Aveanna Healthcare Holdings Inc. (NASDAQ: AVAH), a leading,
diversified home care platform focused on providing care to
medically complex, high-cost patient populations, today announced
financial results for the three and nine-month periods ended
September 30, 2023.
Jeff Shaner, Chief Executive Officer, commented
“Our third quarter results reflect the continued momentum in our
business, highlighted by revenue and Adjusted EBITDA growth of 7.9%
and 46.2% when compared to the prior year period. These strong
results further affirm the Aveanna strategy to adapt and transform
our business as we execute on our 2023 key initiatives. Enhanced
payor partnerships allow us to further invest in our caregivers and
broaden our care to more patients in need. We are delivering
high-quality care to our patients at an exceptional value to our
government and payor partners. I am proud of our Aveanna teammates'
efforts and the solid results they produced for the third quarter.
We are confident in our revised outlook for the remainder of
2023.”
Three-Month Periods Ended September 30, 2023 and
October 1, 2022
Revenue was $478.0 million for the three-month
period ended September 30, 2023, as compared to $443.0 million for
the three-month period ended October 1, 2022, an increase of $35.0
million, or 7.9%. The overall increase in revenue was attributable
to a $29.1 million increase in Private Duty Services (“PDS”)
segment revenue, a $2.7 million increase in Medical Solutions
("MS") segment revenue, and a $3.1 million increase in Home Health
& Hospice (“HHH”) segment revenue over the comparable
quarter.
Gross margin was $147.3 million, or 30.8% of
revenue, for the three months ended September 30, 2023, as compared
to $134.6 million, or 30.4% of revenue, for the three months ended
October 1, 2022, an increase of $12.7 million, or 9.4%.
Net loss was $102.4 million for the third
quarter of 2023, as compared to net income of $24.3 million for the
third quarter of 2022, primarily attributable to a $105.1 million
non-cash goodwill impairment charge recorded in the third quarter
of 2023. Net loss per diluted share was $(0.54) for the third
quarter of 2023, as compared to net income per diluted share of
$0.13 for the third quarter of 2022. Adjusted net loss per diluted
share was $(0.03) for the third quarter of 2023, as compared to
adjusted net loss per diluted share of $(0.03) for the third
quarter of 2022.
Adjusted EBITDA was $36.2 million, or 7.6% of
revenue, for the third quarter of 2023, as compared to $24.7
million, or 5.6% of revenue, for the third quarter of 2022. See
"Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA"
below.
Nine-Month Periods Ended September 30, 2023 and
October 1, 2022
Revenue was $1,416.4 million for the nine-month
period ended September 30, 2023, as compared to $1,336.5 million
for the nine-month period ended October 1, 2022, an increase of
$79.9 million, or 6.0%. The overall increase in revenue was
attributable to a $81.5 million increase in the PDS segment revenue
and a $11.7 million increase in the MS segment revenue, partially
offset by a $13.3 million decrease in the HHH segment revenue over
the comparable period.
Gross margin was $447.0 million, or 31.6% of
revenue, for the nine-month period ended September 30, 2023, as
compared to $424.5 million, or 31.8% of revenue, for the nine-month
period ended October 1, 2022, an increase of $22.5 million, or
5.3%.
Net loss was $108.8 million for the first nine
months of 2023, as compared to net loss of $424.3 million for the
first nine months of 2022, primarily attributable to the difference
in non-cash goodwill impairment charges recorded in the respective
periods. Net loss per diluted share was $(0.57) for the first nine
months of 2023, as compared to net loss per diluted share of
$(2.29) for the first nine months of 2022. Adjusted net loss per
diluted share was $(0.09) for the first nine months of 2023, as
compared to adjusted net income per diluted share of $0.04 for the
first nine months of 2022.
Adjusted EBITDA was $100.5 million, or 7.1% of
revenue, for the first nine months of 2023, as compared to $99.7
million, or 7.5% of revenue, for the first nine months of 2022.
Liquidity, Cash Flow, and
Debt
- As of September 30, 2023, we had
cash of $48.3 million and incremental borrowing capacity of $20.0
million under our securitization facility. Our revolver was
undrawn, with approximately $168.0 million of borrowing capacity
and approximately $32.0 million of outstanding letters of
credit.
- Fiscal year-to-date 2023 net cash
provided by operating activities was $25.7 million. Free cash flow
was $16.9 million for year-to-date 2023. See “Non-GAAP Financial
Measures - Free cash flow” below.
- As of September 30, 2023 we had
bank debt of $1,472.1 million. Our interest rate exposure under our
credit facilities is currently hedged with the following
instruments:
- $520.0 million notional amount of
interest rate swaps that convert variable rate debt to a fixed
rate, and
- $880.0 million notional amount of
interest rate caps that cap our exposure to SOFR at 2.96%.
The leverage maintenance covenants in our
revolving credit facility do not become operative unless more than
30% of the total commitment under the revolving credit facility has
been utilized, subject to a $15.0 million carve-out for letters of
credit. Should the leverage maintenance covenant become operative,
maximum allowable first lien leverage would be 7.6x.
Matt Buckhalter, Interim Chief Financial
Officer, commented “I am pleased with the continued execution of
our 2023 strategic initiatives during the third quarter. Aveanna’s
performance is highlighted by the 7.9% growth in revenue and 46.2%
growth in Adjusted EBITDA as compared to prior year period. The
cost reduction efforts implemented earlier this year have
positively impacted our cash flow generated from operations in Q3.
Additionally, the demonstrated success of our preferred payor and
government partner strategy gives us confidence in our revised 2023
guidance.”
Revised Full Year 2023
Guidance
The following is our updated guidance reflecting
our current expectations for revenue and Adjusted EBITDA for the
full year 2023:
- Revenue of between $1,870 million
and $1,880 million, updated from prior guidance of revenue of
between $1,850 million and $1,860 million
Consistent with prior practice, we are not
providing guidance on net income at this time due to the volatility
of certain required inputs that are not available without
unreasonable efforts, including future fair value adjustments
associated with our interest rate swaps and caps.
