ADUS 10-Q Quarterly Report Sept. 30, 2025

ADDUS HOMECARE CORP

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adus20250930_10q.htm

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-34504

ADDUS HOMECARE CORPORATION

(Exact name of registrant as specified in its charter)


Delaware	20-5340172
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

6303 Cowboys Way, Suite 600 Frisco , TX	75034
(Address of principal executive offices)	(Zip Code)

( 469 ) 535-8200

(Registrant ’ s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value	ADUS	The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 28, 2025, Addus HomeCare Corporation had 18,483,271 shares of Common Stock outstanding.

Table of Contents

ADDUS HOMECARE CORPORATION

FORM 10-Q

INDEX

PART I. FINANCIAL INFORMATION	4

Item 1. Financial Statements (Unaudited)	4

Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	4

Condensed Consolidated Statements of Income For the Three and Nine Months Ended September 30, 2025 and 2024	5

Condensed Consolidated Statement of Stockholders ’ Equity For the Three and Nine Months Ended September 30, 2025 and 2024	6

Condensed Consolidated Statements of Cash Flows For the Nine Months Ended September 30, 2025 and 2024	8

Notes to Condensed Consolidated Financial Statements	9

Item 2. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations	25

Item 3. Quantitative and Qualitative Disclosures About Market Risk	43

Item 4. Controls and Procedures	43

PART II. OTHER INFORMATION	44

Item 1. Legal Proceedings	44

Item 1A. Risk Factors	44

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	44

Item 3. Defaults Upon Senior Securities	44

Item 4. Mine Safety Disclosures	44

Item 5. Other Information	45

Item 6. Exhibits	46

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

As of September 30, 2025 and December 31, 2024

(Amounts and Shares in Thousands, Except Per Share Data)

(Unaudited)

	*September 30, 2025*		*December 31, 2024*
Assets
Current assets
Cash	$	101,918	$	98,911
Accounts receivable, net of allowances		134,050		122,880
Prepaid expenses and other current assets		24,693		38,591
Total current assets		260,661		260,382
Property and equipment, net of accumulated depreciation and amortization		24,444		24,703
Other assets
Goodwill		988,553		970,558
Intangibles, net of accumulated amortization		104,401		109,643
Operating lease assets, net		44,879		47,348
Total other assets		1,137,833		1,127,549
Total assets	$	1,422,938	$	1,412,634
Liabilities and stockholders' equity
Current liabilities
Accounts payable	$	16,677	$	27,176
Accrued payroll		74,131		62,053
Accrued expenses		32,942		28,959
Operating lease liabilities, current portion		13,031		12,800
Government stimulus advances		5,784		11,239
Accrued workers' compensation insurance		14,233		13,644
Total current liabilities		156,798		155,871
Long-term liabilities
Long-term debt, less current portion, net of debt issuance costs		150,640		218,443
Long-term operating lease liabilities		38,814		41,883
Deferred income tax		26,476		25,820
Other long-term liabilities		236		125
Total long-term liabilities		216,166		286,271
Total liabilities	$	372,964	$	442,142
Stockholders' equity
Common stock—$ .001 par value; 40,000 authorized and 18,483 and 18,148 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively	$	18	$	18
Additional paid-in capital		607,398		594,044
Retained earnings		442,558		376,430
Total stockholders' equity		1,049,974		970,492
Total liabilities and stockholders' equity	$	1,422,938	$	1,412,634

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

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ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

For the Three and Nine Months Ended September 30, 2025 and 2024

(Amounts and Shares in Thousands, Except Per Share Data)

(Unaudited)

	*For the Three Months Ended*						*For the Nine Months Ended*
	*September 30,*						*September 30,*
	*2025*			*2024*			*2025*			*2024*
Net service revenues	$	362,301		$	289,787		$	1,049,452		$	857,455
Cost of service revenues		245,586			197,583			711,183			583,916
Gross profit		116,715			92,204			338,269			273,539
General and administrative expenses		79,370			62,805			229,667			187,444
Depreciation and amortization		4,408			3,446			12,264			10,316
Total operating expenses		83,778			66,251			241,931			197,760
Operating income		32,937			25,953			96,338			75,779
Interest income		( 760	)		( 1,908	)		( 1,845	)		( 2,805	)
Interest expense		3,343			573			10,886			5,445
Total interest expense, net		2,583			( 1,335	)		9,041			2,640
Income before income taxes		30,354			27,288			87,297			73,139
Income tax expense		7,506			7,125			21,169			19,067
Net income	$	22,848		$	20,163		$	66,128		$	54,072
Net income per common share
Basic income per share	$	1.26		$	1.13		$	3.67		$	3.24
Diluted income per share	$	1.24		$	1.10		$	3.60		$	3.17
Weighted average number of common shares and potential common shares outstanding:
Basic		18,072			17,868			18,031			16,707
Diluted		18,390			18,255			18,365			17,065

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

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ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

For the Three and Nine Months Ended September 30, 2025

(Amounts and Shares in Thousands)

(Unaudited)

	*For the Three Months Ended September 30, 2025*
						*Additional*				*Total*
	*Common Stock*					*Paid-in*		*Retained*		*Stockholders'*
	*Shares*			*Amount*		*Capital*		*Earnings*		*Equity*
Balance at July 1, 2025		18,407		$	18	$	602,126	$	419,710	$	1,021,854
Issuance of shares of common stock under restricted stock award agreements		28			—		—		—		—
Forfeiture of shares of common stock under restricted stock award agreements		( 2	)		—		—		—		—
Stock-based compensation		—			—		4,287		—		4,287
Shares issued for exercise of stock options		50			—		985		—		985
Net income		—			—		—		22,848		22,848
Balance at September 30, 2025		18,483		$	18	$	607,398	$	442,558	$	1,049,974

	*For the Nine Months Ended September 30, 2025*
						*Additional*				*Total*
	*Common Stock*					*Paid-in*		*Retained*		*Stockholders'*
	*Shares*			*Amount*		*Capital*		*Earnings*		*Equity*
Balance at January 1, 2025		18,148		$	18	$	594,044	$	376,430	$	970,492
Issuance of shares of common stock under restricted stock award agreements		265			—		—		—		—
Forfeiture of shares of common stock under restricted stock award agreements		( 5	)		—		—		—		—
Stock-based compensation		—			—		11,877		—		11,877
Shares issued for exercise of stock options		75			—		1,477		—		1,477
Net income		—			—		—		66,128		66,128
Balance at September 30, 2025		18,483		$	18	$	607,398	$	442,558	$	1,049,974

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ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

For the Three and Nine Months Ended September 30, 2024

(Amounts and Shares in Thousands)

(Unaudited)

	*For the Three Months Ended September 30, 2024*
						*Additional*				*Total*
	*Common Stock*					*Paid-in*		*Retained*		*Stockholders'*
	*Shares*			*Amount*		*Capital*		*Earnings*		*Equity*
Balance at July 1, 2024		18,100		$	18	$	584,896	$	336,741	$	921,655
Issuance of shares of common stock under restricted stock award agreements		—			—		—		—		—
Forfeiture of shares of common stock under restricted stock award agreements		( 2	)		—		—		—		—
Stock-based compensation		—			—		2,833		—		2,833
Shares issued for exercise of stock options		35			—		2,983		—		2,983
Shares issued in Public offering, net of offering costs		—			—		—		—		—
Net income		—			—		—		20,163		20,163
Balance at September 30, 2024		18,133		$	18	$	590,712	$	356,904	$	947,634

	*For the Nine Months Ended September 30, 2024*
						*Additional*				*Total*
	*Common Stock*					*Paid-in*		*Retained*		*Stockholders'*
	*Shares*			*Amount*		*Capital*		*Earnings*		*Equity*
Balance at January 1, 2024		16,227		$	16	$	403,846	$	302,832	$	706,694
Issuance of shares of common stock under restricted stock award agreements		151			—		—		—		—
Forfeiture of shares of common stock under restricted stock award agreements		( 5	)		—		—		—		—
Stock-based compensation		—			—		8,307		—		8,307
Shares issued for exercise of stock options		35			—		2,983		—		2,983
Shares issued in Public offering, net of offering costs		1,725			2		175,576		—		175,578
Net income		—			—		—		54,072		54,072
Balance at September 30, 2024		18,133		$	18	$	590,712	$	356,904	$	947,634

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

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ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2025 and 2024

(Amounts in Thousands)

(Unaudited)

	*For the Nine Months Ended*
	*September 30,*
	*2025*			*2024*
Cash flows from operating activities:
Net income	$	66,128		$	54,072
Adjustments to reconcile net income to net cash provided by (used in) operating activities, net of acquisitions:
Depreciation and amortization		12,264			10,316
Deferred income taxes		656			188
Stock-based compensation		11,877			8,307
Amortization of debt issuance costs under the credit facility		967			644
Provision for credit losses		1,048			812
Gain on disposal of assets		( 6	)		( 13	)
Loss on termination of operating leases		23			9
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		( 8,513	)		17,868
Prepaid expenses and other current assets		9,848			6,187
Government stimulus advances		( 5,455	)		7,890
Accounts payable		( 12,204	)		1,003
Accrued payroll		11,439			1,431
Accrued expenses and other long-term liabilities		4,672			( 2,698	)
Net cash provided by operating activities		92,744			106,016
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired		( 24,181	)		( 400	)
Purchases of property and equipment		( 5,056	)		( 4,353	)
Proceeds received from disposal of assets		8			29
Proceeds received from previous acquisition		2,937			—
Proceeds received from divestiture of business		3,848			4,600
Net cash used in investing activities		( 22,444	)		( 124	)
Cash flows from financing activities:
Payments on revolver — credit facility		( 80,000	)		( 126,353	)
Proceeds from borrowings on revolver — credit facility		11,335			—
Payments for debt issuance costs under the credit facility		( 105	)		( 39	)
Proceeds from Public offering		—			175,578
Cash received from exercise of stock options		1,477			2,983
Net cash (used in) provided by financing activities		( 67,293	)		52,169
Net change in cash		3,007			158,061
Cash, at beginning of period		98,911			64,791
Cash, at end of period	$	101,918		$	222,852
Supplemental disclosures of cash flow information:
Cash paid for interest	$	10,071		$	4,801
Cash paid for income taxes		9,240			19,436

See accompanying Notes to Condensed Consolidated Financial Statements (Unaudited)

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ADDUS HOMECARE CORPORATION

AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

1. Nature of Operations, Consolidation, and Presentation of Financial Statements

Addus HomeCare Corporation (“Holdings”) and its subsidiaries (together with Holdings, the “Company”, “we”, “us”, or “our”) operate as a multi-state provider of three distinct but related business segments providing in-home services. In its personal care segment, the Company provides non-medical assistance with activities of daily living, primarily to persons who are at increased risk of hospitalization or institutionalization, such as the elderly, chronically ill, or disabled. In its hospice segment, the Company provides physical, emotional, and spiritual care for people who are terminally ill as well as related services for their families. In its home health segment, the Company provides services that are primarily medical in nature to individuals who may require assistance during an illness or after hospitalization and include skilled nursing and physical, occupational, and speech therapy. The Company’s payors include federal, state, and local governmental agencies, managed care organizations, commercial insurers, and private individuals.

