\nChemed Corporation (Chemed) (NYSE: CHE),which operates VITAS Healthcare Corporation (VITAS), one of the nation\u2019s largest providers of end-of-life care, and Roto-Rooter, the nation\u2019s largest commercial and residential plumbing and drain cleaning services provider, reported financial results for its first quarter ended March 31, 2023, versus the comparable prior-year period, as follows:<\/p>\n
\nConsolidated operating results:<\/p>\n
- \n
- \nRevenue increased 5.6% to $560 million<\/p>\n<\/li>\n
- \nGAAP Diluted Earnings-per-Share (EPS) of $3.58<\/p>\n<\/li>\n
- \nAdjusted Diluted EPS of $4.82, an increase of 0.6%<\/p>\n<\/li>\n<\/ul>\n
\nVITAS segment operating results:<\/p>\n
- \n
- \nNet Patient Revenue of $310 million, an increase of 3.8%<\/p>\n<\/li>\n
- \nAverage Daily Census (ADC) of 17,830, an increase of 3.0%<\/p>\n<\/li>\n
- \nAdmissions of 16,179, a decline of 2.1%<\/p>\n<\/li>\n
- \nNet Income, excluding certain discrete items, of $32.9 million, a decline of 10.5%<\/p>\n<\/li>\n
- \nAdjusted EBITDA, excluding Medicare Cap, of $47.2 million, a decline of 10.1%<\/p>\n<\/li>\n
- \nAdjusted EBITDA margin, excluding Medicare Cap, of 15.1%, a decrease of 234-basis points<\/p>\n<\/li>\n<\/ul>\n
\nRoto-Rooter segment operating results:<\/p>\n
- \n
- \nRevenue of $250 million, an increase of 7.9%<\/p>\n<\/li>\n
- \nNet Income, excluding certain discrete items, of $50.7 million, an increase of 9.3%<\/p>\n<\/li>\n
- \nAdjusted EBITDA of $71.8 million, an increase of 9.0%<\/p>\n<\/li>\n
- \nAdjusted EBITDA margin of 28.8%, an increase of 29-basis points<\/p>\n<\/li>\n<\/ul>\n
VITAS<\/span><\/p>\n
\nVITAS net revenue was $310 million in the first quarter of 2023, which is an increase of 3.8% when compared to the prior year period. This revenue increase is comprised primarily of a 3.0% increase in days-of-care and a geographically weighted average Medicare reimbursement rate increase of approximately 2.9%, partially offset by 200-basis points as a result of CMS reimplementing the 2% sequestration cut that was suspended at the start of the pandemic in 2020. Acuity mix shift had minimal impact in the quarter when compared to the prior-year revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes negatively impacted revenue growth by 10-basis points.<\/p>\n
\nIn the first quarter of 2023, VITAS accrued $2.75 million in Medicare Cap billing limitations. This compares to a $2.5 million Medicare Cap billing limitation in the first quarter of 2022.<\/p>\n
\nOf VITAS\u2019 30 Medicare provider numbers, 25 provider numbers have a trailing six-month Medicare Cap cushion of 10% or greater, one provider number has a cushion between 5% and 10%, one provider number has a cushion between 0% and 5% and three provider numbers have a trailing six-month billing limitation liability.<\/p>\n
\nAverage revenue per patient per day in the first quarter of 2023 was $198.86 which is 100-basis points above the prior-year period. Reimbursement for routine home care and high acuity care averaged $173.39 and $1,042.06 respectively. During the quarter, high acuity days-of-care were 2.9% of total days of care, essentially equal to the prior-year quarter.<\/p>\n
\nThe first quarter 2023 gross margin, excluding Medicare Cap and the hiring and retention bonus program, was 22.5%. This is a 220-basis point margin decline when compared to the first quarter of 2022. The majority of this margin decline is the result of CMS reimplementing sequestration which reduced gross margins 200-basis points. During the quarter, VITAS increased the licensed healthcare staff by 200 professionals. This results in total licensed staff increasing by 475 professionals since the inception of the retention program on July 1, 2022. The increase of 200 professionals hired during the first quarter of 2023 is estimated to have negatively impacted margins in the quarter by approximately 50-basis points.<\/p>\n
\nSelling, general and administrative expenses were $23.3 million in the first quarter of 2023 and compares to $22.5 million incurred in the prior-year quarter. Adjusted EBITDA, excluding Medicare Cap, totaled $47.2 million in the quarter, a decrease of 10.1%. Adjusted EBITDA margin in the quarter, excluding Medicare Cap, was 15.1%, which is 234-basis points below the prior-year period. This Adjusted EBITDA margin was negatively impacted by 200-basis points for the reimplementation of sequestration and approximately 50-basis points due to the addition of 200 licensed professionals during the first quarter of 2023.<\/p>\n
Roto-Rooter<\/span><\/p>\n
\nRoto-Rooter generated quarterly revenue of $250 million in the first quarter of 2023, an increase of 7.9%, when compared to the prior-year quarter.<\/p>\n
\nRoto-Rooter branch commercial revenue in the quarter totaled $59.9 million, an increase of 10.1%, over the prior year. This aggregate commercial revenue growth consisted of drain cleaning revenue increasing 4.0%, plumbing increasing 10.7%, excavation increasing 26.2%, and water restoration increasing 7.4%.<\/p>\n
\nRoto-Rooter branch residential revenue in the quarter totaled $169 million, an increase of 7.5%, over the prior-year period. This aggregate residential revenue growth consisted of drain cleaning decreasing 2.9%, plumbing expanding 3.6%, excavation expanding 3.9%, and water restoration increasing 27.4%.<\/p>\n
\nRoto-Rooter\u2019s gross margin in the quarter was 53.1%, a 37-basis point increase when compared to the first quarter of 2022. Adjusted EBITDA in the first quarter of 2023 totaled $71.8 million, an increase of 9.0%. The Adjusted EBITDA margin in the quarter was 28.8%, which is a 29-basis point improvement when compared to the prior year.<\/p>\n
Chemed Consolidated<\/span><\/p>\n
\nAs of March 31, 2023, Chemed had total cash and cash equivalents of $58.1 million and $21.3 million of current and long-term debt.<\/p>\n
\nIn June 2022, Chemed entered into a five-year $550 million Amended and Restated Credit Agreement (Credit Agreement). This Credit Agreement consisted of a $100 million amortizable term loan and a $450 million revolving credit facility. The interest rate on this Credit Agreement has a floating rate that is currently SOFR plus 100-basis points. During the quarter, the Company paid off the majority of the term loan, with $21.3 million remaining as of March 31, 2023. The Company has approximately $405 million of undrawn borrowing capacity under the revolving portion of the credit agreement.<\/p>\n
Guidance for 2023<\/span><\/p>\n
\nManagement anticipates providing updated 2023 earnings guidance as part of the June 30, 2023, earnings press release.<\/p>\n
Conference Call<\/span><\/p>\n
\nChemed will host a conference call and webcast at 10 a.m., ET, on Thursday April 27, 2023, to discuss the company’s quarterly results and to provide an update on its business. Participants may access a live webcast of the conference call through the investor relations section of Chemed\u2019s website, Investor Relations Home | Chemed Corporation<\/a> or the hosting website https:\/\/edge.media-server.com\/mmc\/p\/j92nc5np<\/a>.<\/p>\n
\nParticipants may also register via teleconference at:
\n
https:\/\/register.vevent.com\/register\/BI022164faf96b4f54a3fa9a29dc1a2511<\/a>. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.<\/p>\n\nA taped replay of the conference call will be available beginning approximately two hours after the call’s conclusion. You may access the replay via webcast through the investor relations section of Chemed\u2019s website.<\/p>\n
\nChemed Corporation operates in the healthcare field through its VITAS Healthcare Corporation subsidiary. VITAS provides daily hospice services to approximately 17,800 patients with severe, life-limiting illnesses. This type of care is focused on making the terminally ill patient’s final days as comfortable and pain-free as possible.<\/p>\n