- Adjusted EBITDA of between $134
million and $137 million, updated from prior guidance of Adjusted
EBITDA between $132 million and $135 million
Non-GAAP Financial Measures
In addition to our results of operations
prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”), we also evaluate our financial performance
using EBITDA, Adjusted EBITDA, Field contribution, Field
contribution margin, Adjusted net income, Adjusted net income per
diluted share, and Free cash flow. Given our determination of
adjustments in arriving at our computations, these non-GAAP
measures have limitations as analytical tools and should not be
considered in isolation or as substitutes or alternatives to net
income or loss, revenue, operating income or loss, cash flows from
operating activities, total indebtedness or any other financial
measures calculated in accordance with GAAP. The reconciliations of
these non-GAAP financial measures to their most directly comparable
GAAP measures are included in the financial tables below.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP
financial measures and are not intended to replace financial
performance measures determined in accordance with GAAP, such as
net income (loss). Rather, we present EBITDA and Adjusted EBITDA as
supplemental measures of our performance. We define EBITDA as net
income (loss) before interest expense, net; income tax benefit
(expense); and depreciation and amortization. We define Adjusted
EBITDA as EBITDA, adjusted for the impact of certain other items
that are either non-recurring, infrequent, non-cash, unusual, or
items deemed by management to not be indicative of the performance
of our core operations, including impairments of goodwill,
intangible assets, and other long-lived assets; non-cash,
share-based compensation; loss on extinguishment of debt; fees
related to debt modifications; the effect of interest rate
derivatives; acquisition-related and integration costs; legal costs
and settlements associated with acquisition matters; COVID-19
related costs; restructuring costs; other legal matters; and other
system transition costs, professional fees and other costs. As
non-GAAP financial measures, our computations of EBITDA and
Adjusted EBITDA may vary from similarly termed non-GAAP financial
measures used by other companies, making comparisons with other
companies on the basis of this measure impracticable.
We believe our computations of EBITDA and
Adjusted EBITDA are helpful in highlighting trends in our core
operating performance. In determining which adjustments are made to
arrive at EBITDA and Adjusted EBITDA, we consider both (1) certain
non-recurring, infrequent, non-cash or unusual items, which can
vary significantly from year to year, as well as (2) certain other
items that may be recurring, frequent, or settled in cash but which
we do not believe are indicative of our core operating performance.
We use EBITDA and Adjusted EBITDA to assess operating performance
and make business decisions.
We have incurred substantial acquisition-related
costs and integration costs. The underlying acquisition activities
take place over a defined timeframe, have distinct project
timelines and are incremental to activities and costs that arise in
the ordinary course of our business. Therefore, we believe it is
important to exclude these costs from our Adjusted EBITDA because
it provides us a normalized view of our core, ongoing operations
after integrating our acquired companies, which we believe is an
important measure in assessing our performance.
Field contribution and Field contribution
margin
Field contribution and Field contribution margin
are non-GAAP financial measures and are not intended to replace
financial performance measures determined in accordance with GAAP,
such as gross margin and gross margin percentage. Rather, we
present Field contribution and Field contribution margin as
supplemental measures of our performance. We define Field
contribution as gross margin less branch and regional
administrative expenses. Field contribution margin is Field
contribution as a percentage of revenue. As non-GAAP financial
measures, our computations of Field contribution and Field
contribution margin may vary from similarly termed non-GAAP
financial measures used by other companies, making comparisons with
other companies on the basis of these measures impracticable.
Field contribution and Field contribution margin
have limitations as analytical tools and should not be considered
in isolation or as substitutes or alternatives to gross margin,
gross margin percentage, net income or loss, revenue, operating
income or loss, cash flows from operating activities, total
indebtedness or any other financial measures calculated in
accordance with GAAP.
Management believes Field contribution and Field
contribution margin are helpful in highlighting trends in our core
operating performance and evaluating trends in our branch and
regional results, which can vary from year to year. We use Field
contribution and Field contribution margin to make business
decisions and assess the operating performance and results
delivered by our core field operations, prior to corporate and
other costs not directly related to our field operations. These
metrics are also important because they guide us in determining
whether or not our branch and regional administrative expenses are
appropriately sized to support our caregivers and direct patient
care operations. Additionally, Field contribution and Field
contribution margin determine how effective we are in managing our
field supervisory and administrative costs associated with
supporting our provision of services and sale of products.
Adjusted net (loss) income and Adjusted net
(loss) income per diluted share
Adjusted net (loss) income represents net income
(loss) as adjusted for the impact of GAAP income tax, goodwill,
intangible and other long-lived asset impairment charges, non-cash
share-based compensation expense, loss on extinguishment of debt,
interest rate derivatives, acquisition-related costs, integration
costs, legal costs, COVID-related costs net of reimbursement,
restructuring costs, other legal matters, other system transition
costs, professional fees and certain other miscellaneous items on a
pre-tax basis. Adjusted net (loss) income includes a provision for
income taxes derived utilizing a combined statutory tax rate. The
combined statutory tax rate is our estimate of our long-term tax
rate. The most comparable GAAP measure is net income (loss).
Adjusted net (loss) income per diluted share
represents adjusted net (loss) income on a per diluted share basis
using the weighted-average number of diluted shares outstanding for
the period. The most comparable GAAP measure is net income (loss)
per share, diluted.
Adjusted net (loss) income and adjusted net
(loss) income per diluted share are important to us because they
allow us to assess financial results, exclusive of the items
mentioned above that are not operational in nature or comparable to
those of our competitors.
Free cash flow
Free cash flow is a liquidity measure that
represents operating cash flow, adjusted for the impact of
purchases of property, equipment and software, principal payments
on term loans, notes payable and financing leases, and settlements
with swap counterparties. The most comparable GAAP measure is cash
flow from operations.
We believe free cash flow is helpful in
highlighting the cash generated or used by the Company, after
taking into consideration mandatory payments on term loans, notes
payable and financing leases, as well as cash needed for
non-acquisition related capital expenditures, and cash paid to or
received from derivative counterparties.
