Attached files
file | filename |
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EX-99.2 - EX-99.2 - ALMOST FAMILY INC | ex-99d2.htm |
8-K - 8-K - ALMOST FAMILY INC | f8-k.htm |
Almost Family, Inc. and Subsidiaries
Results of Operations – Supplemental Quarterly Data
Results of Operations Exhibit 99.1
(In thousands)
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2014 |
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2015 |
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2016 |
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2017 |
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Consolidated |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
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Net service revenues: |
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Home Health |
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$ 93,172 |
$ 96,642 |
$ 94,905 |
$ 95,456 |
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$ 99,271 |
$ 97,557 |
$ 98,109 |
$ 105,196 |
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$ 109,422 |
$ 110,340 |
$ 108,138 |
$ 107,068 |
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$ 151,155 |
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Other Home-Based Services |
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26,860 |
28,294 |
28,838 |
29,118 |
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29,025 |
29,679 |
31,072 |
38,854 |
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39,884 |
40,012 |
41,975 |
40,675 |
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45,598 |
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Healthcare Innovations |
|
307 |
256 |
1,798 |
182 |
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103 |
130 |
2,051 |
1,167 |
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4,392 |
5,644 |
10,308 |
5,684 |
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4,559 |
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120,339 |
125,192 |
125,541 |
124,756 |
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128,399 |
127,366 |
131,232 |
145,217 |
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153,698 |
155,996 |
160,421 |
153,427 |
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201,312 |
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Operating income before corporate expenses: |
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Home Health |
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8,860 |
12,425 |
11,116 |
10,421 |
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12,290 |
12,438 |
11,999 |
12,881 |
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15,041 |
15,267 |
12,657 |
13,599 |
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19,882 |
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Other Home-Based Services |
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2,528 |
3,521 |
3,195 |
3,286 |
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3,008 |
3,648 |
3,142 |
4,636 |
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3,671 |
3,051 |
2,501 |
4,296 |
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3,814 |
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Healthcare Innovations |
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(255) |
(427) |
1,077 |
(408) |
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(517) |
(402) |
485 |
(783) |
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(673) |
720 |
5,051 |
559 |
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(343) |
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11,133 |
15,519 |
15,388 |
13,299 |
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14,781 |
15,684 |
15,626 |
16,734 |
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18,039 |
19,038 |
20,209 |
18,454 |
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23,353 |
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Corporate expenses |
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5,770 |
7,332 |
6,402 |
6,054 |
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6,912 |
6,849 |
6,234 |
6,310 |
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7,694 |
6,951 |
6,981 |
7,339 |
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9,058 |
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Deal, transition and other costs |
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3,115 |
1,243 |
1,655 |
(709) |
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406 |
203 |
(1,306) |
4,835 |
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2,609 |
2,589 |
2,257 |
4,387 |
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7,231 |
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Operating income |
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2,248 |
6,944 |
7,331 |
7,954 |
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7,463 |
8,632 |
10,698 |
5,589 |
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7,736 |
9,498 |
10,971 |
6,728 |
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7,064 |
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Interest expense, net |
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(347) |
(329) |
(401) |
(365) |
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(447) |
(457) |
(559) |
(823) |
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(1,332) |
(1,604) |
(1,399) |
(1,442) |
