Addus HomeCare Corp
For the period ended Dec 31, 2023. Filed Feb 27, 2024.
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FY2023 · Filed Feb 27, 2024
ADUS$126.29+3.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(amounts in thousands)
| For the Years | |||
|---|---|---|---|
| Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $62,516 | $46,025 | $45,126 |
| Adjustments to reconcile net income to net cash provided by operating activities, net of acquisitions: | |||
| Depreciation and amortization | 14,126 | 14,060 | 14,494 |
| Deferred income taxes | 2,819 | 3,908 | 7,282 |
| Stock-based compensation | 10,319 | 10,625 | 9,434 |
| Amortization of debt issuance costs under the credit facility | 860 | 860 | 804 |
| Provision for credit losses | 731 | 678 | 962 |
| Impairment of operating lease assets | 13 | 1,174 | — |
| Gain on termination of operating leases | (23) | — | — |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | 15,666 | 20,592 | (3,916) |
| Prepaid expenses and other current assets | (3,113) | 1,471 | (8,599) |
| Government stimulus advances | (7,577) | 8,739 | (27,914) |
| Accounts payable | 2,025 | 2,514 | (4,810) |
| Accrued payroll | 9,176 | (918) | 7,888 |
| Accrued expenses and other liabilities | 4,709 | (4,618) | (1,263) |
| Net cash provided by operating activities | 112,247 | 105,110 | 39,488 |
| Cash flows from investing activities: | |||
| Business acquisition, net of cash acquired | (109,797) | (98,290) | (37,370) |
| Purchases of property and equipment | (9,454) | (8,300) | (4,645) |
| Proceeds on disposal of property and equipment | 15 | — | — |
| Net cash used in investing activities | (119,236) | (106,590) | (42,015) |
| Cash flows from financing activities: | |||
| Borrowings on revolver — credit facility | 110,000 | 47,000 | 46,395 |
| Payments on revolver — credit facility | (118,500) | (137,000) | — |
| Payments on term loan — credit facility | — | — | (18,130) |
| Payments for debt issuance costs under the credit facility | — | — | (3,029) |
| Cash received from exercise of stock options | 319 | 2,546 | 1,108 |
| Net cash (used in) provided by financing activities | (8,181) | (87,454) | 26,344 |
| Net change in cash | (15,170) | (88,934) | 23,817 |
| Cash, at beginning of period | 79,961 | 168,895 | 145,078 |
| Cash, at end of period | $64,791 | $79,961 | $168,895 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid for interest | $10,254 | $7,985 | $5,094 |
| Cash paid for income taxes | 14,985 | 1,483 | 17,820 |
| Supplemental disclosures of non-cash investing and financing activities | |||
| Leasehold improvements acquired through tenant allowances | — | 295 | — |
| Licensing fees included in Fixed assets | 4,000 | 4,000 | — |
| Tax benefit related to the amortization of tax goodwill in excess of book basis | — | — | 61 |
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