in more communities. Acadia has created a strong foundation to build upon during a time of unprecedented demand for behavioral healthcare services. We also see a growing recognition among providers that behavioral health issues are integral to overall patient health. A 2022 study from Indiana University found that approximately 45 percent of patients who visit the emergency department for physical injuries and ailments also have mental health and substance use problems that are frequently overlooked. Acadia has established strong relationships with a growing number of med-surg hospitals across the country, bringing our experience and expertise to markets where they are desperately needed. Fortunately, greater societal awareness of these issues and broader acceptance of treatment have made behavioral healthcare a priority with medical professionals and government healthcare officials. Acadia is well positioned to address this critical need as a leader in providing behavioral healthcare services across the care continuum.

“As we look to the year ahead, we are focused on increasing our pace of growth and capitalizing on expansion opportunities across our service lines. At the same time, we will be enhancing the delivery of care we provide and strengthening our capabilities through our investments in people, processes and technology. Across our network of 250 facilities, we have a shared mission to provide high quality, differentiated behavioral healthcare services, and we look forward to the opportunities ahead for Acadia in 2023 and beyond,” concluded Hunter.

Financial Guidance

Acadia today narrowed its previously announced financial guidance for 2023, as follows:

	2023 Guidance Range
Revenue	$2.82 to $2.88 billion
Adjusted EBITDA	$635 to $675 million
Adjusted earnings per diluted share	$3.10 to $3.40
Interest expense	$80 to $85 million
Tax rate	25% to 26%
Depreciation and amortization expense	$125 to $135 million
Stock compensation expense	$30 to $35 million
Operating cash flows	$450 to $500 million
Expansion capital expenditures	$350 to $400 million
Maintenance capital expenditures	$40 to $50 million
IT capital expenditures	$35 to $45 million

Acadia also established financial guidance for the first quarter of 2023, as follows:

	First Quarter 2023 Guidance Range
Revenue	$690 to $700 million
Adjusted EBITDA	$145 to $150 million
Adjusted earnings per diluted share	$0.70 to $0.74

The Company’s guidance does not include the impact of any future acquisitions, divestitures, transaction-related expenses or recognition of additional income from the CARES Act.

Conference Call

Acadia will hold a conference call to discuss its fourth quarter financial results at 8:00 a.m. Eastern Time on February 28, 2023. A live webcast of the conference call will be available at www.acadiahealthcare.com in the “Investors” section of the website. The webcast of the conference call will be available for 30 days.