Conference Call
Aveanna will host a conference call on Thursday,
November 9, 2023, at 10:00 a.m. Eastern Time to discuss our third
quarter 2023 results. The conference call can be accessed live over
the phone by dialing 1-877-407-0789, or for international callers,
1-201-689-8562. A telephonic replay of the conference call will be
available until November 16, 2023, by dialing 1-844-512-2921, or
for international callers, 1-412-317-6671. The passcode for the
replay is 13740762. A live webcast of our conference call will also
be available under the Investor Relations section of our website:
https://ir.aveanna.com/. The online replay will also be available
for one week following the call.
Forward-Looking Statements
Certain matters discussed in this press release
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
(other than statements of historical facts) in this press release
regarding our prospects, plans, financial position, business
strategy and expected financial and operational results may
constitute forward-looking statements. Forward-looking statements
generally can be identified by the use of terminology such as
“believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,”
“seek,” “will,” “may,” “should,” “would,” “predict,” “project,”
“potential,” “continue,” “could,” “design,” or the negatives of
these terms or variations of them or similar expressions. These
statements are based on certain assumptions that we have made in
light of our experience in the industry as well as our perceptions
of historical trends, current conditions, expected future
developments and other factors we believe are appropriate in these
circumstances. These forward-looking statements are based on our
current expectations and beliefs concerning future developments and
their potential effect on us. Forward-looking statements involve a
number of risks and uncertainties that may cause actual results to
differ materially from those expressed or implied by such
forward-looking statements, such as our ability to successfully
execute our growth strategy, including through organic growth and
the completion of acquisitions, effective integration of the
companies we acquire, unexpected costs of acquisitions and
dispositions, the possibility that expected cost synergies may not
materialize as expected, the failure of Aveanna or the companies we
acquire to perform as expected, estimation inaccuracies in revenue
recognition, our ability to drive margin leverage through lower
costs, unexpected increases in SG&A and other expenses, changes
in reimbursement, changes in government regulations, changes in
Aveanna’s relationships with referral sources, increased
competition for Aveanna’s services or wage inflation, the failure
to retain or attract employees, changes in the interpretation of
government regulations or discretionary determinations made by
government officials, uncertainties regarding the outcome of rate
discussions with managed care organizations and our ability to
effectively collect our cash from these organizations, changes in
the case-mix of our patients, as well as the payor mix and payment
methodologies, legal proceedings, claims or governmental inquiries,
our ability to effectively collect and submit data required under
Electronic Visit Verification regulations, our ability to comply
with the terms and conditions of the CMS Review Choice
Demonstration program, our ability to effectively implement and
transition to new electronic medical record systems or billing and
collection systems, a failure to maintain the security and
functionality of our information systems or to defend against or
otherwise prevent a cybersecurity attack or breach, changes in tax
rates, our substantial indebtedness, the impact of adverse weather,
the impact to our business operations, reimbursements and patient
population were the COVID-19 environment to
worsen, and other risks set forth under the heading “Risk
Factors” in Aveanna’s Annual Report on Form 10-K for its 2022
fiscal year filed with the Securities and Exchange Commission on
March 16, 2023, which is available at www.sec.gov. In
addition, these forward-looking statements necessarily depend upon
assumptions, estimates and dates that may prove to be incorrect or
imprecise. Accordingly, forward-looking statements included in this
press release do not purport to be predictions of future events or
circumstances, and actual results may differ materially from those
expressed by forward-looking statements. All forward-looking
statements speak only as of the date made, and Aveanna undertakes
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
About Aveanna Healthcare
Aveanna Healthcare is headquartered in Atlanta,
Georgia and has locations in 33 states providing a broad range of
pediatric and adult healthcare services including nursing,