Basis of Presentation

The accompanying Unaudited Condensed Consolidated Financial Statements and related notes have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for Quarterly Reports on Form 10 -Q. The accompanying balance sheet as of December 31, 2024 has been derived from the Company’s audited financial statements for the year ended December 31, 2024 previously filed with the SEC. Accordingly, these financial statements do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements and should be read in conjunction with our consolidated financial statements and notes thereto for the year ended December 31, 2024 included in our Annual Report on Form 10 -K, which includes information and disclosures not included herein.

In the opinion of management, these financial statements reflect all adjustments of a normal, recurring nature necessary for the fair statement of our financial position, results of operations, and cash flows for the interim periods presented in conformity with GAAP. Our results for any interim period are not necessarily indicative of results for a full year or any other interim period.

Principles of Consolidation

These Unaudited Condensed Consolidated Financial Statements include the accounts of Addus HomeCare Corporation and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

2. Summary of Significant Accounting Policies

Estimates

The financial statements are prepared by management in conformity with GAAP and include estimated amounts and certain disclosures based on assumptions about future events. The Company’s critical accounting estimates include the following areas: revenue recognition, goodwill and intangibles and business combinations, and when required, the quantitative assessment of goodwill. Actual results could differ from those estimates.

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Computation of Weighted Average Shares

The following table sets forth the computation of basic and diluted common shares:

	*For the Three Months Ended September 30,*				*For the Nine Months Ended September 30,*
	(Amounts in thousands)				(Amounts in thousands)
	*2025*		*2024*		*2025*		*2024*
Weighted average number of shares outstanding for basic per share calculation		18,072		17,868		18,031		16,707
Effect of dilutive potential shares:
Stock options		210		278		217		254
Restricted stock awards		108		109		117		104
Adjusted weighted average shares for diluted per share calculation		18,390		18,255		18,365		17,065
Anti-dilutive shares:
Stock options		—		—		—		—
Restricted stock awards		—		—		—		—

Recently Adopted Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023 - 07, Improvements to Reportable Segment Disclosures , which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, disclosure of significant segment expenses that are regularly provided to an entity’s chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The ASU was adopted in connection with the Company's most recent Annual Report on Form 10 -K, which included significant segment expenses reviewed by the Company’s CODM, but did not have a material impact on the Company’s results of operations, financial position, or cash flows.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023 - 09, Improvement to Income Tax Disclosures , which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023 - 09 is effective for fiscal years beginning after December 15, 2024, may be applied on a prospective basis with the option to apply the standard retrospectively, and allows for early adoption. These requirements are not expected to have a material impact on the Company’s financial statements and will expand income tax disclosures.

In November 2024, the FASB issued ASU 2024 - 03, Disaggregation of Income Statement Expenses , which intends to provide investors more detailed disclosures around specific types of expenses. The new disclosures require certain details for expenses presented on the face of the Consolidated Statements of Operations as well as selling expenses to be presented in the notes to the financial statements. ASU 2024 - 03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently assessing the impact and timing of adopting the updated provisions.

In July 2025, the FASB issued ASU 2025 - 05, Measurement of Credit Losses for Accounts Receivable and Contract Assets , which replaces the incurred-loss model with a forward-looking current expected credit loss model that requires recognition of lifetime expected credit losses on financial assets measured at amortized cost and certain off-balance-sheet credit exposures (including trade accounts receivable and contract assets), using historical experience, current conditions, and reasonable and supportable forecasts. ASU 2025 - 05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, with early adoption permitted. The disclosure updates should be applied prospectively. The Company is currently assessing the impact and timing of adopting the updated provisions.

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3. Divestiture

Effective May 20, 2024, the Company entered into a definitive asset purchase agreement to sell all of the Company’s New York operations for a purchase price of up to $ 23.0 million in cash, subject to certain adjustments, including adjustments for future operating requirements (the “New York Asset Sale”). The purchase price included 50 % cash consideration, paid out as an initial payment of $ 4.6 million and $ 6.9 million paid pro rata as a deferred payment as caregivers are transferred, and 50 % in the form of contingent consideration for the Company’s New York Consumer Directed Personal Assistance Program (“CDPAP”) business. The Company entered into a consulting agreement with the purchaser effective May 20, 2024, as the transfer of clients and caregivers and payment for assets pursuant to the New York Asset Sale is occurring over time as regulatory approvals are received, coordination of the transfer of clients and caregivers occurs, and the change of control takes place. The Company determined that the consulting agreement gave it the ability to control the business until October 2024, when the Company determined that it no longer controlled the business as it transferred more than 50 % of the clients and caregivers and therefore qualified for sale consideration of the New York Asset Sale. As a result, the Company deconsolidated the results of its New York operations and recorded a gain on divestiture of $ 3.7 million during the year ended December 31, 2024. The gain was reflected within general and administrative expenses on the consolidated statement of operations.

In connection with this transaction, the Company ceased operations in New York. During the nine months ended September 30, 2025 , the Company recorded deferred payments of $ 3.8 million with the remaining $ 2.3 million due from the purchaser reflected within prepaid expenses and other current assets on the condensed consolidated balance sheets as of September 30, 2025 . No amount was recorded related to the CDPAP business contingent consideration.

The New York Asset Sale did not qualify as a discontinued operation because it did not represent a strategic shift that has or will have a major effect on the Company’s operation or financial results.

Goodwill and intangible assets of $ 2.9 million and $ 4.2 million, respectively, were derecognized in connection with the divestiture. The carrying amounts of the assets and liabilities associated with the New York personal care operations included in our Consolidated Balance Sheets as of September 30, 2025 were as follows (amounts in thousands):

	*September 30, 2025*
Assets
Current assets
Accounts receivable, net of allowances	$	—
Prepaid expenses and other current assets		12
Total current assets		12
Property and equipment, net of accumulated depreciation and amortization		—
Other assets
Goodwill		—
Intangibles, net of accumulated amortization		—
Operating lease assets, net		2,724
Total other assets		2,724
Total assets	$	2,736
Liabilities
Current liabilities
Accounts payable	$	1,150
Accrued payroll		—
Accrued expenses		1,045
Operating lease liabilities, current portion		618
Total current liabilities		2,813
Long-term liabilities
Operating lease liabilities, long-term portion		2,043
Total liabilities	$	4,856

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4. Leases

Amounts reported on the Company’s Unaudited Condensed Consolidated Balance Sheets for operating leases were as follows:

	*September 30, 2025*		*December 31, 2024*
	(Amounts in Thousands)
Operating lease assets, net	$	44,879	$	47,348

Short-term operating lease liabilities		13,031		12,800
Long-term operating lease liabilities		38,814		41,883
Total operating lease liabilities	$	51,845	$	54,683

Lease Costs

Components of lease costs were reported in general and administrative expenses in the Company’s Unaudited Condensed Consolidated Statements of Income as follows:

	*For the Three Months Ended September 30,*					*For the Nine Months Ended September 30,*
	(Amounts in Thousands)					(Amounts in Thousands)
	*2025*		*2024*			*2025*			*2024*
Operating lease costs	$	3,623	$	3,393		$	10,931		$	10,062
Short-term lease costs		292		167			847			547
Total lease costs		3,915		3,560			11,778			10,609
Less: sublease income		—		( 596	)		( 226	)		( 1,685	)
Total lease costs, net	$	3,915	$	2,964		$	11,552		$	8,924

Lease Term and Discount Rate

Weighted average remaining lease terms and discount rates were as follows:

	*September 30, 2025*			*December 31, 2024*
Operating leases:
Weighted average remaining lease term		5.22			5.48
Weighted average discount rate		6.37	%		6.20	%

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Maturity of Lease Liabilities

Remaining operating lease payments as of September 30, 2025 were as follows:

	*Operating Leases*
	(Amounts in Thousands)
Due in the 12-month period ended September 30,
2026	$	15,759
2027		12,614
2028		9,143
2029		6,946
2030		6,016
Thereafter		11,064
Total future minimum rental commitments		61,542
Less: Imputed interest		( 9,697	)
Total lease liabilities	$	51,845

Supplemental Cash Flows Information

	*For the Nine Months Ended September 30,*
	(Amounts in Thousands)
	*2025*		*2024*
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	12,505	$	10,925

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	7,156	$	7,683

5. Acquisitions

The Company’s acquisitions have been accounted for in accordance with ASC Topic 805, Business Combinations , and the resulting goodwill and other intangible assets were accounted for under ASC Topic 350, Goodwill and Other Intangible Assets . Under business combination accounting, the assets and liabilities are generally recognized at their fair values and the difference between the consideration transferred, excluding transaction costs, and the fair values of the assets and liabilities is recognized as goodwill. The results of each business acquisition are included on the Unaudited Condensed Consolidated Statements of Income from the date of acquisition.