\nChemed operates in the residential and commercial plumbing and drain cleaning industry under the brand name Roto-Rooter. Roto-Rooter provides plumbing, drain cleaning, and water cleanup services through company-owned branches, independent contractors and franchisees in the United States and Canada. Roto-Rooter also has licensed master franchisees in the republics of Indonesia and Singapore, and the Philippines.<\/p>\n
\nThis press release contains information about Chemed\u2019s EBITDA, Adjusted EBITDA and Adjusted Diluted EPS, which are not measures derived in accordance with GAAP and which exclude components that are important to understanding Chemed\u2019s financial performance. In reporting its operating results, Chemed provides EBITDA, Adjusted EBITDA and Adjusted Diluted EPS measures to help investors and others evaluate the Company\u2019s operating results, compare its operating performance with that of similar companies that have different capital structures and evaluate its ability to meet its future debt service, capital expenditures and working capital requirements. Chemed\u2019s management similarly uses EBITDA, Adjusted EBITDA and Adjusted Diluted EPS to assist it in evaluating the performance of the Company across fiscal periods and in assessing how its performance compares to its peer companies. These measures also help Chemed\u2019s management to estimate the resources required to meet Chemed\u2019s future financial obligations and expenditures. Chemed\u2019s EBITDA, Adjusted EBITDA and Adjusted Diluted EPS should not be considered in isolation or as a substitute for comparable measures calculated and presented in accordance with GAAP. We calculated Adjusted EBITDA Margin by dividing Adjusted EBITDA by service revenue and sales. A reconciliation of Chemed\u2019s net income to its EBITDA, Adjusted EBITDA and Adjusted Diluted EPS is presented in the tables following the text of this press release.<\/p>\n
Forward-Looking Statements<\/span><\/p>\n
\nCertain statements contained in this press release and the accompanying tables are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “hope,” “anticipate,” “plan” and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. Chemed does not undertake and specifically disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These statements are based on current expectations and assumptions and involve various risks and uncertainties, which could cause Chemed’s actual results to differ from those expressed in such forward-looking statements.<\/p>\n
\nThese risks and uncertainties arise from, among other things, possible changes in regulations governing the hospice care or plumbing and drain cleaning industries; periodic changes in reimbursement levels and procedures under Medicare and Medicaid programs; difficulties predicting patient length of stay and estimating potential Medicare reimbursement obligations; challenges inherent in Chemed’s growth strategy; the current shortage of qualified nurses, other healthcare professionals and licensed plumbing and drain cleaning technicians; Chemed\u2019s dependence on patient referral sources; and other factors detailed under the caption “Description of Business by Segment” or “Risk Factors” in Chemed\u2019s most recent report on form 10-Q or 10-K and its other filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on such forward-looking statements and there are no assurances that the matters contained in such statements will be achieved.<\/p>\n
\n
\n CHEMED CORPORATION AND SUBSIDIARY COMPANIES<\/b><\/td>\n<\/tr>\n \n CONSOLIDATED STATEMENTS OF INCOME<\/b><\/td>\n<\/tr>\n \n (in thousands, except per share data)(unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended March 31,<\/td>\n <\/tr>\n \n \n \n \n 2023<\/b><\/p>\n<\/td>\n
\n \n \n2022<\/p>\n<\/td>\n
<\/tr>\n \n Service revenues and sales<\/td>\n \n $<\/b><\/td>\n \n 560,157<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n530,549<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Cost of services provided and goods sold<\/td>\n \n \n \n 370,705<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n336,552<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Selling, general and administrative expenses (aa)<\/td>\n \n \n \n 100,095<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n89,954<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Depreciation<\/td>\n \n \n \n 12,286<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n12,138<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Amortization<\/td>\n \n \n \n 2,513<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,518<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Other operating expense<\/td>\n \n \n \n 1,739<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n13<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Total costs and expenses<\/td>\n \n \n \n 487,338<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n441,175<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Income from operations<\/td>\n \n \n \n 72,819<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n89,374<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Interest expense<\/td>\n \n \n \n (1,551<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(810<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Other expense–net (bb)<\/td>\n \n \n \n (103<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(3,862<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Income before income taxes<\/td>\n \n \n \n 71,165<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n84,702<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Income taxes<\/td>\n \n \n \n (17,044<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(20,533<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Net income<\/td>\n \n $<\/b><\/td>\n \n 54,121<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n64,169<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Earnings Per Share<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Net income<\/td>\n \n $<\/b><\/td>\n \n 3.62<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n4.28<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Average number of shares outstanding<\/td>\n \n \n \n 14,966<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n14,986<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Diluted Earnings Per Share<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n Net income<\/td>\n \n $<\/b><\/td>\n \n 3.58<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n4.22<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Average number of shares outstanding<\/td>\n \n \n \n 15,110<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n15,192<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (aa) Selling, general and administrative (“SG&A”) expenses comprise (in thousands):<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended March 31,<\/td>\n <\/tr>\n \n \n \n \n 2023<\/b><\/p>\n<\/td>\n
\n \n \n2022<\/p>\n<\/td>\n
<\/tr>\n \n SG&A expenses before long-term incentive compensation<\/td>\n \n \n \n \n \n \n <\/tr>\n \n and the impact of market value adjustments related to<\/td>\n \n \n \n \n \n \n <\/tr>\n \n deferred compensation plans<\/td>\n \n $<\/b><\/td>\n \n 97,902<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n92,578<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Long-term incentive compensation<\/td>\n \n \n \n 2,514<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,310<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Market value adjustments related to deferred<\/td>\n \n \n \n \n \n \n <\/tr>\n \n compensation trusts<\/td>\n \n \n \n (321<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(3,934<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Total SG&A expenses<\/td>\n \n $<\/b><\/td>\n \n 100,095<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n89,954<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (bb) Other expense–net comprises (in thousands):<\/td>\n <\/tr>\n \n \n \n Three Months Ended March 31,<\/td>\n <\/tr>\n \n \n \n \n 2023<\/b><\/p>\n<\/td>\n