rehabilitation services, occupational nursing in schools, therapy
services, day treatment centers for medically fragile and
chronically ill children and adults, home health and hospice
services, as well as delivery of enteral nutrition and other
products to patients. The Company also provides case management
services in order to assist families and patients by coordinating
the provision of services between insurers or other payers,
physicians, hospitals, and other healthcare providers. In addition,
the Company provides respite healthcare services, which are
temporary care provider services provided in relief of the
patient’s normal caregiver. The Company’s services are designed to
provide a high quality, lower cost alternative to prolonged
hospitalization. For more information, please
visit www.aveanna.com.
Cash Flow and Information about
Indebtedness
The following table sets forth a summary of our
cash flows from operating, investing, and financing activities for
the periods presented:
| |
|
For the nine-month periods ended |
|
| (dollars in thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Net cash provided by (used in) operating activities |
|
$ |
25,677 |
|
|
$ |
(8,166 |
) |
| Net cash used in investing
activities |
|
$ |
(7,226 |
) |
|
$ |
(22,092 |
) |
| Net cash provided by financing
activities |
|
$ |
10,626 |
|
|
$ |
63,449 |
|
| Cash and cash equivalents at
beginning of period |
|
$ |
19,217 |
|
|
$ |
30,490 |
|
| Cash and cash equivalents at
end of period |
|
$ |
48,294 |
|
|
$ |
63,681 |
|
The following table presents our long-term
indebtedness as of September 30, 2023:
| (dollars in thousands) |
|
|
|
|
|
|
|
Instrument |
|
Interest Rate |
|
|
September 30, 2023 |
|
|
2021 Extended Term Loan (1) |
|
S + 3.75 |
% |
|
$ |
902,050 |
|
| Second Lien Term
Loan (1) |
|
S + 7.00 |
% |
|
|
415,000 |
|
| Revolving Credit
Facility (2) |
|
S + 3.75 |
% |
|
|
- |
|
| Securitization Facility |
|
S + 3.50 |
% |
|
|
155,000 |
|
| Total indebtedness |
|
|
|
|
$ |
1,472,050 |
|
| (1) S = Greater of 0.50%
or one-month SOFR, plus a CSA |
|
|
|
|
|
|
| (2) S = One-month SOFR,
plus a CSA |
|
|
|
|
|
|
Results of Operations
The following table summarizes our consolidated
results of operations for the periods indicated (amounts in
thousands, except per share data):
|
|
|
For the three-month periods ended |
|
|
For the nine-month periods ended |
|
|
|
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Revenue |
|
$ |
478,010 |
|
|
$ |
443,009 |
|
|
$ |
1,416,368 |
|
|
$ |
1,336,498 |
|
| Cost of revenue, excluding
depreciation and amortization |
|
|
330,746 |
|
|
|
308,426 |
|
|
|
969,384 |
|
|
|
912,046 |
|
| Branch and regional
administrative expenses |
|
|
91,004 |
|
|
|
89,542 |
|
|
|
273,967 |
|
|
|
267,283 |
|
| Corporate expenses |
|
|
27,446 |
|
|
|
33,215 |
|
|
|
84,735 |
|
|
|
105,984 |
|
| Goodwill impairment |
|
|
105,136 |
|
|
|
- |
|
|
|
105,136 |
|
|
|
470,207 |
|
| Depreciation and
amortization |
|
|
2,962 |
|
|
|
4,917 |
|
|
|
10,494 |
|
|
|
16,774 |
|
| Acquisition-related costs |
|
|
428 |
|
|
|
- |
|
|
|
466 |
|
|
|
69 |
|
| Other operating (income)
expense |
|
|
(3,360 |
) |
|
|
2,122 |
|
|
|
(6,593 |
) |
|
|
1,953 |
|
| Operating (loss) income |
|
|
(76,352 |
) |
|
|
4,787 |
|
|
|
(21,221 |
) |
|
|
(437,818 |
) |
| Interest income |
|
|
50 |
|
|
|
164 |
|
|
|
238 |
|
|
|
369 |
|
| Interest expense |
|
|
(39,599 |
) |
|
|
(28,462 |
) |
|
|
(113,542 |
) |
|
|
(73,745 |
) |
| Other income |
|
|
14,143 |
|
|
|
45,140 |
|
|
|
27,124 |
|
|
|
86,523 |
|
| (Loss) income before income
taxes |
|
|
(101,758 |
) |
|
|
21,629 |
|
|
|
(107,401 |
) |
|
|
(424,671 |
) |
| Income tax (expense)
benefit |
|
|
(631 |
) |
|
|
2,669 |
|
|
|
(1,387 |
) |
|
|
416 |
|
| Net (loss) income |
|
$ |
(102,389 |
) |
|
$ |
24,298 |
|
|
$ |
(108,788 |
) |
|
$ |
(424,255 |
) |
| Net (loss) income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (loss) income per share,
basic |
|
$ |
(0.54 |
) |
|
$ |
0.13 |
|
|
$ |
(0.57 |
) |
|
$ |
(2.29 |
) |
| Weighted average shares of
common stock outstanding, basic |
|
|
189,139 |
|
|
|
186,113 |
|
|
|
189,632 |
|
|
|
185,327 |
|
| Net (loss) income per share,
diluted |
|
$ |
(0.54 |
) |
|
$ |
0.13 |
|
|
$ |
(0.57 |
) |
|
$ |
(2.29 |
) |
| Weighted average shares of
common stock outstanding, diluted |
|
|
189,139 |
|
|
|
186,166 |
|
|
|
189,632 |
|
|
|
185,327 |
|
The following tables summarize our consolidated
key performance measures, including Field contribution and Field
contribution margin, which are non-GAAP measures, for the periods
indicated:
| |
|
For the three-month periods ended |
|
| (dollars in thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Change |
|
|
% Change |
|
|
Revenue |
|
$ |
478,010 |
|
|
$ |
443,009 |
|
|
$ |
35,001 |
|
|
7.9 |
% |
| Cost of revenue, excluding
depreciation and amortization |
|
|
330,746 |
|
|