Management’s assessment of qualitative factors affecting goodwill for each acquisition includes estimates of market share at the date of purchase, ability to grow in the market, synergy with existing Company operations and the payor profile in the markets.

Helping Hands

On August 1, 2025, the Company completed the acquisition of Helping Hands Home Care Service, Inc., a Pennsylvania corporation (the “Helping Hands Acquisition”), for approximately $ 21.4 million. The purchase was funded through the Company’s revolving credit facility and available cash. With the Helping Hands Acquisition, the Company expanded its services within its personal care segment and entered the hospice and home health markets in Pennsylvania. The related acquisition and integration costs were $ 0.3 million and $ 0.1 million for the three months ended September 30, 2025, and $ 0.9 million and $ 0.1 million for the nine months ended September 30, 2025, respectively. These costs were included in general and administrative expenses on the Unaudited Condensed Consolidated Statements of Income and were expensed as incurred.

	*Total (Amounts in Thousands)*
Goodwill	$	19,022
Identifiable intangible assets		1,150
Cash		584
Accounts receivable		1,365
Property and equipment		19
Operating lease assets, net		282
Other current assets		45
Accounts payable		( 98	)
Accrued payroll		( 697	)
Operating lease liabilities, total		( 257	)
Total purchase price	$	21,415

Identifiable intangible assets acquired included $ 1.2 million of definite-lived state licenses. The preliminary estimated fair value of identifiable intangible assets was determined with the assistance of a valuation specialist, using Level 3 inputs as defined under ASC Topic 820. The fair value analysis and related valuations reflect the conclusions of management. All estimates, key assumptions, and forecasts were either provided by or reviewed by the Company. The goodwill and intangible assets acquired are deductible for tax purposes.

The Helping Hands Acquisition accounted for $ 3.1 million of net service revenues and $ 0.4 million of operating income for each of the three and nine months ended September 30, 2025, respectively.

The following table contains unaudited pro forma condensed consolidated income statement information of the Company for the three and nine months ended September 30, 2025 as if the Helping Hands Acquisition closed on January 1, 2024.

	*For the Three Months Ended September 30,*				*For the Nine Months Ended September 30,*
	(Amounts in Thousands)				(Amounts in thousands)
	*2025*		*2024*		*2025*		*2024*
Net service revenues	$	364,001	$	293,804	$	1,060,396	$	868,481
Operating income		32,153		26,486		97,372		76,915
Net income		22,327		20,555		67,120		54,908
Net income per common share
Basic income per share	$	1.24	$	1.15	$	3.72	$	3.29
Diluted income per share	$	1.21	$	1.13	$	3.65	$	3.22

6. Goodwill and Intangible Assets

A summary of the goodwill by segment and related adjustments is provided below:

						*Home*
	*Hospice*		*Personal Care*			*Health*			*Total*
	(Amounts in Thousands)
Goodwill as of December 31, 2024	$	432,840	$	442,526		$	95,192		$	970,558
Additions for acquisitions		—		22,407			—			22,407
Adjustments to previously recorded goodwill		26		( 4,096	)		( 342	)		( 4,412	)
Goodwill as of September 30, 2025	$	432,866	$	460,837		$	94,850		$	988,553

On January 1, 2025, the Company completed its acquisition of its Jacksonville affiliate for approximately $ 0.8 million (the “Jacksonville Acquisition”), with funding provided by available cash. With the Jacksonville Acquisition, the Company expanded its personal care segment in Florida and recorded goodwill of $ 0.8 million.

On March 1, 2025, the Company completed its acquisition of the assets of Great Lakes Home Care Unlimited, LLC for $ 2.6 million (the “Great Lakes Acquisition”), with funding provided by available cash. With the Great Lakes Acquisition, the Company expanded its personal care segment in Michigan and recognized goodwill in its personal care segment of $ 2.6 million.

In connection with the Helping Hands Acquisition, the Company recognized goodwill in its personal care segm ent of $ 19.1 million during the ni ne months ended September 30, 2025.

During the three and nine months ended September 30, 2025 , the Company recorded $ 0.3 million and $ 4.4 million, respectively, related to measurement period adjustments to previously recorded goodwill including $ 2.9 million of proceeds received in connection with the Gentiva Acquisition.

The Company’s identifiable intangible assets consist of customer and referral relationships, trade names and trademarks, non-competition agreements, and state licenses. Amortization is computed using straight-line and accelerated methods based upon the estimated useful lives of the respective assets, which range from one to twenty years. Customer and referral relationships are amortized systematically over the periods of expected economic benefit, which range from three to fifteen years.

The carrying amount and accumulated amortization of each identifiable intangible asset category consisted of the following:

		*September 30, 2025*							*December 31, 2024*
		(Amounts in Thousands)							(Amounts in Thousands)
	*Estimated Useful*	*Gross*		*Accumulated*			*Net*		*Gross*		*Accumulated*			*Net*
	*Life (years)*	*carrying value*		*amortization*			*carrying value*		*carrying value*		*amortization*			*carrying value*
Customer and referral relationships	3 - 15	$	34,201	$	( 33,559	)	$	642	$	34,201	$	( 33,255	)	$	946
Trade names and trademarks	1 - 20		59,366		( 25,376	)		33,990		59,366		( 21,900	)		37,466
Non-competition agreement	3 - 5		6,728		( 6,582	)		146		6,728		( 6,263	)		465
State Licenses	6 - 10		26,529		( 3,536	)		22,993		24,981		( 1,243	)		23,738
State Licenses	Indefinite		46,630		—			46,630		47,028		—			47,028
Total intangible assets		$	173,454	$	( 69,053	)	$	104,401	$	172,304	$	( 62,661	)	$	109,643

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In connection with the Helping Hands Acquisition, the Company recognized state licenses of $ 1.2 million in its personal care segment during the nine months ended September 30, 2025.

Amortization expense related to the intangible assets was $ 2.4 million and $ 6.4 million for the three and nine months ended September 30, 2025 , respectively, and $ 1.8 million and $ 5.4 million for the three and nine months ended September 30, 2024 , respectively. The weighted average remaining useful lives of identifiable intangible assets as of September 30, 2025 was 9.28 years.

7. Details of Certain Balance Sheet Accounts

Prepaid expenses and other current assets consisted of the following:

	*September 30, 2025*		*December 31, 2024*
	(Amounts in Thousands)
Income tax receivable	$	2,255	$	11,568
Prepaid payroll		5,506		8,716
Prepaid workers' compensation and liability insurance		5,323		4,254
Prepaid licensing fees		4,874		5,414
Workers' compensation insurance receivable		804		810
Other ⁽¹⁾		5,931		7,829
Total prepaid expenses and other current assets	$	24,693	$	38,591

( 1 )

Included $ 2.3 million and $ 6.1 million related to the New York Asset Sale deferred payments as of September 30, 2025 and December 31, 2024 , respectively.

Accrued expenses consisted of the following:

	*September 30, 2025*		*December 31, 2024*
	(Amounts in Thousands)
Accrued health benefits	$	6,602	$	6,637
Accrued professional fees		6,151		5,368
Accrued payroll and other taxes		5,681		4,516
Other		14,508		12,438
Total accrued expenses	$	32,942	$	28,959

8. ARPA Spending Plans

To mitigate the fiscal effects of the COVID- 19 public health emergency, the American Rescue Plan Act of 2021 (“ARPA”) provided for a 10 -percentage point increase in federal matching funds for Medicaid home and community-based services (“HCBS”) from April 1, 2021, through March 31, 2022, provided the states satisfied certain conditions. States were generally permitted to use the state funds equivalent to the additional federal funds through March 31, 2025, but CMS granted extensions to several states, permitting some state spending plans to continue until as late as mid- 2026. States must use the monies attributable to this matching fund increase to supplement, not supplant, their level of state spending for the implementation of activities enhanced under the Medicaid HCBS in effect as of April 1, 2021.

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HCBS spending plans for the additional matching funds vary by state, but common initiatives in which the Company is participating include those aimed at strengthening the provider workforce (e.g., efforts to recruit, retain, and train direct service providers). The Company is required to properly and fully document the use of such funds in reports to the state in which the funds originated. Funds may be subject to recoupment if not expended or if they are expended on non-approved uses.

During the three and nine months ended September 30, 2025 , the Company did not receive additional state funding provided by the ARPA. Of the total state funding received by the Company pursuant to the ARPA through September 30, 2025 , the Company utilized $ 2.2 million and $ 5.5 million during the three and nine months ended September 30, 2025 , respectively, primarily for caregivers and adding support to recruiting and retention efforts, included as a reduction of cost of service revenues in the Company’s Unaudited Condensed Consolidated Statements of Income. As of September 30, 2025 , the deferred portion of ARPA funding of $ 5.8 million is included within Government stimulus advances on the Company’s Unaudited Condensed Consolidated Balance Sheets.

9. Long-Term Debt

Long-term debt consisted of the following:

	*September 30, 2025*			*December 31, 2024*
	(Amounts in Thousands)
Revolving loan under the credit facility	$	154,335		$	223,000
Less unamortized issuance costs		( 3,695	)		( 4,557	)
Long-term debt	$	150,640		$	218,443

Amended and Restated Senior Secured Credit Facility

On October 31, 2018, the Company entered into the Amended and Restated Credit Agreement, with certain lenders and Capital One, National Association, as a lender and as agent for all lenders, as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of September 12, 2019, as further amended by the Second Amendment to Amended and Restated Credit Agreement, dated as of July 30, 2021, as further amended by the Third Amendment to Amended and Restated Credit Agreement, dated as of April 26, 2023, and as further amended by the Fourth Amendment to Amended and Restated Credit Agreement, dated as of October 22, 2024 ( as described below, the “Fourth Amendment”) (as amended, the “Credit Agreement”, as used throughout this Quarterly Report on Form 10 -Q, “credit facility” shall mean the credit facility evidenced by the Credit Agreement). The credit facility consists of a $ 650.0 million revolving credit facility and a $ 150.0 million incremental loan facility, which incremental loan facility may be for term loans or an increase to the revolving loan commitments. The maturity of this credit facility is July 30, 2028 .