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(1,897) |
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Net (gain) loss - noncontrolling interests |
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189 |
(36) |
(338) |
424 |
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365 |
228 |
(262) |
137 |
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190 |
133 |
(1,012) |
170 |
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(760) |
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Net income before income taxes |
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2,090 |
6,579 |
6,592 |
8,013 |
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7,381 |
8,403 |
9,877 |
4,903 |
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6,594 |
8,027 |
8,560 |
5,456 |
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4,407 |
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Income tax expense |
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(817) |
(2,618) |
(2,810) |
(3,266) |
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(2,987) |
(3,393) |
(2,078) |
(2,097) |
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(2,677) |
(3,250) |
(3,194) |
(1,864) |
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(774) |
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Net income attributable to Almost Family, Inc. |
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$ 1,273 |
$ 3,961 |
$ 3,782 |
$ 4,747 |
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$ 4,394 |
$ 5,010 |
$ 7,799 |
$ 2,806 |
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$ 3,917 |
$ 4,777 |
$ 5,366 |
$ 3,592 |
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$ 3,633 |
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Almost Family, Inc. and Subsidiaries
Results of Operations – Supplemental Quarterly Data
Home Health
(In thousands, except for statistics)
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2014 |
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2015 |
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2016 |
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2017 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
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Net service revenues |
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$ 93,172 |
$ 96,642 |
$ 94,905 |
$ 95,456 |
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$ 99,271 |
$ 97,557 |
$ 98,109 |
$ 105,196 |
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$ 109,422 |
$ 110,340 |
$ 108,138 |
$ 107,068 |
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$ 151,155 |
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Cost of service revenues |
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46,612 |
46,268 |
46,877 |
46,706 |
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47,975 |
46,390 |
47,862 |
51,447 |
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52,459 |
53,629 |
53,966 |
52,690 |
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73,521 |
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Gross margin |
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46,560 |
50,374 |
48,028 |
48,750 |
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51,296 |
51,167 |
50,247 |
53,749 |
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56,963 |
56,711 |
54,172 |
54,378 |
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77,634 |
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General and administrative expenses: |
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Salaries and benefits |
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27,121 |
27,952 |
27,122 |
28,139 |
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28,663 |
28,147 |
28,250 |
29,721 |
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30,230 |
30,179 |
30,968 |
30,595 |
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41,892 |
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Other |
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10,579 |
9,997 |
9,790 |
10,190 |
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10,343 |
10,582 |
9,998 |
11,147 |
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11,692 |
11,265 |
10,547 |
10,184 |
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15,860 |
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Total general and administrative expenses |
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37,700 |
37,949 |
36,912 |
38,329 |
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39,006 |
38,729 |
38,248 |
40,868 |
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41,922 |
41,444 |
41,515 |
40,779 |
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57,752 |
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Operating income before corporate expenses |
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$ 8,860 |
$ 12,425 |
$ 11,116 |
$ 10,421 |
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$ 12,290 |
$ 12,438 |
$ 11,999 |
$ 12,881 |
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$ 15,041 |
$ 15,267 |
$ 12,657 |
$ 13,599 |
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$ 19,882 |
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Margin Analysis % of Revenue |
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Cost of service revenue |
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50.0% | 47.9% | 49.4% | 48.9% |