|
308,426 |
|
|
|
22,320 |
|
|
7.2 |
% |
| Gross margin |
|
$ |
147,264 |
|
|
$ |
134,583 |
|
|
$ |
12,681 |
|
|
9.4 |
% |
|
Gross margin percentage |
|
|
30.8 |
% |
|
|
30.4 |
% |
|
|
|
|
|
|
| Branch and regional
administrative expenses |
|
|
91,004 |
|
|
|
89,542 |
|
|
|
1,462 |
|
|
1.6 |
% |
| Field contribution |
|
$ |
56,260 |
|
|
$ |
45,041 |
|
|
$ |
11,219 |
|
|
24.9 |
% |
|
Field contribution margin |
|
|
11.8 |
% |
|
|
10.2 |
% |
|
|
|
|
|
|
| Corporate expenses |
|
$ |
27,446 |
|
|
$ |
33,215 |
|
|
$ |
(5,769 |
) |
|
-17.4 |
% |
|
As a percentage of revenue |
|
|
5.7 |
% |
|
|
7.5 |
% |
|
|
|
|
|
|
| Operating (loss) income |
|
$ |
(76,352 |
) |
|
$ |
4,787 |
|
|
$ |
(81,139 |
) |
|
1695.0 |
% |
|
As a percentage of revenue |
|
|
-16.0 |
% |
|
|
1.1 |
% |
|
|
|
|
|
|
| |
|
For the nine-month periods ended |
|
| (dollars in thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Change |
|
|
% Change |
|
|
Revenue |
|
$ |
1,416,368 |
|
|
$ |
1,336,498 |
|
|
$ |
79,870 |
|
|
|
6.0 |
% |
| Cost of revenue, excluding
depreciation and amortization |
|
|
969,384 |
|
|
|
912,046 |
|
|
|
57,338 |
|
|
|
6.3 |
% |
| Gross margin |
|
$ |
446,984 |
|
|
$ |
424,452 |
|
|
$ |
22,532 |
|
|
|
5.3 |
% |
|
Gross margin percentage |
|
|
31.6 |
% |
|
|
31.8 |
% |
|
|
|
|
|
|
| Branch and regional
administrative expenses |
|
|
273,967 |
|
|
|
267,283 |
|
|
|
6,684 |
|
|
|
2.5 |
% |
| Field contribution |
|
$ |
173,017 |
|
|
$ |
157,169 |
|
|
$ |
15,848 |
|
|
|
10.1 |
% |
|
Field contribution margin |
|
|
12.2 |
% |
|
|
11.8 |
% |
|
|
|
|
|
|
| Corporate expenses |
|
$ |
84,735 |
|
|
$ |
105,984 |
|
|
$ |
(21,249 |
) |
|
|
-20.0 |
% |
|
As a percentage of revenue |
|
|
6.0 |
% |
|
|
7.9 |
% |
|
|
|
|
|
|
| Operating loss |
|
$ |
(21,221 |
) |
|
$ |
(437,818 |
) |
|
$ |
416,597 |
|
|
|
95.2 |
% |
|
As a percentage of revenue |
|
|
-1.5 |
% |
|
|
-32.8 |
% |
|
|
|
|
|
|
The following tables summarize our key
performance measures by segment for the periods indicated:
| |
|
PDS |
|
| |
|
For the three-month periods ended |
|
| (dollars and hours in
thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Change |
|
|
% Change |
|
|
Revenue |
|
$ |
384,750 |
|
|
$ |
355,620 |
|
|
$ |
29,130 |
|
|
|
8.2% |
|
| Cost of revenue, excluding
depreciation and amortization |
|
|
280,288 |
|
|
|
254,756 |
|
|
|
25,532 |
|
|
|
10.0% |
|
| Gross margin |
|
$ |
104,462 |
|
|
$ |
100,864 |
|
|
$ |
3,598 |
|
|
|
3.6% |
|
|
Gross margin percentage |
|
|
27.2 |
% |
|
|
28.4 |
% |
|
|
|
|
|
-1.2% |
(4) |
| Hours |
|
|
10,090 |
|
|
|
9,652 |
|
|
|
438 |
|
|
|
4.5% |
|
| Revenue rate |
|
$ |
38.13 |
|
|
$ |
36.84 |
|
|
$ |
1.29 |
|
|
|
3.7% |
(1) |
| Cost of revenue rate |
|
$ |
27.78 |
|
|
$ |
26.39 |
|
|
$ |
1.39 |
|
|
|
5.5% |
(2) |
| Spread rate |
|
$ |
10.35 |
|
|
$ |
10.45 |
|
|
$ |
(0.10 |
) |
|
|
-0.9% |
(3) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
HHH |
|
| |
|
For the three-month periods ended |
|
| (dollars and
admissions/episodes in thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Change |
|
|
% Change |
|
| Revenue |
|
$ |
52,989 |
|
|
$ |
49,853 |
|
|
$ |
3,136 |
|
|
|
6.3% |
|
| Cost of revenue, excluding
depreciation and amortization |
|
|
27,597 |
|
|
|
32,968 |
|
|
|
(5,371 |
) |
|
|
-16.3% |
|
| Gross margin |
|
$ |
25,392 |
|
|
$ |
16,885 |
|
|
$ |
8,507 |
|
|
|
50.4% |
|
|
Gross margin percentage |
|
|
47.9 |
% |
|
|
33.9 |
% |
|
|
|
|
|
14.0% |
(4) |
| Home health total
admissions (5) |
|
|
9.3 |
|
|
|
11.3 |
|
|
|
(2.0 |
) |
|
|
-17.7% |
|
| Home health episodic
admissions (6) |
|
|
7.0 |
|
|
|
7.0 |
|
|
|
- |
|
|
|
0.0% |
|
| Home health total
episodes (7) |
|
|
11.2 |
|
|
|
11.4 |
|
|
|
(0.2 |
) |
|
|
-1.8% |
|
| Home health revenue per
completed episode (8) |
|
$ |
3,046 |
|
|
$ |
3,023 |
|
|
$ |
23 |
|
|
|
0.8% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
MS |
|
| |
|
For the three-month periods ended |
|
| (dollars and UPS in
thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Change |
|
|
% Change |
|
| Revenue |
|
$ |
40,271 |
|
|
$ |
37,536 |
|
|
$ |
2,735 |
|
|
|
7.3% |
|
| Cost of revenue, excluding
depreciation and amortization |
|
|
22,861 |
|
|
|
20,702 |
|
|
|
2,159 |
|
|
|
10.4% |
|
| Gross margin |
|
$ |
17,410 |
|
|
$ |
16,834 |
|
|
$ |
576 |
|
|
|
3.4% |
|
|
Gross margin percentage |
|
|
43.2 |
% |
|
|
44.8 |
% |
|
|
|
|
|
-1.6% |
(4) |
| Unique patients served
(“UPS”) |
|
|
88 |
|
|
|
81 |
|
|
|
7 |
|
|
|
8.6% |
|
| Revenue rate |
|
$ |
457.63 |
|
|
$ |
463.41 |
|
|
$ |
(5.78 |
) |
|
|
-1.3% |
(1) |
| Cost of revenue rate |
|
$ |
259.78 |
|
|
$ |
255.58 |
|
|
$ |
4.20 |
|
|
|
1.8% |
(2) |
| Spread rate |
|
$ |
197.84 |
|
|
$ |
207.83 |
|
|
$ |
(9.98 |
) |
|
|
-5.2% |
(3) |
| |
|
PDS |
|
| |
|
For the nine-month periods ended |
|
| (dollars and hours in
thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Change |
|
|
% Change |