On October 22, 2024, the Company entered into the Fourth Amendment to, among other things, (a) increase the Company’s revolving credit facility to an aggregate amount of $ 650.0 million, (b) increase the Company’s incremental loan facility to an aggregate amount of $ 150.0 million, and (c) extend the maturity date of the credit facility from July 30, 2026 to July 30, 2028 .

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Interest on the credit facility may be payable at ( x ) the sum of (i) an applicable margin ranging from 0.75 % to 1.50 % based on the applicable senior net leverage ratio plus (ii) a base rate equal to the greatest of (a) the rate of interest last quoted by The Wall Street Journal as the “prime rate,” (b) the sum of the federal funds rate plus a margin of 0.50 %, and (c) the sum of Term Secured Overnight Financing Rate (“SOFR”) (as published by the CME Group Benchmark Administrative Limited) for an interest period of one month for such applicable day ( not to be less than 0.00 %), plus a margin of 1.00 % or (y) the sum of (i) an applicable margin ranging from 1.75 % to 2.50 % based on the applicable senior net leverage ratio plus (ii) the rate per annum equal to the sum of Term SOFR (as published by the CME Group Benchmark Administrative Limited) for the applicable interest period ( not to be less than 0.00 %). Swing loans may not be SOFR loans.

Addus HealthCare, Inc. (“Addus HealthCare”) is the borrower, and its parent, Holdings, and substantially all of Holdings’ subsidiaries are guarantors under this credit facility, and it is collateralized by a first priority security interest in all of the Company’s and the other credit parties’ current and future tangible and intangible assets, including the shares of stock of the borrower and subsidiaries. The Credit Agreement contains affirmative and negative covenants customary for credit facilities of this type, including limitations on the Company with respect to liens, indebtedness, guaranties, investments, distributions, mergers and acquisitions, and dispositions of assets. The availability of additional draws under this credit facility is conditioned, among other things, upon (after giving effect to such draws) the Total Net Leverage Ratio (as defined in the Credit Agreement) not exceeding 3.75:1.00. In certain circumstances, in connection with a Material Acquisition (as defined in the Credit Agreement), the Company can elect to increase its Total Net Leverage Ratio compliance covenant to 4.25:1.00 for the then current fiscal quarter and the three succeeding fiscal quarters.

The Company pays a fee ranging from 0.20 % to 0.35 % based on the applicable senior net leverage ratio times the unused portion of the revolving loan portion of the credit facility.

The Credit Agreement contains customary affirmative covenants regarding, among other things, the maintenance of records, compliance with laws, maintenance of permits, maintenance of insurance and property, and payment of taxes. The Credit Agreement also contains certain customary financial covenants and negative covenants that, among other things, include a requirement to maintain a minimum Interest Coverage Ratio (as defined in the Credit Agreement) and a requirement to stay below a maximum Total Net Leverage Ratio (as defined in the Credit Agreement). The Credit Agreement also contains restrictions on guarantees, indebtedness, liens, investments, and loans, subject to customary carve outs, a restriction on dividends (provided that Addus HealthCare may make distributions to the Company in an amount that does not exceed $ 10.0 million in any year absent of an event of default, plus limited exceptions for tax and administrative distributions), a restriction on the ability to consummate acquisitions (without the consent of the lenders) under its credit facility subject to compliance with the Total Net Leverage Ratio (as defined in the Credit Agreement) thresholds, restrictions on mergers, dispositions of assets, and affiliate transactions, and restrictions on fundamental changes and lines of business.

During the nine months ended September 30, 2025 , the Company (i) drew approximately $11.3 million under its credit facility to fund, in part, the Helping Hands Acquisition, and (ii) repaid $ 80.0 million under the revolving credit facility.

As of September 30, 2025 , the Company had a total of $ 154.3 million of revolving loans, with an interest rate of 5.92 %, outstanding on its credit facility. After giving effect to the amount drawn on its credit facility, approximately $ 7.9 million of outstanding letters of credit and borrowing limits based on an advance multiple of adjusted EBITDA (as defined in the Credit Agreement), the Company had $ 650.0 million of capacity and $ 487.7 million available for borrowing under its credit facility. As of December 31, 2024 , the Company had a total of $ 223.0 million of revolving loans, with an interest rate of 6.34 %, outstanding on its credit facility.

As of September 30, 2025 , the Company was in compliance with all financial covenants under the Credit Agreement.

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10. Income Taxes

The effective income tax rates were 24.7 % and 26.1 % for the three months ended September 30, 2025 and 2024 , respectively. The effective income tax rates were 24.3 % and 26.1 % for the nine months ended September 30, 2025 and 2024 , respectively.

For the three months ended September 30, 2025 , the difference between our federal statutory and effective income tax rates was principally due to the inclusion of state taxes, non-deductible compensation, partially offset by the use of federal employment tax credits and an excess tax benefit. For both the three months ended September 30, 2025 and 2024 , the effective tax rates were inclusive of an excess tax benefit of 3.6 % and 0.5 % , respectively. The excess tax expense and tax benefit are discrete items, related to the vesting of equity shares, which requires the Company to recognize the expense or benefit fully in the period. An excess tax expense results if the Company’s cumulative costs of the award recognized exceed the income tax deduction, whereas an excess tax benefit results if the Company’s cumulative costs of the award recognized are less than the income tax deduction.

11. Commitments and Contingencies

Legal Proceedings

From time to time, the Company is subject to legal and/or administrative proceedings incidental to its business.

It is the opinion of management that the outcome of pending legal and/or administrative proceedings will not have a material effect on the Company’s Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Income.

12. Segment Information

Operating segments are defined as components of a company that engage in business activities from which it may earn revenues and incur expenses, and for which separate financial information is available and is regularly reviewed by the Company’s CODM. The Company identifies its Chief Executive Officer and Chief Operating Officer together as CODMs to assess the performance of the individual segments and make decisions about resources to be allocated to the segments. The Company operates as a multi-state provider of three business segments providing in-home services.

In its personal care segment, the Company provides non-medical assistance with activities of daily living, primarily to persons who are at increased risk of hospitalization or institutionalization, such as the elderly, chronically ill or disabled. In its hospice segment, the Company provides physical, emotional, and spiritual care for people who are terminally ill as well as related services for their families. In its home health segment, the Company provides services that are primarily medical in nature to individuals who may require assistance during an illness or after hospitalization and include skilled nursing and physical, occupational, and speech therapy.

The Company’s method for measuring profitability on each reportable segment basis is the same as those described in the summary of significant accounting policies and its CODMs frequently review the actual result to budget variance to allocate resources to the segment and assess its performance. Segment operating income consists of revenue generated by a segment, less the direct costs of service revenues and general and administrative expenses that are incurred directly by the segment. Unallocated general and administrative costs are those costs for functions performed in a centralized manner and therefore not attributable to a particular segment. These costs include accounting, finance, human resources, legal, information technology, corporate office support and facility costs and overall corporate management.

The CODMs do not review disaggregated assets by segment. The measure of segment assets is reported on the balance sheet as total consolidated assets.

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The tables below set forth information about the Company’s reportable segments, along with the items necessary to reconcile the segment information to the totals reported in the accompanying Unaudited Condensed Consolidated Financial Statements.

	*For the Three Months Ended September 30, 2025*
	(Amounts in Thousands)
	*Personal Care*		*Hospice*		*Home Health*		*Total*
Net service revenues	$	275,770	$	68,891	$	17,640	$	362,301
Direct service personnel		199,656		28,287		10,155		238,098
General and administrative salaries, wages and benefits		18,629		11,658		3,538		33,825
Other segment items ¹		6,395		10,131		1,400		17,926
Segment operating income		51,090		18,815		2,547		72,452
Segment reconciliation:
Items not allocated at segment level:
Other general and administrative expenses								35,107
Depreciation and amortization								4,408
Interest income								( 760	)
Interest expense								3,343
Income before income taxes							$	30,354

( 1 )

Other segment items include other costs for direct service personnel, office expense, licenses and taxes, communication, medical director fees, travel, and bad debt expense.

	*For the Three Months Ended September 30, 2024*
	(Amounts in Thousands)
	*Personal Care*		*Hospice*		*Home Health*		*Total*
Net service revenues	$	215,433	$	57,309	$	17,045	$	289,787
Direct service personnel		156,072		24,791		10,513		191,376
General and administrative salaries, wages and benefits		11,949		10,556		3,553		26,058
Other segment items ¹		5,741		9,192		1,113		16,046
Segment operating income		41,671		12,770		1,866		56,307
Segment reconciliation:
Items not allocated at segment level:
Other general and administrative expenses								26,908
Depreciation and amortization								3,446
Interest income								( 1,908	)
Interest expense								573
Income before income taxes							$	27,288

( 1 )

Other segment items include other costs for direct service personnel, office expense, licenses and taxes, communication, medical director fees, travel, and bad debt expense.