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48.3% | 47.6% | 48.8% | 48.9% |
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47.9% | 48.6% | 49.9% | 49.2% |
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48.6% |
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G & A - salaries and benefits |
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29.1% | 28.9% | 28.6% | 29.5% |
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28.9% | 28.9% | 28.8% | 28.3% |
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27.6% | 27.4% | 28.6% | 28.6% |
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27.7% |
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G & A - other |
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11.4% | 10.3% | 10.3% | 10.7% |
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10.4% | 10.8% | 10.2% | 10.6% |
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10.7% | 10.2% | 9.8% | 9.5% |
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10.5% |
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Contribution |
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9.5% | 12.9% | 11.7% | 10.9% |
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12.4% | 12.7% | 12.2% | 12.2% |
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13.7% | 13.8% | 11.7% | 12.7% |
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13.2% |
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Number of locations |
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171 |
172 |
158 |
159 |
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159 |
161 |
163 |
164 |
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163 |
162 |
168 |
168 |
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240 |
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All payors: |
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Admissions |
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25,106 |
24,545 |
24,371 |
24,612 |
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26,279 |
24,920 |
24,759 |
26,423 |
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28,432 |
27,410 |
25,788 |
25,946 |
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41,457 |
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Census |
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19,722 |
20,055 |
20,086 |
19,637 |
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19,846 |
20,374 |
21,014 |
22,470 |
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23,092 |
23,441 |
23,177 |
22,210 |
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31,333 |
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Visits |
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611,044 |
637,361 |
627,517 |
631,145 |
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642,592 |
638,479 |
645,589 |
694,783 |
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736,159 |
735,138 |
711,998 |
686,982 |
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969,354 |
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Cost per visit |
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$ 76 |
$ 73 |
$ 75 |
$ 74 |
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$ 75 |
$ 73 |
$ 74 |
$ 74 |
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$ 71 |
$ 73 |
$ 76 |
$ 77 |
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$ 76 |
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G&A expense per census |
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$ 1,912 |
$ 1,892 |
$ 1,838 |
$ 1,952 |
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$ 1,965 |
$ 1,901 |
$ 1,820 |
$ 1,819 |
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$ 1,815 |
$ 1,768 |
$ 1,791 |
$ 1,836 |
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$ 1,843 |
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Episodic: |
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Admissions |
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19,413 |
19,187 |
18,886 |
19,053 |
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20,897 |
19,809 |
19,406 |
20,229 |
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21,612 |
20,932 |
20,751 |
21,106 |
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31,290 |
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Census |
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16,423 |
16,790 |
16,709 |
16,312 |
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16,581 |
16,999 |
17,081 |
17,467 |
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17,695 |
18,010 |
18,045 |
17,827 |
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24,148 |
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Episodes |
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28,285 |
30,594 |
30,229 |
30,115 |
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31,304 |
30,976 |
30,355 |
31,570 |
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32,540 |
32,775 |
32,260 |
32,428 |
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45,891 |
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Visits |
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518,412 |
542,035 |
530,702 |
530,304 |
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546,858 |
540,754 |
542,314 |
569,001 |
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587,692 |
589,116 |
574,505 |
566,227 |