|
|
Revenue |
|
$ |
1,135,365 |
|
|
$ |
1,053,835 |
|
|
$ |
81,530 |
|
|
|
7.7% |
|
| Cost of revenue, excluding
depreciation and amortization |
|
|
815,221 |
|
|
|
753,266 |
|
|
|
61,955 |
|
|
|
8.2% |
|
| Gross margin |
|
$ |
320,144 |
|
|
$ |
300,569 |
|
|
$ |
19,575 |
|
|
|
6.5% |
|
|
Gross margin percentage |
|
|
28.2 |
% |
|
|
28.5 |
% |
|
|
|
|
|
-0.3% |
(4) |
| Hours |
|
|
29,738 |
|
|
|
28,868 |
|
|
|
870 |
|
|
|
3.0% |
|
| Revenue rate |
|
$ |
38.18 |
|
|
$ |
36.51 |
|
|
$ |
1.67 |
|
|
|
4.7% |
(1) |
| Cost of revenue rate |
|
$ |
27.41 |
|
|
$ |
26.09 |
|
|
$ |
1.32 |
|
|
|
5.2% |
(2) |
| Spread rate |
|
$ |
10.77 |
|
|
$ |
10.41 |
|
|
$ |
0.36 |
|
|
|
3.5% |
(3) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
HHH |
|
| |
|
For the nine-month periods ended |
|
| (dollars and
admissions/episodes in thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Change |
|
|
% Change |
|
| Revenue |
|
$ |
164,525 |
|
|
$ |
177,858 |
|
|
$ |
(13,333 |
) |
|
|
-7.5% |
|
| Cost of revenue, excluding
depreciation and amortization |
|
|
87,189 |
|
|
|
98,933 |
|
|
|
(11,744 |
) |
|
|
-11.9% |
|
| Gross margin |
|
$ |
77,336 |
|
|
$ |
78,925 |
|
|
$ |
(1,589 |
) |
|
|
-2.0% |
|
|
Gross margin percentage |
|
|
47.0 |
% |
|
|
44.4 |
% |
|
|
|
|
|
2.6% |
(4) |
| Home health total
admissions (5) |
|
|
30.9 |
|
|
|
38.0 |
|
|
|
(7.1 |
) |
|
|
-18.7% |
|
| Home health episodic
admissions (6) |
|
|
21.8 |
|
|
|
23.3 |
|
|
|
(1.5 |
) |
|
|
-6.4% |
|
| Home health total
episodes (7) |
|
|
34.2 |
|
|
|
37.5 |
|
|
|
(3.3 |
) |
|
|
-8.8% |
|
| Home health revenue per
completed episode (8) |
|
$ |
3,022 |
|
|
$ |
2,978 |
|
|
$ |
44 |
|
|
|
1.5% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
MS |
|
| |
|
For the nine-month periods ended |
|
| (dollars and UPS in
thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Change |
|
|
% Change |
|
| Revenue |
|
$ |
116,478 |
|
|
$ |
104,805 |
|
|
$ |
11,673 |
|
|
|
11.1% |
|
| Cost of revenue, excluding
depreciation and amortization |
|
|
66,974 |
|
|
|
59,847 |
|
|
|
7,127 |
|
|
|
11.9% |
|
| Gross margin |
|
$ |
49,504 |
|
|
$ |
44,958 |
|
|
$ |
4,546 |
|
|
|
10.1% |
|
|
Gross margin percentage |
|
|
42.5 |
% |
|
|
42.9 |
% |
|
|
|
|
|
-0.4% |
(4) |
| Unique patients served
(“UPS”) |
|
|
258 |
|
|
|
237 |
|
|
|
21 |
|
|
|
8.9% |
|
| Revenue rate |
|
$ |
451.47 |
|
|
$ |
442.22 |
|
|
$ |
9.25 |
|
|
|
2.2% |
(1) |
| Cost of revenue rate |
|
$ |
259.59 |
|
|
$ |
252.52 |
|
|
$ |
7.07 |
|
|
|
3.0% |
(2) |
| Spread rate |
|
$ |
191.88 |
|
|
$ |
189.70 |
|
|
$ |
2.18 |
|
|
|
1.2% |
(3) |
|
1) |
Represents the period over period change in revenue rate, plus the
change in revenue rate attributable to the change in volume. |
| 2) |
Represents the period over period change in cost of revenue rate,
plus the change in cost of revenue rate attributable to the change
in volume. |
| 3) |
Represents the period over period change in spread rate, plus the
change in spread rate attributable to the change in volume. |
| 4) |
Represents the change in margin percentage year over year (or
quarter over quarter). |
| 5) |
Represents home health episodic and fee-for-service
admissions. |
| 6) |
Represents home health episodic admissions. |
| 7) |
Represents episodic admissions and recertifications. |
| 8) |
Represents Medicare revenue per completed episode. |
The following table reconciles gross margin and
gross margin percentage to Field contribution and Field
contribution margin:
| |
|
For the three-month periods ended |
|
|
For the nine-month periods ended |
|
| (dollars in thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Gross margin |
|
$ |
147,264 |
|
|
$ |
134,583 |
|
|
$ |
446,984 |
|
|
$ |
424,452 |
|
| Branch and regional
administrative expenses |
|
|
91,004 |
|
|
|
89,542 |
|
|
|
273,967 |
|
|
|
267,283 |
|
| Field contribution |
|
$ |
56,260 |
|
|
$ |
45,041 |
|
|
$ |
173,017 |
|
|
$ |
157,169 |
|
| Revenue |
|
$ |
478,010 |
|
|
$ |
443,009 |
|
|
$ |
1,416,368 |
|
|
$ |
1,336,498 |
|
| Field contribution margin |
|
|
11.8 |
% |
|
|
10.2 |
% |
|
|
12.2 |
% |
|
|
11.8 |
% |
The following table reconciles net income (loss)
to EBITDA and Adjusted EBITDA:
| |
|
For the three-month periods ended |
|
|
For the nine-month periods ended |
|
| (dollars in thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Net (loss) income |
|
$ |
(102,389 |
) |
|
$ |
24,298 |
|
|
$ |
(108,788 |
) |
|
$ |
(424,255 |
) |
| Interest expense, net |
|
|
39,549 |
|
|
|
28,298 |
|
|
|
113,304 |
|
|
|
73,376 |
|
| Income tax expense
(benefit) |
|
|
631 |
|
|
|
(2,669 |
) |
|
|
1,387 |
|
|
|
(416 |
) |
| Depreciation and
amortization |
|
|
2,962 |
|
|
|
4,917 |
|
|
|
10,494 |
|
|
|
16,774 |
|
| EBITDA |
|
|
(59,247 |
) |
|
|
54,844 |
|
|
|
16,397 |
|
|
|
(334,521 |
) |
| Goodwill, intangible and other
long-lived asset impairment |
|
|
106,841 |
|
|
|
2,108 |