\n \n \n2022<\/p>\n<\/td>\n
<\/tr>\n \n Market value adjustments related to deferred<\/td>\n \n \n \n \n \n \n <\/tr>\n \n compensation trusts<\/td>\n \n $<\/b><\/td>\n \n (321<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n $<\/td>\n \n \n(3,934<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Interest income<\/td>\n \n \n \n 150<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n73<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Other<\/td>\n \n \n \n 68<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(1<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Total other expense–net<\/td>\n \n $<\/b><\/td>\n \n (103<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n $<\/td>\n \n \n(3,862<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n CHEMED CORPORATION AND SUBSIDIARY COMPANIES<\/b><\/td>\n<\/tr>\n \n CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n<\/tr>\n \n (in thousands, except per share data)(unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n March 31,<\/td>\n<\/tr>\n \n \n \n \n 2023<\/b><\/p>\n<\/td>\n
\n \n \n2022<\/p>\n<\/td>\n<\/tr>\n
\n Assets<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Current assets<\/td>\n \n \n \n \n \n <\/tr>\n \n Cash and cash equivalents<\/td>\n \n $<\/b><\/td>\n \n 58,054<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n18,160<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accounts receivable less allowances<\/td>\n \n \n \n 153,816<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n117,319<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Inventories<\/td>\n \n \n \n 10,663<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n10,540<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid income taxes<\/td>\n \n \n \n 10,633<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n9,143<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Prepaid expenses<\/td>\n \n \n \n 29,055<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n29,589<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total current assets<\/td>\n \n \n \n 262,221<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n184,751<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Investments of deferred compensation plans held in trust<\/td>\n \n \n \n 97,436<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n100,139<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Properties and equipment, at cost less accumulated depreciation<\/td>\n \n \n \n 204,164<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n192,405<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Lease right of use asset<\/td>\n \n \n \n 131,219<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n134,169<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Identifiable intangible assets less accumulated amortization<\/td>\n \n \n \n 97,348<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n106,367<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Goodwill<\/td>\n \n \n \n 581,286<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n579,704<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other assets<\/td>\n \n \n \n 57,511<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n8,222<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total Assets<\/td>\n \n $<\/b><\/td>\n \n 1,431,185<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n1,305,757<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Liabilities<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Current liabilities<\/td>\n \n \n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n $<\/b><\/td>\n \n 40,279<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n64,710<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Current portion of long-term debt<\/td>\n \n \n \n 5,000<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes<\/td>\n \n \n \n 11,223<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n15,390<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accrued insurance<\/td>\n \n \n \n 63,150<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n58,952<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accrued compensation<\/td>\n \n \n \n 50,152<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n62,205<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Accrued legal<\/td>\n \n \n \n 6,061<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n871<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Short-term lease liability<\/td>\n \n \n \n 38,291<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n38,856<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other current liabilities<\/td>\n \n \n \n 69,304<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n38,667<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total current liabilities<\/td>\n \n \n \n 283,460<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n279,651<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Deferred income taxes<\/td>\n \n \n \n 35,418<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n19,136<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Long-term debt<\/td>\n \n \n \n 16,250<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n120,000<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Deferred compensation liabilities<\/td>\n \n \n \n 97,285<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n100,812<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Long-term lease liability<\/td>\n \n \n \n 106,212<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n109,121<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other liabilities<\/td>\n \n \n \n 12,507<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n10,332<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total Liabilities<\/td>\n \n \n \n 551,132<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n639,052<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Stockholders’ Equity<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Capital stock<\/td>\n \n \n \n 36,884<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n36,579<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Paid-in capital<\/td>\n \n \n \n 1,186,119<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,064,448<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Retained earnings<\/td>\n \n \n \n 2,246,354<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,029,158<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Treasury stock, at cost<\/td>\n \n \n \n (2,591,588<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(2,465,716<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Deferred compensation payable in Company stock<\/td>\n \n \n \n 2,284<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,236<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total Stockholders’ Equity<\/td>\n \n \n \n 880,053<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n666,705<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total Liabilities and Stockholders’ Equity<\/td>\n \n $<\/b><\/td>\n \n 1,431,185<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n1,305,757<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n<\/table>\n \n
\n CHEMED CORPORATION AND SUBSIDIARY COMPANIES<\/b><\/td>\n<\/tr>\n \n CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/td>\n<\/tr>\n \n (in thousands)(unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended March 31,<\/td>\n<\/tr>\n \n \n \n \n 2023<\/b><\/p>\n<\/td>\n
\n \n \n2022<\/p>\n<\/td>\n<\/tr>\n