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768,012 |
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Revenue |
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84,275 |
87,554 |
85,831 |
85,839 |
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90,334 |
88,760 |
87,177 |
90,468 |
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95,432 |
95,305 |
94,709 |
94,255 |
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130,069 |
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Revenue per episode |
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$ 2,979 |
$ 2,862 |
$ 2,839 |
$ 2,850 |
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$ 2,886 |
$ 2,865 |
$ 2,872 |
$ 2,866 |
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$ 2,933 |
$ 2,908 |
$ 2,936 |
$ 2,907 |
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$ 2,834 |
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Visits per episode |
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18.3 |
17.7 |
17.6 |
17.6 |
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17.5 |
17.5 |
17.9 |
18.0 |
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18.1 |
18.0 |
17.8 |
17.5 |
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16.7 |
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Almost Family, Inc. and Subsidiaries
Results of Operations – Supplemental Quarterly Data
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2014 |
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2015 |
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2016 |
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2017 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
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Non-episodic: |
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Admissions |
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5,693 |
5,358 |
5,485 |
5,559 |
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5,382 |
5,111 |
5,353 |
6,194 |
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6,820 |
6,478 |
5,037 |
4,840 |
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10,167 |
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Census |
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3,299 |
3,265 |
3,377 |
3,325 |
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3,265 |
3,375 |
3,933 |
5,003 |
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5,397 |
5,431 |
5,132 |
4,383 |
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7,185 |
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Visits |
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92,632 |
95,326 |
96,815 |
100,841 |
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95,734 |
97,725 |
103,275 |
125,782 |
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148,467 |
146,022 |
137,493 |
120,755 |
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201,342 |
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Revenue |
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$ 8,897 |
$ 9,088 |
$ 9,074 |
$ 9,617 |
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$ 8,937 |
$ 8,797 |
$ 10,932 |
$ 14,728 |
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$ 13,990 |
$ 15,035 |
$ 13,429 |
$ 12,813 |
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$ 21,086 |
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Revenue per visit |
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$ 96 |
$ 95 |
$ 94 |
$ 95 |
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$ 93 |
$ 90 |
$ 106 |
$ 117 |
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$ 94 |
$ 103 |
$ 98 |
$ 106 |
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$ 105 |
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Visits per admission |
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16.3 |
17.8 |
17.7 |
18.1 |
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17.8 |
19.1 |
19.3 |
20.3 |
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21.8 |
22.5 |
27.3 |
24.9 |
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19.8 |
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Almost Family, Inc. and Subsidiaries
Results of Operations – Supplemental Quarterly Data
Other Home-Based Services
(In thousands, except for statistics)
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2014 |
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2015 |
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2016 |
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2017 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
Q2 |
Q3 |
Q4 |
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Q1 |
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Net service revenues |
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$ 26,860 |
$ 28,294 |
$ 28,838 |
$ 29,118 |
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$ 29,025 |
$ 29,679 |
$ 31,072 |
$ 38,854 |
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$ 39,884 |
$ 40,012 |
$ 41,975 |
$ 40,675 |
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$ 45,598 |
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Cost of service revenues |
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18,823 |
19,220 |
19,581 |
19,615 |
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20,306 |
19,934 |
21,130 |
25,696 |
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27,343 |
27,476 |