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	*For the Nine Months Ended September 30, 2025*
	(Amounts in Thousands)
	*Personal Care*		*Hospice*		*Home Health*		*Total*
Net service revenues	$	803,238	$	192,540	$	53,674	$	1,049,452
Direct service personnel		579,174		80,670		30,019		689,863
General and administrative salaries, wages and benefits		55,276		34,085		9,846		99,207
Other segment items ¹		18,468		29,531		3,866		51,865
Segment operating income		150,320		48,254		9,943		208,517
Segment reconciliation:
Items not allocated at segment level:
Other general and administrative expenses								99,915
Depreciation and amortization								12,264
Interest income								( 1,845	)
Interest expense								10,886
Income before income taxes							$	87,297

( 1 )

Other segment items include other costs for direct service personnel, office expense, licenses and taxes, communication, medical director fees, travel, and bad debt expense

	*For the Nine Months Ended September 30, 2024*
	(Amounts in Thousands)
	*Personal Care*		*Hospice*		*Home Health*		*Total*
Net service revenues	$	636,253	$	169,202	$	52,000	$	857,455
Direct service personnel		460,587		71,580		31,967		564,134
General and administrative salaries, wages and benefits		35,049		30,601		10,893		76,543
Other segment items ¹		15,835		27,960		3,773		47,568
Segment operating income		124,782		39,061		5,367		169,210
Segment reconciliation:
Items not allocated at segment level:
Other general and administrative expenses								83,115
Depreciation and amortization								10,316
Interest income								( 2,805	)
Interest expense								5,445
Income before income taxes							$	73,139

( 1 )

Other segment items include other costs for direct service personnel, office expense, licenses and taxes, communication, medical director fees, travel, and bad debt expense.

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13. Significant Payors

The Company’s revenue by payor type was as follows:

*Personal Care Segment*	*For the Three Months Ended September 30,*										*For the Nine Months Ended September 30,*
	*2025*					*2024*					*2025*					*2024*
			*% of Segment*					*% of Segment*					*% of Segment*					*% of Segment*
	*Amount*		*Net Service*			*Amount*		*Net Service*			*Amount*		*Net Service*			*Amount*		*Net Service*
	*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*
State, local and other governmental programs	$	139,383		50.5	%	$	116,702		54.2	%	$	410,781		51.1	%	$	337,458		53.0	%
Managed care organizations		127,293		46.2			93,321		43.3			366,210		45.6			281,732		44.3
Private pay		7,064		2.5			3,599		1.7			21,331		2.7			11,194		1.8
Commercial insurance		1,860		0.7			1,415		0.7			4,356		0.5			4,368		0.7
Other		170		0.1			396		0.1			560		0.1			1,501		0.2
Total personal care segment net service revenues	$	275,770		100.0	%	$	215,433		100.0	%	$	803,238		100.0	%	$	636,253		100.0	%

*Hospice Segment*	*For the Three Months Ended September 30,*										*For the Nine Months Ended September 30,*
	*2025*					*2024*					*2025*					*2024*
			*% of Segment*					*% of Segment*					*% of Segment*					*% of Segment*
	*Amount*		*Net Service*			*Amount*		*Net Service*			*Amount*		*Net Service*			*Amount*		*Net Service*
	*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*
Medicare	$	64,148		93.1	%	$	52,413		91.5	%	$	178,784		92.9	%	$	154,187		91.1	%
Commercial insurance		2,140		3.1			2,892		5.0			6,518		3.4			8,870		5.2
Managed care organizations		2,216		3.2			1,821		3.2			6,245		3.2			5,518		3.3
Other		387		0.6			183		0.3			993		0.5			627		0.4
Total hospice segment net service revenues	$	68,891		100.0	%	$	57,309		100.0	%	$	192,540		100.0	%	$	169,202		100.0	%

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*Home Health Segment*	*For the Three Months Ended September 30,*											*For the Nine Months Ended September 30,*
	*2025*					*2024*						*2025*					*2024*
			*% of Segment*						*% of Segment*					*% of Segment*					*% of Segment*
	*Amount*		*Net Service*			*Amount*			*Net Service*			*Amount*		*Net Service*			*Amount*		*Net Service*
	*(in Thousands)*		*Revenues*			*(in Thousands)*			*Revenues*			*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*
Medicare	$	11,617		65.9	%	$	12,036			70.6	%	$	36,711		68.4	%	$	36,216		69.6	%
Managed care organizations		4,492		25.5			4,215			24.7			12,564		23.4			13,291		25.6
State, local and other governmental programs (excluding Medicare)		993		5.6			( 17	)		—			2,878		5.3			—		—
Other		538		3.0			811			4.7			1,521		2.9			2,493		4.8
Total home health segment net service revenues	$	17,640		100.0	%	$	17,045			100.0	%	$	53,674		100.0	%	$	52,000		100.0	%

The Company derives a significant amount of its revenue from its operations in Illinois, New Mexico, Ohio, Tennessee, and Texas. The percentages of segment revenue for each of these significant states and New York for the three and nine months ended September 30, 2025 and 2024 , respectively, were as follows:

*Personal Care Segment*	*For the Three Months Ended September 30,*											*For the Nine Months Ended September 30,*
	*2025*						*2024*					*2025*						*2024*
				*% of Segment*					*% of Segment*						*% of Segment*					*% of Segment*
	*Amount*			*Net Service*			*Amount*		*Net Service*			*Amount*			*Net Service*			*Amount*		*Net Service*
	*(in Thousands)*			*Revenues*			*(in Thousands)*		*Revenues*			*(in Thousands)*			*Revenues*			*(in Thousands)*		*Revenues*
Illinois	$	115,989			42.1	%	$	111,916		51.9	%	$	342,629			42.7	%	$	330,265		51.9	%
New Mexico		30,029			10.9			28,962		13.4			87,320			10.9			86,573		13.6
New York ⁽¹⁾		( 318	)		—			21,406		9.9			( 104	)		—			68,239		10.7
Texas		53,449			19.4			—		—			155,773			19.4			—		—
All other states		76,621			27.6			53,149		24.8			217,620			27.0			151,176		23.8
Total personal care segment net service revenues	$	275,770			100.0	%	$	215,433		100.0	%	$	803,238			100.0	%	$	636,253		100.0	%

( 1 )

As a result of changes and uncertainty in New York regarding the CDPAP, the Company determined that its New York personal care operations no longer fit its growth strategy and is divesting these operations. See Note 3 to the Notes to Unaudited Condensed Consolidated Financial Statements, Divestiture , for additional details regarding our divestiture.

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*Hospice Segment*	*For the Three Months Ended September 30,*										*For the Nine Months Ended September 30,*
	*2025*					*2024*					*2025*					*2024*
			*% of Segment*					*% of Segment*					*% of Segment*					*% of Segment*
	*Amount*		*Net Service*			*Amount*		*Net Service*			*Amount*		*Net Service*			*Amount*		*Net Service*
	*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*
Ohio	$	26,913		39.1	%	$	21,531		37.6	%	$	73,304		38.1	%	$	62,400		36.9	%
Illinois		15,532		22.5			13,289		23.2			44,516		23.1			38,544		22.8
New Mexico		8,769		12.7			6,951		12.1			24,865		12.9			21,361		12.6
All other states		17,677		25.7			15,538		27.1			49,855		25.9			46,897		27.7
Total hospice segment net service revenues	$	68,891		100.0	%	$	57,309		100.0	%	$	192,540		100.0	%	$	169,202		100.0	%

*Home Health Segment*	*For the Three Months Ended September 30,*										*For the Nine Months Ended September 30,*
	*2025*					*2024*					*2025*					*2024*
			*% of Segment*					*% of Segment*					*% of Segment*					*% of Segment*
	*Amount*		*Net Service*			*Amount*		*Net Service*			*Amount*		*Net Service*			*Amount*		*Net Service*
	*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*			*(in Thousands)*		*Revenues*
New Mexico	$	8,644		49.0	%	$	8,090		47.4	%	$	25,937		48.3	%	$	24,166		46.5	%
Tennessee		6,852		38.8			6,542		38.4			21,672		40.4			19,437		37.4
Illinois		1,759		10.0			2,413		14.2			5,680		10.6			8,397		16.1
All other states		385		2.2			—		—			385		0.7			—		—
Total home health segment net service revenues	$	17,640		100.0	%	$	17,045		100.0	%	$	53,674		100.0	%	$	52,000		100.0	%

A substantial portion of the Company’s revenue and accounts receivable are derived from services performed for federal, state, and local governmental agencies. The personal care segment derives a significant amount of its net service revenues in Illinois, which represented 32.0 % and 38.6 % of our net service revenues for the three months ended September 30, 2025 and 2024 , respectively, and accounted for 32.6 % and 38.5 % of our net service revenues for the nine months ended September 30, 2025 and 2024 , respectively. The Illinois Department on Aging, the largest payor program for the Company’s Illinois personal care operations, accounted for 18.1 % and 21.4 % of the Company’s net service revenues for the three months ended September 30, 2025 and 2024 , respectively, and accounted for 18.4 % and 21.1 % of the Company’s net service revenues for the nine months ended September 30, 2025 and 2024 , respectively.

The related receivables due from the Illinois Department on Aging represented 16.6 % and 21.7 % of the Company’s net accounts receivable at September 30, 2025 and December 31, 2024 , respectively.

14. Subsequent Events

On October 1, 2025 , the Company completed the acquisition of the assets of Gold Horses, LLC for approximately $ 7.4 million (the “Gold Horses Acquisition”). The purchase was funded through the Company’s available cash. The Gold Horses Acquisition expanded the Company ’ s services within its personal care segment in Texas. The initial accounting is not yet complete, and therefore the related business combination disclosures have not been presented as the Company is currently in the process of valuing the assets acquired and liabilities assumed in the transaction.