|
|
|
107,222 |
|
|
|
472,192 |
|
| Non-cash share-based
compensation |
|
|
5,116 |
|
|
|
3,512 |
|
|
|
10,144 |
|
|
|
14,108 |
|
| Interest rate
derivatives (1) |
|
|
(14,120 |
) |
|
|
(45,038 |
) |
|
|
(26,865 |
) |
|
|
(86,066 |
) |
| Acquisition-related
costs (2) |
|
|
428 |
|
|
|
- |
|
|
|
465 |
|
|
|
69 |
|
| Integration
costs (3) |
|
|
497 |
|
|
|
3,266 |
|
|
|
1,732 |
|
|
|
16,493 |
|
| Legal costs and settlements
associated with acquisition matters (4) |
|
|
346 |
|
|
|
876 |
|
|
|
(4,796 |
) |
|
|
3,385 |
|
| COVID-related costs, net of
reimbursement (5) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,087 |
|
| Restructuring (6) |
|
|
985 |
|
|
|
2,149 |
|
|
|
5,733 |
|
|
|
2,149 |
|
| Other legal
matters (7) |
|
|
- |
|
|
|
- |
|
|
|
(5,000 |
) |
|
|
- |
|
| Other system transition costs,
professional fees and other (8) |
|
|
(4,655 |
) |
|
|
3,030 |
|
|
|
(4,505 |
) |
|
|
6,768 |
|
| Total adjustments |
|
$ |
95,438 |
|
|
$ |
(30,097 |
) |
|
$ |
84,130 |
|
|
$ |
434,185 |
|
| Adjusted EBITDA |
|
$ |
36,191 |
|
|
$ |
24,747 |
|
|
$ |
100,527 |
|
|
$ |
99,664 |
|
The following table reconciles net (loss) income
to adjusted net (loss) income and presents adjusted net (loss)
income per diluted share:
| |
|
For the three-month periods ended |
|
|
For the nine-month periods ended |
|
| (dollars in thousands, except
share and per share data) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
September 30, 2023 |
|
|
October 1, 2022 |
|
| Net (loss) income |
|
$ |
(102,389 |
) |
|
$ |
24,298 |
|
|
$ |
(108,788 |
) |
|
$ |
(424,255 |
) |
|
Income tax expense (benefit) |
|
|
631 |
|
|
|
(2,669 |
) |
|
|
1,387 |
|
|
|
(416 |
) |
|
Goodwill, intangible and other long-lived asset impairment |
|
|
106,841 |
|
|
|
2,108 |
|
|
|
107,222 |
|
|
|
472,192 |
|
|
Non-cash share-based compensation |
|
|
5,116 |
|
|
|
3,512 |
|
|
|
10,144 |
|
|
|
14,108 |
|
|
Interest rate derivatives (1) |
|
|
(14,120 |
) |
|
|
(45,038 |
) |
|
|
(26,865 |
) |
|
|
(86,066 |
) |
|
Acquisition-related costs (2) |
|
|
428 |
|
|
|
- |
|
|
|
465 |
|
|
|
69 |
|
|
Integration costs (3) |
|
|
497 |
|
|
|
3,266 |
|
|
|
1,732 |
|
|
|
16,493 |
|
|
Legal costs and settlements associated with acquisition matters
(4) |
|
|
346 |
|
|
|
876 |
|
|
|
(4,796 |
) |
|
|
3,385 |
|
|
COVID-related costs, net of reimbursement (5) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,087 |
|
|
Restructuring (6) |
|
|
985 |
|
|
|
2,149 |
|
|
|
5,733 |
|
|
|
2,149 |
|
|
Other legal matters (7) |
|
|
- |
|
|
|
- |
|
|
|
(5,000 |
) |
|
|
- |
|
|
Other system transition costs, professional fees and other (8) |
|
|
(4,655 |
) |
|
|
3,030 |
|
|
|
(4,505 |
) |
|
|
6,768 |
|
| Total adjustments |
|
|
96,069 |
|
|
|
(32,766 |
) |
|
|
85,517 |
|
|
|
433,769 |
|
| Adjusted pre-tax net (loss)
income |
|
|
(6,320 |
) |
|
|
(8,468 |
) |
|
|
(23,271 |
) |
|
|
9,514 |
|
| Income tax benefit (expense) on
adjusted pre-tax (loss) income (9) |
|
|
1,580 |
|
|
|
2,117 |
|
|
|
5,818 |
|
|
|
(2,379 |
) |
| Adjusted net (loss) income |
|
$ |
(4,740 |
) |
|
$ |
(6,351 |
) |
|
$ |
(17,453 |
) |
|
$ |
7,135 |
|
| Weighted average shares
outstanding, diluted |
|
|
189,139 |
|
|
|
186,166 |
|
|
|
189,632 |
|
|
|
185,327 |
|
| Adjusted net (loss) income per
diluted share (10) |
|
$ |
(0.03 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.04 |
|
The following footnotes are applicable to tables
above that reconcile (i) net (loss) income to EBITDA and Adjusted
EBITDA and (ii) net (loss) income to adjusted net (loss)
income.
|
1) |
Represents valuation adjustments and settlements associated with
interest rate derivatives that are not included in interest
expense, net. Such items are included in other income. |
| 2) |
Represents transaction costs incurred in connection with planned,
completed, or terminated acquisitions, which include investment
banking fees, legal diligence and related documentation costs, and
finance and accounting diligence and documentation, as presented on
the Company’s consolidated statements of operations. |
| 3) |
Represents (i) costs associated with our Integration Management
Office, which focuses on our integration efforts and
transformational projects such as systems conversions and
implementations, material cost reduction and restructuring
projects, among other things, of $0.3 million and $1.1 million for
the three and nine-month periods ended September 30, 2023,
respectively, and $0.6 million and $2.3 million for the three and
nine-month periods ended October 1, 2022, respectively; and (ii)
transitionary costs incurred to integrate acquired companies into
our field and corporate operations of $0.2 million and $0.6 million
for the three and nine-month periods ended September 30, 2023,
respectively, and $2.7 million and $14.2 million for the three and
nine-month periods ended October 1, 2022, respectively.