29,278 |
27,876 |
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30,503 |
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Gross margin |
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8,037 |
9,074 |
9,257 |
9,503 |
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8,719 |
9,745 |
9,942 |
13,158 |
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12,541 |
12,536 |
12,697 |
12,799 |
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15,095 |
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General and administrative expenses: |
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Salaries and benefits |
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3,519 |
3,608 |
3,745 |
3,797 |
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3,913 |
4,044 |
4,368 |
5,269 |
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5,754 |
6,040 |
6,460 |
6,338 |
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7,376 |
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Other |
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1,990 |
1,945 |
2,317 |
2,420 |
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1,798 |
2,053 |
2,432 |
3,253 |
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3,116 |
3,445 |
3,736 |
2,165 |
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3,905 |
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Total general and administrative expenses |
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5,509 |
5,553 |
6,062 |
6,217 |
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5,711 |
6,097 |
6,800 |
8,522 |
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8,870 |
9,485 |
10,196 |
8,503 |
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11,281 |
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Operating income before corporate expenses |
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$ 2,528 |
$ 3,521 |
$ 3,195 |
$ 3,286 |
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$ 3,008 |
$ 3,648 |
$ 3,142 |
$ 4,636 |
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$ 3,671 |
$ 3,051 |
$ 2,501 |
$ 4,296 |
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$ 3,814 |
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Margin Analysis % of Revenue |
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Cost of service revenue |
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70.1% | 67.9% | 67.9% | 67.4% |
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70.0% | 67.2% | 68.0% | 66.1% |
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68.6% | 68.7% | 69.8% | 68.5% |
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66.9% |
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G & A - salaries and benefits |
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13.1% | 12.8% | 13.0% | 13.0% |
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13.5% | 13.6% | 14.1% | 13.6% |
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14.4% | 15.1% | 15.4% | 15.6% |
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16.2% |
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G & A - other |
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7.4% | 6.9% | 8.0% | 8.3% |
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6.2% | 6.9% | 7.8% | 8.4% |
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7.8% | 8.6% | 8.9% | 5.3% |
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8.6% |
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Contribution |
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9.4% | 12.4% | 11.1% | 11.3% |
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10.4% | 12.3% | 10.1% | 11.9% |
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9.2% | 7.6% | 6.0% | 10.6% |
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8.4% |
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Personal care locations: |
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61 |
61 |
61 |
61 |
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61 |
62 |
66 |
73 |
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72 |
71 |
80 |
76 |
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74 |
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Hospice locations: |
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1 |
1 |
1 |
1 |
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1 |
1 |
1 |
1 |
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1 |
1 |
1 |
1 |
|
16 |
|
` |
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Personal Care: |
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|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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Admissions |
|
1,519 |
1,653 |
1,667 |
1,619 |
|
1,427 |
1,651 |
1,725 |
2,076 |
|
2,446 |
2,591 |
2,638 |
1,996 |
|
2,341 |
|
Census |
|
7,050 |
7,233 |
7,289 |
7,427 |
|
7,228 |
7,621 |
8,201 |
11,793 |
|
12,545 |
12,894 |
14,092 |
13,333 |
|
12,826 |
|
Hours of service |
|
1,312,977 |
1,375,017 |
1,379,842 |
1,344,760 |
|
1,313,733 |
1,348,602 |
1,414,701 |
1,786,852 |
|
1,848,209 |
1,857,937 |
1,953,224 |
1,878,853 |
|
1,829,542 |
|
Hours per patient per week |
|
14.3 |
14.6 |
14.6 |
13.9 |
|
14.0 |
13.6 |
13.3 |
11.7 |
|
11.3 |
11.1 |
10.7 |
10.8 |
|
10.9 |
|
Revenue |
|
$ 26,860 |
$ 28,160 |
$ 28,627 |
$ 28,850 |
|
$ 28,761 |
$ 29,488 |
$ 30,837 |
$ 38,626 |
|
$ 39,693 |
$ 39,694 |
$ 41,688 |
$ 40,292 |