\n Cash Flows from Operating Activities<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Net income<\/td>\n \n $<\/b><\/td>\n \n 54,121<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n \n64,169<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Adjustments to reconcile net income to net cash provided<\/td>\n \n \n \n \n \n <\/tr>\n \n by operating activities:<\/td>\n \n \n \n \n \n <\/tr>\n \n Depreciation and amortization<\/td>\n \n \n \n 14,799<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n14,656<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Stock option expense<\/td>\n \n \n \n 8,482<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n7,451<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Benefit for deferred income taxes<\/td>\n \n \n \n (3,195<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(4,047<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Noncash long-term incentive compensation<\/td>\n \n \n \n 2,024<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,185<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Amortization of debt issuance costs<\/td>\n \n \n \n 95<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n76<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Changes in operating assets and liabilities, excluding<\/td>\n \n \n \n \n \n <\/tr>\n \n amounts acquired in business combinations:<\/td>\n \n \n \n \n \n <\/tr>\n \n (Increase)\/decrease in accounts receivable<\/td>\n \n \n \n (14,318<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n19,610<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Increase in inventories<\/td>\n \n \n \n (391<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(431<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Decrease in prepaid expenses<\/td>\n \n \n \n 1,236<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n3,099<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Decrease in accounts payable and<\/td>\n \n \n \n \n \n <\/tr>\n \n other current liabilities<\/td>\n \n \n \n (24,109<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(30,332<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Change in current income taxes<\/td>\n \n \n \n 19,118<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n23,530<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net change in lease assets and liabilities<\/td>\n \n \n \n (632<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n743<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Increase in other assets<\/td>\n \n \n \n (2,173<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(1,562<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Increase in other liabilities<\/td>\n \n \n \n 5,313<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,958<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other sources\/(uses)<\/td>\n \n \n \n 122<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(15<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Net cash provided by operating activities<\/td>\n \n \n \n 60,492<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n101,090<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Cash Flows from Investing Activities<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Capital expenditures<\/td>\n \n \n \n (17,020<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(12,649<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Business combinations, net of cash acquired<\/td>\n \n \n \n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(1,650<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Proceeds from sale of fixed assets<\/td>\n \n \n \n 146<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n485<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other uses<\/td>\n \n \n \n (139<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(134<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Net cash used by investing activities<\/td>\n \n \n \n (17,013<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(13,948<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Cash Flows from Financing Activities<\/b><\/td>\n \n \n \n \n \n <\/tr>\n \n Payments on long-term debt<\/td>\n \n \n \n (76,250<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Proceeds from exercise of stock options<\/td>\n \n \n \n 25,680<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n7,692<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Dividends paid<\/td>\n \n \n \n (5,685<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(5,322<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Capital stock surrendered to pay taxes on stock-based compensation<\/td>\n \n \n \n (3,166<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(4,893<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Payments on revolving line of credit<\/td>\n \n \n \n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(86,500<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Proceeds from revolving line of credit<\/td>\n \n \n \n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n21,500<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Purchases of treasury stock<\/td>\n \n \n \n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(27,794<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Change in cash overdrafts payable<\/td>\n \n \n \n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(7,051<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Other (uses)\/sources<\/td>\n \n \n \n (130<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n491<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Net cash used by financing activities<\/td>\n \n \n \n (59,551<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(101,877<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Decrease in Cash and Cash Equivalents<\/b><\/td>\n \n \n \n (16,072<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(14,735<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Cash and cash equivalents at beginning of year<\/td>\n \n \n \n 74,126<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n32,895<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Cash and cash equivalents at end of year<\/td>\n \n $<\/b><\/td>\n \n 58,054<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/b><\/td>\n \n \n18,160<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n CHEMED CORPORATION AND SUBSIDIARY COMPANIES<\/b><\/td>\n<\/tr>\n \n CONSOLIDATING STATEMENTS OF INCOME<\/b><\/td>\n<\/tr>\n \n FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022<\/b><\/td>\n<\/tr>\n \n (in thousands)(unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n Chemed<\/b><\/td>\n<\/tr>\n \n \n \n VITAS<\/b><\/td>\n \n Roto-Rooter<\/b><\/td>\n \n Corporate<\/b><\/td>\n \n Consolidated<\/b><\/td>\n<\/tr>\n \n 2023 (a)<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Service revenues and sales<\/td>\n \n $<\/td>\n \n \n310,478<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n249,679<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n560,157<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Cost of services provided and goods sold<\/td>\n \n \n \n \n253,654<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n117,051<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n370,705<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative expenses<\/td>\n \n \n \n \n23,336<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n60,813<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n15,946<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n100,095<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Depreciation<\/td>\n \n \n \n \n4,958<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n7,312<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n16<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n12,286<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Amortization<\/td>\n \n \n \n \n26<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,487<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,513<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other operating expense<\/td>\n \n \n \n \n12<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,727<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,739<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total