Transitionary costs incurred to integrate acquired companies
include IT consulting costs and related integration support costs;
salary, severance and retention costs associated with duplicative
acquired company personnel until such personnel are exited from the
Company; accounting, legal and consulting costs; expenses and
impairments related to the closure and consolidation of overlapping
markets of acquired companies, including lease termination and
relocation costs; costs associated with terminating legacy acquired
company contracts and systems; and one-time costs associated with
rebranding our acquired companies and locations to the Aveanna
brand. |
| 4) |
Represents legal and forensic costs, as well as settlements
associated with resolving legal matters arising during or as a
result of our acquisition-related activities. This primarily
includes (i) costs of $0.0 million and $0.3 million for the three
and nine-month periods ended September 30, 2023, respectively, and
$0.8 million and $3.1 million for the three and nine-month periods
ended October 1, 2022, respectively, to comply with the U.S.
Department of Justice, Antitrust Division’s grand jury subpoena
related to nurse wages and hiring activities in certain of our
markets, in connection with a terminated transaction, and (ii)
release of reserve of $3.6 million for the nine-month periods ended
September 30, 2023, related to the settlement of a legal matter
resulting from a 2020 acquisition. |
| 5) |
Represents costs incurred as a result of the COVID-19 environment,
primarily including, but not limited to, (i) relief, vaccine, and
hero pay provided to our caregivers; staffing and retention related
incentives to attract and retain caregivers in the midst of the
Omicron surge; and other incremental compensation costs; (ii) sick
leave for our caregivers required by OSHA's Emergency Temporary
Standard, costs required to comply with federal, state and local
vaccination mandates and testing requirements, and worker
compensation costs for mandated quarantine time; (iii) incremental
PPE costs; and (iv) salary, severance and lease termination costs
associated with workforce reductions necessitated by COVID-19; net
of temporary reimbursement rate increases provided by certain state
Medicaid and Medicaid Managed Care programs. |
| 6) |
Represents costs associated with restructuring our branch and
regional administrative footprint as well as our corporate overhead
infrastructure costs for the three and nine-month periods ended
September 30, 2023, in order to appropriately size our resources to
current volumes, including: (i) branch and regional salary and
severance costs; (ii) corporate salary and severance costs; and
(iii) rent and lease termination costs associated with the closure
of certain office locations. |
| 7) |
Represents adjustments to an accrued legal settlement and the
related costs and expenses associated with a certain judgment
rendered against the Company related to a civil litigation matter
in Texas. |
| 8) |
Represents (i) costs associated with the implementation of, and
transition to, new electronic medical record systems, billing and
collection systems, duplicative system costs while such
transformational projects are in-process, and other system
transition costs of $0.6 million and $1.3 million for the three and
nine-month period ended September 30, 2023, respectively, and $2.2
million and $5.4 million for the three and nine-month periods ended
October 1, 2022, respectively, there were no such costs incurred in
the three-month period ended July 1, 2023, (ii) a $5.1 million
non-cash gain on the acquisition of certain business licenses and
other net assets in the three and nine-month periods ended
September 30, 2023, there were no such gains recorded in any other
periods, and (iii) other costs or (income) that are either non-cash
or non-core to the Company’s ongoing operations of $(0.2) million
and $(0.8) million for the three and nine-month periods ended
September 30, 2023, respectively, and $0.8 million and $1.4 million
for the three and nine-month periods ended October 1, 2022,
respectively. |
| 9) |
Derived utilizing a combined statutory rate of 25% for the three
and nine-month periods ended September 30, 2023, and October 1,
2022, respectively, and applied to the respective adjusted pre-tax
(loss) income. |
| 10) |
Adjustments used to reconcile net (loss) income per diluted share
on a GAAP basis to adjusted net (loss) income per diluted share are
comprised of the same adjustments, inclusive of the tax impact,
used to reconcile net (loss) income to adjusted net (loss) income
divided by the weighted-average diluted shares outstanding during
the period. |
The table below reflects the increase or
decrease, and aggregate impact, to the line items included on our
consolidated statements of operations based upon the adjustments
used in arriving at Adjusted EBITDA from EBITDA for the periods
indicated.
| |
|
For the three-month periods ended |
|
|
For the nine-month periods ended |
|
| (dollars in thousands) |
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
September 30, 2023 |
|
|
October 1, 2022 |
|
|
Revenue |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
| Cost of revenue, excluding
depreciation and amortization |
|
|
166 |
|
|
|
675 |
|
|
|
(4,512 |
) |
|
|
5,850 |
|
| Branch and regional
administrative expenses |
|
|
2,765 |
|
|
|
3,947 |
|
|
|
6,129 |
|
|
|
7,512 |
|
| Corporate expenses |
|
|
4,445 |
|
|
|
8,299 |
|
|
|
10,629 |
|
|
|
35,117 |
|
| Goodwill impairment |
|
|
105,136 |
|
|
|
- |
|
|
|
105,136 |
|
|
|
470,207 |
|
| Acquisition-related costs |
|
|
428 |
|
|
|
- |
|
|
|
465 |
|
|
|
69 |
|
| Other operating (income)
expense |
|
|
(5,090 |
) |
|
|
2,121 |
|
|
|
(8,735 |
) |
|
|
1,952 |
|
| Other income |
|
|
(12,412 |
) |
|
|
(45,139 |
) |
|
|
(24,982 |
) |
|
|
(86,522 |
) |
| Total adjustments |
|
$ |
95,438 |
|
|
$ |
(30,097 |
) |
|
$ |
84,130 |
|
|
$ |
434,185 |
|
The following table reconciles the net increase (decrease) in
cash and cash equivalents to free cash flow:
| |
|
For the nine-month period ended |
|
| (dollars in thousands) |
|
September 30, 2023 |
|
|
Net cash provided by operations |
|
|
25,677 |
|
| Purchases of property and
equipment, and software |
|
|
(4,548 |
) |
| Principal payments of term
loans |
|
|
(6,900 |
) |
| Principal payments of notes
payable and financing lease obligations |
|
|
(7,814 |
) |
| Settlements with swap
counterparties |
|
|
10,442 |
|
| Free cash flow |
|
$ |
16,857 |
|
Investor ContactMatt
BuckhalterInterim Chief Financial OfficerIr@aveanna.com
Aveanna Healthcare (NASDAQ:AVAH)
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