|
$ 38,554 |
|
Operating income |
|
$ 2,639 |
$ 3,501 |
$ 3,136 |
$ 3,177 |
|
$ 2,898 |
$ 3,604 |
$ 3,067 |
$ 4,601 |
|
$ 3,737 |
$ 3,008 |
$ 2,540 |
$ 4,224 |
|
$ 2,348 |
|
Revenue per hour |
|
$ 20.46 |
$ 20.48 |
$ 20.75 |
$ 21.45 |
|
$ 21.89 |
$ 21.87 |
$ 21.80 |
$ 21.62 |
|
$ 21.48 |
$ 21.36 |
$ 21.34 |
$ 21.45 |
|
$ 21.07 |
|
Cost per hour |
|
$ 12.22 |
$ 12.27 |
$ 12.56 |
$ 12.77 |
|
$ 13.21 |
$ 13.18 |
$ 13.21 |
$ 12.75 |
|
$ 12.97 |
$ 13.08 |
$ 13.39 |
$ 13.15 |
|
$ 12.93 |
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Hospice: |
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Admissions |
|
— |
10 |
15 |
19 |
|
16 |
14 |
16 |
23 |
|
23 |
26 |
33 |
15 |
|
758 |
|
Census |
|
— |
11 |
16 |
20 |
|
21 |
14 |
19 |
18 |
|
15 |
25 |
22 |
30 |
|
465 |
|
Length of stay |
|
— |
19 |
30 |
37 |
|
37 |
26 |
34 |
33 |
|
30 |
45 |
40 |
54 |
|
58 |
|
Revenue |
|
$ - |
$ 134 |
$ 211 |
$ 268 |
|
$ 264 |
$ 191 |
$ 235 |
$ 228 |
|
$ 191 |
$ 318 |
$ 287 |
$ 383 |
|
$ 7,044 |
|
Operating income |
|
$ (111) |
$ 20 |
$ 59 |
$ 109 |
|
$ 110 |
$ 44 |
$ 75 |
$ 35 |
|
$ (66) |
$ 43 |
$ (39) |
$ 72 |
|
$ 1,466 |
|
Revenue per day |
|
$ - |
$ 140 |
$ 141 |
$ 145 |
|
$ 141 |
$ 145 |
$ 139 |
$ 140 |
|
$ 140 |
$ 142 |
$ 142 |
$ 141 |
|
$ 166 |
|
Almost Family, Inc. and Subsidiaries
Results of Operations – Supplemental Quarterly Data
Healthcare Innovations
(In thousands, except for statistics) |
|
|||||||||||||||||
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|
2014 |
|
2015 |
|
2016 |
|
2017 |
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|||||||||
|
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
Q2 |
Q3 |
Q4 |
|
Q1 |
|
Net service revenues |
|
$ 307 |
$ 256 |
$ 1,798 |
$ 182 |
|
$ 103 |
$ 130 |
$ 2,051 |
$ 1,167 |
|
$ 4,392 |
$ 5,644 |
$ 10,308 |
$ 5,684 |
|
$ 4,559 |
|
Cost of service revenues |
|
91 |
68 |
64 |
68 |
|
46 |
19 |
484 |
553 |
|
2,424 |
2,582 |
2,824 |
2,903 |
|
2,242 |
|
Gross margin |
|
216 |
188 |
1,734 |
114 |
|
57 |
111 |
1,567 |
614 |
|
1,968 |
3,062 |
7,484 |
2,781 |
|
2,317 |
|
General and administrative expenses: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Salaries and benefits |
|
239 |
392 |
309 |
389 |
|
366 |
335 |
711 |
1,022 |
|
1,839 |
1,446 |
1,477 |
1,153 |
|
1,599 |
|
Other |
|
232 |
223 |
348 |
133 |
|
208 |
178 |
371 |
375 |
|
802 |
896 |
956 |
1,069 |
|
1,061 |
|
Total general and administrative expenses |
|
471 |
615 |
657 |
522 |
|
574 |
513 |
1,082 |
1,397 |
|
2,641 |
2,342 |
2,433 |
2,222 |
|
2,660 |
|
Operating income (loss) before corporate expenses |
|
$ (255) |
$ (427) |
$ 1,077 |
$ (408) |
|
$ (517) |
$ (402) |
$ 485 |
$ (783) |
|
$ (673) |
$ 720 |
$ 5,051 |
$ 559 |
|
$ (343) |
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Margin Analysis % of Revenue |
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Cost of service revenue |
|
29.6% | 26.6% | 3.6% | 37.4% |
|
44.7% | 14.6% | 23.6% | 47.4% |
|
55.2% | 45.7% | 27.4% | 51.1% |
|
49.2% |
|
G & A - salaries and benefits |
|
77.9% | 153.1% | 17.2% | 213.7% |
|
355.3% | 257.7% | 34.7% | 87.6% |
|
41.9% | 25.6% | 14.3% | 20.3% |
|
35.1% |
|
G & A - other |
|
75.6% | 87.1% | 19.4% | 73.1% |
|
201.9% | 136.9% | 18.1% | 32.1% |
|
18.3% | 15.9% | 9.3% | 18.8% |
|
23.3% |
|
Contribution |
|
-83.1% |
-166.8% |
59.9% |
-224.2% |
|
-501.9% |
-309.2% |
23.6% |
-67.1% |
|
-15.3% |
12.8% | 49.0% | 9.8% |
|
-7.5% |
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ACO Management |
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Medicare ACO enrollees under management |
|
43,792 |
43,972 |
43,972 |
43,972 |
|
83,133 |
83,133 |
83,133 |
83,133 |
|
121,881 |
121,881 |
121,881 |
121,881 |
|
141,556 |
|
ACOs under contract |
|
7 |
7 |
7 |
7 |
|
11 |
11 |
11 |
11 |
|
14 |
14 |
14 |
14 |
|
15 |
|
Revenue |
|
$ 307 |
$ 256 |
$ 1,798 |
$ 182 |
|
$ 103 |
$ 130 |
$ 1,462 |
$ 63 |
|
$ 171 |
$ 165 |
$ 4,619 |
$ 339 |
|
$ 543 |
|
Operating income (loss) |
|
$ (255) |
$ (427) |
$ 1,077 |
$ (408) |
|
$ (517) |
$ (402) |
$ 1,036 |
$ (375) |
|
$ (392) |
$ (479) |
$ 3,832 |
$ (247) |
|
$ (389) |
|
|
|
|
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|
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|
Assessment Services |
|
|
|
|
|
|
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|
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|
|
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|
|
|
|
Assessments |
|
- |
- |
- |
- |
|
- |
- |
1,962 |
3,432 |
|
15,575 |
19,820 |
21,019 |
19,400 |
|
15,212 |
|
Revenue |
|
$ - |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ 589 |
$ 1,104 |
|
$ 4,221 |
$ 5,479 |
$ 5,689 |
$ 5,345 |
|
$ 4,016 |
|
Operating income (loss) |
|
$ - |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ (551) |
$ (408) |
|
$ (281) |
$ 1,199 |
$ 1,219 |
$ 806 |
|
$ 46 |
|
|
|
|
|
|
|
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|
Noncontrolling Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHS JV |
|
$ - |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ - |
$ - |
|
$ - |
$ - |
$ - |
$ - |
|
$ (941) |
|
Imperium |
|
94 |
169 |
(415) |
157 |
|
199 |
155 |
(399) |
144 |
|
151 |
185 |
(1,060) |
71 |
|
109 |
|
Other |
|
95 |
(205) |
77 |
267 |
|
166 |
73 |
137 |
(7) |
|
39 |
(52) |
48 |
99 |
|
72 |
|
Net (gain) loss - noncontrolling interests |
|
$ 189 |
$ (36) |
$ (338) |
$ 424 |
|
$ 365 |
$ 228 |
$ (262) |
$ 137 |
|
$ 190 |
$ 133 |
$ (1,012) |
$ 170 |
|
$ (760) |
|