costs and expenses<\/td>\n \n \n \n \n281,986<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n189,390<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n15,962<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n487,338<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income\/(loss) from operations<\/td>\n \n \n \n \n28,492<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n60,289<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(15,962<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n72,819<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Interest expense<\/td>\n \n \n \n \n(50<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(133<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(1,368<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(1,551<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Intercompany interest income\/(expense)<\/td>\n \n \n \n \n4,648<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,743<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(7,391<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other income\/(expense)\u2014net<\/td>\n \n \n \n \n189<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n29<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(321<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(103<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Income\/(loss) before income taxes<\/td>\n \n \n \n \n33,279<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n62,928<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(25,042<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n71,165<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes<\/td>\n \n \n \n \n(8,515<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(15,275<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n6,746<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(17,044<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Net income\/(loss)<\/td>\n \n $<\/td>\n \n \n24,764<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n47,653<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(18,296<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n54,121<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n 2022 (b)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Service revenues and sales<\/td>\n \n $<\/td>\n \n \n299,189<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n231,360<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n530,549<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Cost of services provided and goods sold<\/td>\n \n \n \n \n227,240<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n109,312<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n336,552<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Selling, general and administrative expenses<\/td>\n \n \n \n \n22,453<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n56,954<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n10,547<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n89,954<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Depreciation<\/td>\n \n \n \n \n5,551<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n6,569<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n18<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n12,138<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Amortization<\/td>\n \n \n \n \n24<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,494<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,518<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other operating expense\/(income)<\/td>\n \n \n \n \n(148<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n161<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n13<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Total costs and expenses<\/td>\n \n \n \n \n255,120<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n175,490<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n10,565<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n441,175<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income\/(loss) from operations<\/td>\n \n \n \n \n44,069<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n55,870<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(10,565<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n89,374<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Interest expense<\/td>\n \n \n \n \n(52<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(115<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(643<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(810<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Intercompany interest income\/(expense)<\/td>\n \n \n \n \n4,656<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,176<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(6,832<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Other income\/(expense)\u2014net<\/td>\n \n \n \n \n37<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n35<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(3,934<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(3,862<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Income\/(loss) before income taxes<\/td>\n \n \n \n \n48,710<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n57,966<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(21,974<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n84,702<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes<\/td>\n \n \n \n \n(12,229<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(14,029<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n5,725<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(20,533<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Net income\/(loss)<\/td>\n \n $<\/td>\n \n \n36,481<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n43,937<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(16,249<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n64,169<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n The “Footnotes to Financial Statements” are integral parts of this financial information.<\/td>\n<\/tr>\n<\/table>\n \n
\n CHEMED CORPORATION AND SUBSIDIARY COMPANIES<\/b><\/td>\n<\/tr>\n \n CONSOLIDATING SUMMARIES OF EBITDA<\/b><\/td>\n<\/tr>\n \n FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022<\/b><\/td>\n<\/tr>\n \n (in thousands)(unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n Chemed<\/b><\/td>\n<\/tr>\n \n \n \n VITAS<\/b><\/td>\n \n Roto-Rooter<\/b><\/td>\n \n Corporate<\/b><\/td>\n \n Consolidated<\/b><\/td>\n<\/tr>\n \n \n 2023<\/b><\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net income\/(loss)<\/td>\n \n $<\/td>\n \n \n24,764<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n47,653<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(18,296<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n54,121<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Add\/(deduct):<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest expense<\/td>\n \n \n \n \n50<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n133<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,368<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,551<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes<\/td>\n \n \n \n \n8,515<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n15,275<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(6,746<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n17,044<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Depreciation<\/td>\n \n \n \n \n4,958<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n7,312<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n16<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n12,286<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Amortization<\/td>\n \n \n \n \n26<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,487<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,513<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n