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ITEM 2. MANAGEMENT ’ S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion together with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this quarterly report on Form 10-Q. This discussion contains forward-looking statements about our business and operations. Statements that are predictive in nature, that depend upon or refer to future events or conditions or that include words like “ believes, ” “ belief, ” “ expects, ” “ plans, ” “ anticipates, ” “ intends, ” “ projects, ” “ estimates, ” “ may, ” “ might, ” “ would, ” “ should, ” and similar expressions are intended to be forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of our management based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of macroeconomic conditions, including significant global inflation and interest rates, legislative and political developments, including federal government shutdowns, any lapse in appropriations and any hold on or cancellation of congressionally authorized spending or interruptions in the distribution of government funds, trade policies and tensions, including changes in, or the imposition of, tariffs and/or trade barriers and the economic impacts, volatility and uncertainty resulting therefrom, and the potential adverse effects of current conditions; business disruptions due to inclement weather, natural disasters, acts of terrorism, military conflicts, pandemics, civil insurrection or social unrest; changes in operational and reimbursement processes and payment structures at the state or federal levels; changes in Medicaid, Medicare, other government program and managed care organizations ’ policies and payment rates, and the timeliness of reimbursements received under government programs; the implementation of new, and possible changes to, existing, federal and state laws or regulations, or our failure to comply with such laws or regulations or comply on a timely basis; the impact of decisions of the U.S. Supreme Court regarding the actions of federal agencies; changes in presidential administrations; changes in the structure and administration of, and funding for, federal and state agencies and programs; competition in the healthcare industry; the geographical concentration of our operations; changes in the case mix of consumers and payment methodologies; operational changes resulting from the assumption by managed care organizations of responsibility for managing and paying for our services to consumers; the nature and success of future financial and/or delivery system reforms; changes in estimates and judgments associated with critical accounting policies; our ability to maintain or establish new referral sources; our ability to renew significant agreements or groups of agreements; our ability to attract and retain qualified personnel; federal, state and city minimum wage pressure, including any failure of any governmental entity to enact a minimum wage offset and/or the timing of any such enactment; changes in payments and covered services due to overall economic conditions and deficit reduction measures by federal and state governments, and our expectations regarding these changes; cost containment initiatives undertaken by federal and state governmental and other third-party payors; our ability to access financing through the capital and credit markets; our ability to meet debt service requirements and comply with covenants in debt agreements; our ability to integrate and manage our information systems; any security breaches, cyber-attacks, loss of data, or cybersecurity threats or incidents, and any actual or perceived failures to comply with legal requirements related to the privacy of confidential consumer data and other sensitive information; the size and growth of the markets for our services, including our expectations regarding the markets for our services; eligibility standards and coverage limits imposed through legislation or by governmental agencies or other third-party payors; the potential for litigation, audits, and investigations; discretionary determinations by government officials; our ability to successfully implement our business model to grow our business; our ability to continue identifying, pursuing, consummating, and integrating acquisition opportunities and expanding into new geographic markets; the impact of acquisitions and dispositions on our business, including the potential inability to realize the benefits of potential acquisitions; the effectiveness, quality, and cost of our services; our ability to successfully execute our growth strategy; changes in tax rates; and various other matters, many of which are beyond our control. In addition, these forward-looking statements are subject to the risk factors set forth in Part I, Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2024, filed with the SEC on February 25, 2025. You should carefully review all of these factors. Moreover, our business may be materially adversely affected by factors that are not currently known to us, by factors that we currently consider immaterial or by factors that are not specific to us, such as general economic conditions. These forward-looking statements were based on information, plans, and estimates at the date of this report, and we assume no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by law.

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Overview

We are a home care services provider operating three segments: personal care, hospice, and home health. Our services are principally provided in-home under agreements with federal, state, and local government agencies, managed care organizations, commercial insurers, and private individuals. Our consumers are predominantly “dual eligible,” meaning they are eligible to receive both Medicare and Medicaid benefits. Managed care organizations accounted for 37.0% and 34.3% of our net service revenues during the three months ended September 30, 2025 and 2024, respectively, and 36.7% and 35.1% of our net service revenues during the nine months ended September 30, 2025 and 2024, respectively.

A summary of certain consolidated financial results is provided in the table below.

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Net service revenues by segment:	(Amounts in Thousands)				(Amounts in Thousands)
Personal care	$	275,770	$	215,433	$	803,238	$	636,253
Hospice		68,891		57,309		192,540		169,202
Home health		17,640		17,045		53,674		52,000
Total net service revenue	$	362,301	$	289,787	$	1,049,452	$	857,455

Net income	$	22,848	$	20,163	$	66,128	$	54,072

As of September 30, 2025, we provided our services in 23 states through 265 offices. We served approximately 96,000 and 80,000 discrete individuals, respectively, during the nine months ended September 30, 2025 and 2024. Our personal care segment also includes staffing services, with clients including assisted living facilities, nursing homes, and hospice facilities.

Acquisitions

In addition to our organic growth, we have grown through acquisitions that have expanded our presence in current markets, with the goal of having all three levels of in-home care in our markets or facilitating our entry into new markets where in-home care has been moving to managed care organizations or that present other strategic opportunities.

On March 9, 2024, we completed our acquisition of the operations of Upstate Home Care Solutions (“Upstate”) for $0.4 million, with funding provided by available cash. With the purchase of Upstate, the Company expanded its personal care segment in South Carolina.

On December 2, 2024, we completed the acquisition of the personal care business of Curo Health Services, LLC, a Delaware limited liability company that does business as Gentiva, consisting of certain equity interests and assets and liabilities (collectively, the “Gentiva Acquisition”) for approximatel y $350.6 milli on, with funding primarily provided by drawing on the Company’s revolving credit facility and a portion of the net proceeds of the Company’s public offering of common stock (the “Public Offering”). With the Gentiva Acquisition, the Company expanded its services within its personal care segment in Arizona, Arkansas, California, and North Carolina, and entered the market in Missouri and Texas. The home health segment also was expanded in Tennessee.

On January 1, 2025, the Company completed the Jacksonville Acquisition for approximately $0.8 million, with funding provided by available cash. With the Jacksonville Acquisition, the Company expanded its personal care segment in Florida and recorded goodwill of $0.8 million.

On March 1, 2025, the Company completed the Great Lakes Acquisition for $2.6 million, with funding provided by available cash. With the Great Lakes Acquisition, the Company expanded its personal care segment in Michigan and recognized goodwill in its personal care segment of $2.6 million.

On August 1, 2025, the Company completed the Helping Hands Acquisition, for approximately $21.4 million, with funding through the Company’s revolving credit facility and available cash. With the purchase of Helping Hands, the Company expanded its services within its personal care segment and entered the hospice and home health markets in Pennsylvania and recognized goodwill in its personal care segment of $19.0 million.

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New York Asset Sale

Effective May 20, 2024, we entered into the New York Asset Sale. The Company entered into a consulting agreement with the purchaser, as the transfer of clients and caregivers and payment for assets pursuant to the New York Asset Sale is occurring over time as regulatory approvals are received, coordination of the transfer of clients and caregivers occurs, and the change of control takes place. In connection with this transaction, the Company ceased operations in New York. See Note 3 to the Notes to Unaudited Condensed Consolidated Financial Statements, Divesture , for additional details regarding our divestiture.

Recruiting

As the labor market continues to be tight and unemployment remains at low levels, the competition for new caregivers, including skilled healthcare staff, and support staff continues to be significant . In addition, the United States economy continues to experience inflationary pressures. To the extent that we continue to experience a shortage of caregivers, it may hinder our ability to fully meet the continuing demand for both our non-clinical and clinical services.

Revenue by Payor and Significant States

Our payors are principally federal, state, and local governmental agencies and managed care organizations. The federal, state, and local programs under which the agencies operate are subject to legislative and budgetary changes and other risks that can influence reimbursement rates. We are experiencing a transition of business from government payors to managed care organizations, which we believe aligns with our emphasis on coordinated care and the reduction of the need for acute care.

Our revenue by payor and significant states by segment were as follows:

*Personal Care Segment*	For the Three Months Ended September 30,											For the Nine Months Ended September 30,
	2025						2024					2025						2024
				% of Segment					% of Segment						% of Segment					% of Segment
	Amount			Net Service			Amount		Net Service			Amount			Net Service			Amount		Net Service
	(in Thousands)			Revenues			(in Thousands)		Revenues			(in Thousands)			Revenues			(in Thousands)		Revenues
State, local and other governmental programs	$	139,383			50.5	%	$	116,702		54.2	%	$	410,781			51.1	%	$	337,458		53.0	%
Managed care organizations		127,293			46.2			93,321		43.3			366,210			45.6			281,732		44.3
Private pay		7,064			2.5			3,599		1.7			21,331			2.7			11,194		1.8
Commercial insurance		1,860			0.7			1,415		0.7			4,356			0.5			4,368		0.7
Other		170			0.1			396		0.1			560			0.1			1,501		0.2
Total personal care segment net service revenues	$	275,770			100.0	%	$	215,433		100.0	%	$	803,238			100.0	%	$	636,253		100.0	%
Illinois		115,989			42.1	%		111,916		51.9	%		342,629			42.7	%		330,265		51.9	%
New Mexico		30,029			10.9			28,962		13.4			87,320			10.9			86,573		13.6
New York		(318	)		—			21,406		9.9			(104	)		—			68,239		10.7
Texas		53,449			19.4			—		—			155,773			19.4			—		—
All other states		76,621			27.6			53,149		24.8			217,620			27.0			151,176		23.8
Total personal care segment net service revenues	$	275,770			100.0	%	$	215,433		100.0	%	$	803,238			100.0	%	$	636,253		100.0	%

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*Hospice Segment*	For the Three Months Ended September 30,										For the Nine Months Ended September 30,
	2025					2024					2025					2024
			% of Segment					% of Segment					% of Segment					% of Segment
	Amount		Net Service			Amount		Net Service			Amount		Net Service			Amount		Net Service
	(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues
Medicare	$	64,148		93.1	%	$	52,413		91.5	%	$	178,784		92.9	%	$	154,187		91.1	%
Commercial insurance		2,140		3.1			2,892		5.0			6,518		3.4			8,870		5.2
Managed care organizations		2,216		3.2			1,821		3.2			6,245		3.2			5,518		3.3
Other		387		0.6			183		0.1			993		0.5			627		0.4
Total hospice segment net service revenues	$	68,891		100.0	%	$	57,309		100.0	%	$	192,540		100.0	%	$	169,202		100.0	%
Ohio	$	26,913		39.1	%	$	21,531		37.6	%	$	73,304		38.1	%	$	62,400		36.9	%
Illinois		15,532		22.5			13,289		23.2			44,516		23.1			38,544		22.8
New Mexico		8,769		12.7			6,951		12.1			24,865		12.9			21,361		12.6
All other states		17,677		25.7			15,538		27.1			49,855		25.9			46,897		27.7
Total hospice segment net service revenues	$	68,891		100.0	%	$	57,309		100.0	%	$	192,540		100.0	%	$	169,202		100.0	%