EBITDA<\/td>\n \n \n \n \n38,313<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n72,860<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(23,658<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n87,515<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Add\/(deduct):<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Intercompany interest expense\/(income)<\/td>\n \n \n \n \n(4,648<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(2,743<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n7,391<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Interest (income)\/expense<\/td>\n \n \n \n \n(121<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(29<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(150<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Licensed healthcare retention bonus<\/td>\n \n \n \n \n10,916<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n10,916<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Stock option expense<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n8,482<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n8,482<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Long-term incentive compensation<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,514<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,514<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Litigation settlements<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,756<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,756<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted EBITDA<\/td>\n \n $<\/td>\n \n \n44,460<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n71,844<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(5,271<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n111,033<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n2022<\/p>\n<\/td>\n
\n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Net income\/(loss)<\/td>\n \n $<\/td>\n \n \n36,481<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n43,937<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(16,249<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n64,169<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Add\/(deduct):<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Interest expense<\/td>\n \n \n \n \n52<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n115<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n643<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n810<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Income taxes<\/td>\n \n \n \n \n12,229<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n14,029<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(5,725<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n20,533<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Depreciation<\/td>\n \n \n \n \n5,551<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n6,569<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n18<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n12,138<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Amortization<\/td>\n \n \n \n \n24<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,494<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,518<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n EBITDA<\/td>\n \n \n \n \n54,337<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n67,144<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(21,313<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n100,168<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Add\/(deduct):<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n Intercompany interest expense\/(income)<\/td>\n \n \n \n \n(4,656<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(2,176<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n6,832<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Interest income<\/td>\n \n \n \n \n(37<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(36<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(73<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Stock option expense<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n7,451<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n7,451<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Direct costs related to COVID-19<\/td>\n \n \n \n \n391<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n961<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,352<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Long-term incentive compensation<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,310<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,310<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted EBITDA<\/td>\n \n $<\/td>\n \n \n50,035<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n65,893<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(5,720<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n110,208<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n The “Footnotes to Financial Statements” are integral parts of this financial information.<\/td>\n<\/tr>\n<\/table>\n \n
\n CHEMED CORPORATION AND SUBSIDIARY COMPANIES<\/b><\/td>\n<\/tr>\n \n RECONCILIATION OF ADJUSTED NET INCOME<\/b><\/td>\n<\/tr>\n \n (in thousands, except per share data)(unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended March 31,<\/td>\n<\/tr>\n \n \n \n \n 2023<\/b><\/p>\n<\/td>\n
\n \n \n2022<\/p>\n<\/td>\n<\/tr>\n
\n Net income as reported<\/td>\n \n $<\/b><\/td>\n \n 54,121<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n64,169<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Add\/(deduct) pre-tax cost of:<\/td>\n \n \n \n \n \n <\/tr>\n \n Licensed healthcare worker retention bonus<\/td>\n \n \n \n 10,916<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Stock option expense<\/td>\n \n \n \n 8,482<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n7,451<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Long-term incentive compensation<\/td>\n \n \n \n 2,514<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,310<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Amortization of reacquired franchise agreements<\/td>\n \n \n \n 2,352<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,352<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Litigation settlements<\/td>\n \n \n \n 1,756<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Direct costs related to COVID-19<\/td>\n \n \n \n –<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,352<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Add\/(deduct) tax impacts:<\/td>\n \n \n \n \n \n <\/tr>\n \n Tax impact of the above pre-tax adjustments (1)<\/td>\n \n \n \n (5,624<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(2,413<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Excess tax benefits on stock compensation<\/td>\n \n \n \n (1,650<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(1,441<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n Adjusted net income<\/td>\n \n $<\/b><\/td>\n \n 72,867<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n72,780<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Diluted Earnings Per Share As Reported<\/td>\n \n \n \n \n \n <\/tr>\n \n Net income<\/td>\n \n $<\/b><\/td>\n \n 3.58<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n4.22<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Average number of shares outstanding<\/td>\n \n \n \n 15,110<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n15,192<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Adjusted Diluted Earnings Per Share<\/td>\n \n \n \n \n \n <\/tr>\n \n Adjusted net income<\/td>\n \n $<\/b><\/td>\n \n 4.82<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n4.79<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n Average number of shares outstanding<\/td>\n \n \n \n 15,110<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n15,192<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (1) The tax impact of pre-tax adjustments was calculated using the effective tax rate of the operating unit for which each adjustment is associated.<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n The “Footnotes to Financial Statements” are integral parts of this financial information.<\/td>\n<\/tr>\n<\/table>\n \n