*Home Health Segment*	For the Three Months Ended September 30,											For the Nine Months Ended September 30,
	2025					2024						2025					2024
			% of Segment						% of Segment					% of Segment					% of Segment
	Amount		Net Service			Amount			Net Service			Amount		Net Service			Amount		Net Service
	(in Thousands)		Revenues			(in Thousands)			Revenues			(in Thousands)		Revenues			(in Thousands)		Revenues
Medicare	$	11,617		65.9	%	$	12,036			70.6	%	$	36,711		68.4	%	$	36,216		69.6	%
Managed care organizations		4,492		25.5			4,215			24.7			12,564		23.4			13,291		25.6
State, local and other governmental programs (excluding Medicare)		993		5.6			(17	)		—			2,878		5.3			—		—
Other		538		3.0			811			4.7			1,521		2.9			2,493		4.8
Total home health segment net service revenues	$	17,640		100.0	%	$	17,045			100.0	%	$	53,674		100.0	%	$	52,000		100.0	%
New Mexico	$	8,644		49.0	%	$	8,090			47.4	%	$	25,937		48.3	%	$	24,166		46.5	%
Tennessee		6,852		38.8			6,542			38.4			21,672		40.4			19,437		37.4
Illinois		1,759		10.0			2,413			14.2			5,680		10.6			8,397		16.1
All other states		385		2.2			—			—			385		0.7			—		—
Total home health segment net service revenues	$	17,640		100.0	%	$	17,045			100.0	%	$	53,674		100.0	%	$	52,000		100.0	%

The personal care segment derives a significant amount of its net service revenues in Illinois, which represented 32.0% and 38.6% of our net service revenues for the three months ended September 30, 2025 and 2024, respectively, and accounted for 32.6% and 38.5% of our net service revenues for the nine months ended September 30, 2025 and 2024, respectively.

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A significant amount of our net service revenues are derived from one payor, the Illinois Department on Aging, the largest payor program for our Illinois personal care operations, which accounted for 18.1% and 21.4% of our net service revenues for the three months ended September 30, 2025 and 2024, respectively, and accounted for 18.4% and 21.1% of our net service revenues for the nine months ended September 30, 2025 and 2024, respectively.

Changes in Illinois Reimbursement

The Illinois Medicaid omnibus legislation passed in June 2023 included an increase in hourly rates for in-home care services to $28.07, which took effect on January 1, 2024 and required a minimum wage rate of $17.00 per hour. CMS approved an amendment to the Illinois HCBS Waiver for Persons Who are Elderly, which included the rate increase for in-home care services to $28.07, effective January 1, 2024.

The Illinois fiscal year 2025 budget included an increase in hourly rates for in-home care services to $29.63, effective January 1, 2025, and required a minimum wage of $18.00 per hour for direct service workers. CMS approved an amendment to Illinois’ Persons Who are Elderly waiver program that included this rate increase, effective January 1, 2025.

The Illinois fiscal year 2026 budget includes an increase in hourly rates for in-home care services to $30.80, to take effect January 1, 2026, subject to federal approval. This rate sustains a minimum wage of $18.75 per hour for direct service workers.

The City of Chicago requires the Chicago minimum wage to be adjusted annually based on increases in the Consumer Price Index (“CPI”), subject to a cap and other requirements. Effective July 1, 2025, the rate was adjusted to $16.60 based on the increase in the CPI.

Our business will benefit from the rate increases noted above as planned for 2025, but there is no assurance that there will be additional rate increases in Illinois for fiscal years beyond fiscal year 2025 to offset increases to minimum wage, and our financial performance will be adversely impacted for any periods in which an additional offsetting reimbursement rate increase is not in effect.

Changes in Texas Reimbursement

The Texas fiscal year 2026 budget includes an increase in hourly rates to $17.13 for in-home care services effective September 1, 2025.

Impact of Changes in Medicare and Medicaid Reimbursement

Hospice

Hospice services provided to Medicare beneficiaries are paid under the Medicare Hospice Prospective Payment System, under which CMS sets a daily rate for each day a patient is enrolled in the hospice benefit. The daily rate depends on the level of care provided to a patient (routine home care, continuous home care, inpatient respite care, or general inpatient care). Daily rates are adjusted for factors such as area wage levels. CMS updates hospice payment rates each federal fiscal year. Effective October 1, 2025, CMS increased hospice payment rates by 2.6%. This reflects a 3.3% market basket increase and a negative 0.7 percentage point productivity adjustment. Hospices that do not satisfy quality reporting requirements are subject to a 4-percentage point reduction to the market basket update.

Overall payments made by Medicare to each hospice provider number are subject to an inpatient cap and an aggregate cap. The inpatient cap limits the number of days of inpatient care for which Medicare will pay to no more than 20% of total patient care days. Days in excess of the limitation are paid at the routine home care rate. The aggregate cap limits the total Medicare reimbursement that a hospice may receive in a cap year (typically the federal fiscal year) based on an annual per-beneficiary cap amount, which is set each federal fiscal year, and the number of Medicare patients served. The per-beneficiary cap amount was updated to $35,361.44 for federal fiscal year 2026. If a hospice’s Medicare payments exceed its inpatient or aggregate caps, it must repay Medicare the excess amount.

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Home Health

Home health services provided to Medicare beneficiaries are paid under the Medicare Home Health Prospective Payment System (“HHPPS”), which uses national, standardized 30-day period payment rates for periods of care that meet a certain threshold of home health visits (periods of care that do not meet the visit threshold are paid a per-visit payment rate for the discipline providing care). Although payment is made for each 30-day period, the HHPPS permits continuous 60-day certification periods through which beneficiaries are verified as eligible for the home health benefit. The daily home health payment rate is adjusted for case-mix and area wage levels. CMS uses the Patient-Driven Groupings Model (“PDGM”) as the case-mix classification model to place periods of care into payment categories, classifying patients based on clinical characteristics and their resource needs. An outlier adjustment may be paid for periods of care where costs exceed a specific threshold amount.

CMS updates the HHPPS payment rates each calendar year. For calendar year 2025, CMS estimates that Medicare payments to home health agencies will increase by 0.5%. This is based on a home health payment update percentage of 2.7%, which reflects a 3.2% market basket update, reduced by a productivity adjustment of 0.5 percentage points, and an estimated 1.8% decrease associated with the transition to the PDGM, among other changes. Home health providers that do not comply with quality data reporting requirements are subject to a 2-percentage point reduction to their market basket update. In addition, Medicare requires home health agencies to submit a one-time Notice of Admission (“NOA”) for each patient that establishes that the beneficiary is under a Medicare home health period of care. Failure to submit the NOA within five calendar days from the start of care will result in a reduction to the 30-day period payment amount for each day from the start of care date until the date the NOA is submitted.

Under the nationwide Home Health Value-Based Purchasing (“HHVBP”) Model, home health agencies receive increases or decreases to their Medicare fee-for-service payments of up to 5% based on performance against specific quality measures relative to the performance of other home health providers. Data collected in each performance year will impact Medicare payments two years later.

In certain states, payment of claims may be impacted by the Review Choice Demonstration for Home Health Services, a program intended to identify and prevent fraud, reduce the number of Medicare appeals and improve provider compliance with Medicare program requirements. The program is currently limited to home health agencies in Illinois, Ohio, Oklahoma, North Carolina, Florida, and Texas. Providers in states subject to the Review Choice Demonstration for Home Health Services may initially select either pre-claim review or post-payment review. Home health agencies that maintain high compliance levels are eligible for additional options that may be less burdensome. This program has not had a material impact on our results of operations or financial position.

CMS Final Rule: “ Ensuring Access to Medicaid Services ”

In May 2024, CMS finalized a rule intended to improve access to services and quality of care for Medicaid beneficiaries across fee-for-service and managed care delivery systems. The final rule includes significant provisions related to HCBS, including the “80/20” or “payment adequacy” requirement, which will require states to ensure by mid-2030 that at least 80% of all Medicaid payments a provider receives for homemaker, home health aide, and personal care services, less certain excluded costs, under specified programs are spent on total compensation (including benefits) for direct care workers furnishing these services, rather than administrative overhead or profit, subject to limited exceptions. The final rule includes several other measures intended to promote transparency and enhance quality and access to services, including a variety of reporting requirements for states. Given the long implementation period and the likelihood of further changes as a result of litigation, administration and congressional changes, further rule-making and state changes in response to the final rule, it is premature to predict the ultimate impact of the final rule on our business.

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Developments in Public Policy

The outcome of the 2024 federal election increased regulatory uncertainty and the potential for significant policy changes. President Trump has issued executive orders that impact or may impact the healthcare industry, including an order establishing a presidential advisory commission, the Department of Government Efficiency (“DOGE”), focused on restructuring and streamlining government agencies and reducing or eliminating regulations and federal government programs and other expenditures. In March 2025, the Department of Health and Human Services (“HHS”) announced a significant restructuring in accordance with the President’s DOGE Workforce Optimization Initiative. The restructuring will reduce the HHS workforce and consolidate divisions of HHS, including integrating some functions of the Administration for Community Living, which administers programs that support older adults, into other HHS agencies. HHS also announced a change in its policy on public participation in rulemaking that may negatively affect the ability of industry participants to receive advance notice of and offer feedback on some policy changes. In addition, recent actions by the presidential administration have resulted in holds on or cancellations of congressionally authorized spending as well as interruptions in the distribution of governmental funds.