\n CHEMED CORPORATION AND SUBSIDIARY COMPANIES<\/b><\/td>\n<\/tr>\n \n OPERATING STATISTICS FOR VITAS SEGMENT<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Three Months Ended March 31,<\/td>\n <\/tr>\n \n OPERATING STATISTICS<\/td>\n \n 2023<\/b><\/p>\n<\/td>\n
\n \n \n2022<\/p>\n<\/td>\n
<\/tr>\n \n Net revenue ($000) (c)<\/td>\n \n \n \n \n \n <\/tr>\n \n Homecare<\/td>\n $<\/b><\/td>\n \n 267,050<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n257,636<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Inpatient<\/td>\n \n \n 29,093<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n26,570<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Continuous care<\/td>\n \n \n 19,941<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n19,578<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Other<\/td>\n \n \n 3,021<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n3,007<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Subtotal<\/td>\n $<\/b><\/td>\n \n 319,105<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n306,791<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Room and board, net<\/td>\n \n \n (2,769<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(2,117<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Contractual allowances<\/td>\n \n \n (3,108<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(2,985<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Medicare cap allowance<\/td>\n \n \n (2,750<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(2,500<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Net Revenue<\/td>\n $<\/b><\/td>\n \n 310,478<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n299,189<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Net revenue as a percent of total before Medicare cap allowance<\/td>\n \n \n \n \n \n <\/tr>\n \n Homecare<\/td>\n \n \n 83.7<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n \n \n84.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Inpatient<\/td>\n \n \n 9.1<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n8.7<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Continuous care<\/td>\n \n \n 6.2<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n6.4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Other<\/td>\n \n \n 1.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n0.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Subtotal<\/td>\n \n \n 100.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n100.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Room and board, net<\/td>\n \n \n (0.8<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(0.7<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Contractual allowances<\/td>\n \n \n (1.0<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(1.0<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Medicare cap allowance<\/td>\n \n \n (0.9<\/b><\/p>\n<\/td>\n
\n )<\/b><\/p>\n<\/td>\n
\n \n \n \n(0.8<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
<\/tr>\n \n Net Revenue<\/td>\n \n \n 97.3<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n \n \n97.5<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Days of care<\/td>\n \n \n \n \n \n <\/tr>\n \n Homecare<\/td>\n \n \n 1,286,437<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,258,672<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Nursing home<\/td>\n \n \n 265,429<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n248,468<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Respite<\/td>\n \n \n 5,760<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n5,368<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Subtotal routine homecare and respite<\/td>\n \n \n 1,557,626<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,512,508<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Inpatient<\/td>\n \n \n 26,369<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n24,587<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Continuous care<\/td>\n \n \n 20,686<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n21,082<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Total<\/td>\n \n \n 1,604,681<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,558,177<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Number of days in relevant time period<\/td>\n \n \n 90<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n90<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Average daily census (“ADC”) (days)<\/td>\n \n \n \n \n \n <\/tr>\n \n Homecare<\/td>\n \n \n 14,294<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n13,985<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Nursing home<\/td>\n \n \n 2,949<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,761<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Respite<\/td>\n \n \n 64<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n60<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Subtotal routine homecare and respite<\/td>\n \n \n 17,307<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n16,806<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Inpatient<\/td>\n \n \n 293<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n273<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Continuous care<\/td>\n \n \n 230<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n234<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Total<\/td>\n \n \n 17,830<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n17,313<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Total Admissions<\/td>\n \n \n 16,179<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n16,530<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Total Discharges<\/td>\n \n \n 15,405<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n16,862<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Average length of stay (days)<\/td>\n \n \n 99.9<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n104.8<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Median length of stay (days)<\/td>\n \n \n 15.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n14.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n ADC by major diagnosis<\/td>\n \n \n \n \n \n <\/tr>\n \n Cerebro<\/td>\n \n \n 41.8<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n \n \n36.7<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Neurological<\/td>\n \n \n 19.3<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n22.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Cancer<\/td>\n \n \n 10.5<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n11.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Cardio<\/td>\n \n \n 16.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n15.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Respiratory<\/td>\n \n \n 7.3<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n7.4<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Other<\/td>\n \n \n 5.1<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n6.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Total<\/td>\n \n \n 100.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n \n \n100.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Admissions by major diagnosis<\/td>\n \n \n \n \n \n <\/tr>\n \n Cerebro<\/td>\n \n \n 26.4<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n \n \n22.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n Neurological<\/td>\n \n \n 10.7<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n12.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Cancer<\/td>\n \n \n 24.7<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n24.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Cardio<\/td>\n \n \n 16.2<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n14.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Respiratory<\/td>\n \n \n 10.9<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n11.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Other<\/td>\n \n \n 11.1<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n14.1<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Total<\/td>\n \n \n 100.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n \n \n100.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Estimated uncollectible accounts as a percent of revenues<\/td>\n \n \n 1.0<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n %<\/b><\/p>\n<\/td>\n
\n \n \n1.0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Accounts receivable —<\/td>\n \n \n \n \n \n <\/tr>\n \n Days of revenue outstanding-excluding unapplied Medicare payments<\/td>\n \n 34.7<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n33.6<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n Days of revenue outstanding-including unapplied Medicare payments<\/td>\n \n 29.2<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n23.9<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
<\/tr>\n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n The “Footnotes to Financial Statements” are integral parts of this financial information.<\/td>\n<\/tr>\n<\/table>\n \n
\n CHEMED CORPORATION AND SUBSIDIARY COMPANIES<\/b><\/td>\n<\/tr>\n \n FOOTNOTES TO FINANCIAL STATEMENTS<\/b><\/td>\n<\/tr>\n \n FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022<\/b><\/td>\n<\/tr>\n \n (unaudited)<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (a)<\/td>\n Included in the results of operations for 2023 are the following significant credits\/(charges) which may not be indicative of ongoing operations<\/td>\n<\/tr>\n \n \n (in thousands):<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n Three Months Ended March 31, 2023<\/b><\/td>\n<\/tr>\n \n \n \n \n VITAS<\/b><\/td>\n \n Roto-Rooter<\/b><\/td>\n \n Corporate<\/b><\/td>\n \n Consolidated<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Licensed healthcare worker retention bonus<\/td>\n \n $<\/td>\n \n \n(10,916<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(10,916<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Stock option expense<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(8,482<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(8,482<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Long-term incentive compensation<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(2,514<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(2,514<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Amortization of reacquired franchise agreements<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(2,352<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(2,352<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Litigation settlements<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(1,756<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(1,756<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Pretax impact on earnings<\/td>\n \n \n \n \n(10,916<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(4,108<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(10,996<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(26,020<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Excess tax benefits on stock compensation<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,650<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,650<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Income tax benefit on the above<\/td>\n \n \n \n \n2,772<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,089<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,763<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n5,624<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n After-tax impact on earnings<\/td>\n \n $<\/td>\n \n \n(8,144<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(3,019<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(7,583<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(18,746<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (b)<\/td>\n Included in the results of operations for 2022 are the following significant credits\/(charges) which may not be indicative of ongoing operations<\/td>\n<\/tr>\n \n \n (in thousands):<\/td>\n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n Three Months Ended March 31, 2022<\/b><\/td>\n<\/tr>\n \n \n \n \n VITAS<\/b><\/td>\n \n Roto-Rooter<\/b><\/td>\n \n Corporate<\/b><\/td>\n \n Consolidated<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n Stock option expense<\/td>\n \n $<\/td>\n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(7,451<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(7,451<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Long-term incentive compensation<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(1,310<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(1,310<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Amortization of reacquired franchise agreements<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(2,352<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(2,352<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Direct costs related to COVID-19<\/td>\n \n \n \n \n(391<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(961<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n(1,352<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Pretax impact on earnings<\/td>\n \n \n \n \n(391<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(3,313<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(8,761<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n \n \n \n(12,465<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n Excess tax benefits on stock compensation<\/td>\n \n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n–<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,441<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,441<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Income tax benefit on the above<\/td>\n \n \n \n \n99<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n878<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n1,436<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n \n \n2,413<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n After-tax impact on earnings<\/td>\n \n $<\/td>\n \n \n(292<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(2,435<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(5,884<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n
\n $<\/td>\n \n \n(8,611<\/p>\n<\/td>\n
\n \n)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n (c)<\/td>\n VITAS has 9 large (greater than 450 ADC), 17 medium (greater than 200 but less than 450 ADC) and 24 small (less than 200 ADC) hospice programs. Of Vitas’ 30 Medicare provider numbers, for the current cap year, 25 provider numbers have a Medicare cap cushion of greater than 10%, two provider numbers have a Medicare cap cushion between zero and 10% and three provider numbers have a Medicare cap liability.<\/td>\n<\/tr>\n<\/table>\n \n\u00a0<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230426005005\/en\/<\/a><\/span><\/p>\n
\nDavid P. Williams
\n
(513) 762-6901<\/p>\nKEYWORDS:<\/b> Ohio United States North America<\/p>\n
INDUSTRY KEYWORDS:<\/b> Commercial Building & Real Estate Construction & Property Other Retail Building Systems Managed Care General Health Health Other Construction & Property Retail Residential Building & Real Estate<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230426005005\/en\/394682\/3\/Chemed_Corp_logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n