Changes resulting from legislation and administrative actions at the federal and state levels, may impact home care and other healthcare providers. Federal and state actions may impact funding for, or the structure of, the Medicaid program, including through changes to Medicaid waiver programs, and may shape provider reimbursement rates, eligibility and coverage policies, and other aspects of state Medicaid programs. For example, the budget reconciliation legislation enacted on July 4, 2025, commonly known as the “One Big Beautiful Bill Act” (“OBBBA”), includes policy changes that are expected to reduce federal healthcare spending, including through changes to the Medicaid program, if the law is implemented as enacted. The OBBBA requires changes to Medicaid financing mechanisms such as provider taxes and state-directed payment arrangements. These changes may prohibit states from establishing new provider taxes or increasing rates of existing provider taxes, and may limit the structure and applicability of such taxes, with greater restrictions in states that have expanded Medicaid. Some of these changes, which will be phased in over time, are intended to reduce the federal matching funds received by state Medicaid programs. In addition, the OBBBA limits Medicaid eligibility and increases administrative and financial obligations for states and enrollees, although most of these reforms are focused on adults in the Medicaid expansion population. Future Medicaid reform initiatives at the federal and state levels may further reduce Medicaid expenditures and involve additional administrative changes. Reduced funding for Medicaid or other changes to Medicaid programs, including Medicaid waiver programs, could put pressure on state budgets and result in reductions to Medicaid payments, scope of coverage and enrollment. Such reductions could, in turn, affect our reimbursements for services rendered. We expect the impact of the OBBBA on home care businesses, including our business, will be less significant than the impact on other healthcare businesses.

The federal deficit and other federal and state budgetary pressures affect government healthcare program expenditures, and we anticipate that these effects will continue. For example, the OBBBA is expected to decrease federal healthcare spending, particularly with respect to Medicaid, and is generally expected to increase pressures on state budgets, particularly in Medicaid expansion states. The impact on state budgets may result in state-level changes such as reductions to the scope of covered services or tax increases. In addition, the OBBBA increases the federal budget deficit in a manner that triggers a statutorily mandated sequestration under the Pay-As-You-Go Act of 2010. As a result, a Medicare spending reduction of up to 4% is required to take effect in early 2026, absent congressional action. These reductions would be in addition to the payment reductions required by the Budget Control Act of 2011 and subsequent legislation, which are currently set to continue through the first ten months of federal fiscal year 2032. It is possible that future deficit reduction legislation will impose additional spending reductions.

The federal government entered a partial shutdown effective October 1, 2025. Although Medicare and Medicaid reimbursement generally remains available through a shutdown and we are not currently experiencing delays in payment, we may be exposed to indirect effects related to government agencies operating at reduced capacity and lack of congressional action on significant issues.

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Components of our Statements of Income

Net Service Revenues

We generate net service revenues by providing our services directly to consumers and primarily on an hourly basis in our personal care segment, on a daily basis in our hospice segment, and on an episodic basis in our home health segment. We receive payment for providing such services from our private consumers and payors, including federal, state, and local governmental agencies, managed care organizations, and commercial insurers.

In our personal care segment, net service revenues are principally provided based on authorized hours, determined by the relevant agency, at an hourly rate, which is either contractual or fixed by legislation, and are recognized at the time services are rendered. In our hospice segment, net service revenues are provided based on daily rates for each of the levels of care and are recognized as services are provided. In our home health segment, net service revenues are based on an episodic basis at a stated rate and recognized based on the number of days elapsed during a period of care within the reporting period. We also record estimated implicit price concessions (based primarily on historical collection experience) related to uninsured accounts to record revenues.

Cost of Service Revenues

We incur direct care wages, payroll taxes, and benefit-related costs in connection with providing our services. We also provide workers’ compensation and general liability coverage for our employees. Employees are also reimbursed for their travel time and related travel costs in certain instances.

General and Administrative Expenses

Our general and administrative expenses include our costs for operating our network of local agencies and our administrative offices. Our agency expenses consist of costs for supervisory personnel, our community care supervisors, and office administrative costs. Personnel costs include wages, payroll taxes, and employee benefits. Facility costs include rents, utilities, and postage, telephone, and office expenses. Our corporate and support center expenses include costs for accounting, information systems, human resources, billing and collections, contracting, marketing, and executive leadership. These expenses consist of compensation, including stock-based compensation, payroll taxes, employee benefits, legal, accounting and other professional fees, travel, general insurance, rents, provision for doubtful accounts, and related facility costs. Expenses related to streamlining our operations such as costs related to terminated employees, termination of professional services relationships, other contract termination costs, and asset write-offs are also included in general and administrative expenses.

Depreciation and Amortization Expenses

Depreciable assets consist principally of furniture and equipment, network administration and telephone equipment, and operating system software. Depreciable and leasehold assets are depreciated or amortized on a straight-line method over their useful lives or, if less and if applicable, their lease terms. We amortize our intangible assets with finite lives, consisting of customer and referral relationships, trade names, trademarks, and non-competition agreements, using straight line or accelerated methods based upon their estimated useful lives.

Interest Expense

Interest expense is reported when incurred and principally consists of interest and unused credit line fees on the credit facility.

Income Tax Expense

All of our income is from domestic sources. We incur state and local taxes in states in which we operate. The effective income tax rates were 24.7% and 26.1% for the three months ended September 30, 2025 and 2024, respectively. The effective income tax rates were 24.3% and 26.1% for the nine months ended September 30, 2025 and 2024, respectively, compared to our federal statutory rate of 21%. The difference between our federal statutory and effective income tax rates was principally due to the inclusion of state taxes, non-deductible compensation, excess tax expense or benefit and the use of federal employment tax credits.

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Results of Operations — Consolidated

Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024

The following table sets forth our unaudited condensed consolidated results of operations.

	For the Three Months Ended September 30,
	2025						2024						Change
				% Of						% Of
				Net Service						Net Service
	Amount			Revenues			Amount			Revenues			Amount			%
	(Amounts in Thousands, Except Percentages)
Net service revenues	$	362,301			100.0	%	$	289,787			100.0	%	$	72,514	25.0	%
Cost of service revenues		245,586			67.8			197,583			68.2			48,003	24.3
Gross profit		116,715			32.2			92,204			31.8			24,511	26.6
General and administrative expenses		79,370			21.9			62,805			21.7			16,565	26.4
Depreciation and amortization		4,408			1.2			3,446			1.2			962	27.9
Total operating expenses		83,778			23.1			66,251			22.9			17,527	26.5
Operating income		32,937			9.1			25,953			9.0			6,984	26.9
Interest income		(760	)		(0.2	)		(1,908	)		(0.7	)		1,148	(60.2	)
Interest expense		3,343			0.9			573			0.2			2,770	483.4
Total interest expense, net		2,583			0.7			(1,335	)		(0.5	)		3,918	(293.5	)
Income before income taxes		30,354			8.4			27,288			9.4			3,066	11.2
Income tax expense		7,506			2.1			7,125			2.5			381	5.3
Net income	$	22,848			6.3	%	$	20,163			7.0	%	$	2,685	13.3	%

Net service revenues increased by 25.0% to $362.3 million for the three months ended September 30, 2025 compared to $289.8 million for the three months ended September 30, 2024 . Revenue increased by $60.3 million in our personal care segment, by $11.6 million in our hospice segment and by $0.6 million in our home health segment during the three months ended September 30, 2025 , compared to the same period in 2024 . The increase in our personal care segment was primarily due to the completion of the Gentiva Acquisition on December 2, 2024 and the Helping Hands Acquisition on August 1, 2025. The increase in our hospice segment revenue was due to organic growth.

Gross profit, expressed as a percentage of net service revenues, increased to 32.2% for the three months ended September 30, 2025 , compared to 31.8% for the same period in 2024 due to growth in our higher margin hospice segment and the New York Asset Sale.

General and administrative expenses increased to $79.4 million for the three months ended September 30, 2025 , as compared to $62.8 million for the three months ended September 30, 2024 . The increase in general and administrative expenses was primarily due to a non-recurring $1.5 million recruitment expense as well as the Gentiva and Helping Hands Acquisitions that resulted in an increase in administrative employee wage, bonus, tax, and benefit costs of $10.3 million. General and administrative expenses, expressed as a percentage of net service revenues, marginally increased to 21.9% for the three months ended September 30, 2025 , from 21.7% for the three months ended September 30, 2024 .

Interest expense increased to $3.3 million for the three months ended September 30, 2025 from $0.6 million for the three months ended September 30, 2024 . The increase in interest expense was primarily due to higher average outstanding borrowings held under our credit facility for the three months ended September 30, 2025 ,compared to the three months ended September 30, 2024 .

All of our income is from domestic sources. We incur state and local taxes in states in which we operate. The effective income tax rate was 24.7% and 26.1% for the three months ended September 30, 2025 and 2024 , respectively. Our lower effective income tax rate for the three months ended September 30, 2025 , was principally due to a higher excess tax benefit with a higher benefit from the use of federal employment tax credits. For the three months ended September 30, 2025 and 2024 , the excess tax benefit and federal employment tax credits were 6.5% and 3.1%, respectively.

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Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

The following table sets forth our unaudited condensed consolidated results of operations.

	For the Nine Months Ended September 30,
	2025						2024						Change
				% Of						% Of
				Net Service						Net Service
	Amount			Revenues			Amount			Revenues			Amount			%
	(Amounts in Thousands, Except Percentages)
Net service revenues	$	1,049,452			100.0	%	$	857,455			100.0	%	$	191,997	22.4	%
Cost of service revenues		711,183			67.8			583,916			68.1			127,267	21.8
Gross profit		338,269			32.2			273,539			31.9			64,730	23.7
General and administrative expenses		229,667			21.9			187,444			21.9			42,223	22.5
Depreciation and amortization		12,264			1.2			10,316			1.2			1,948	18.9
Total operating expenses		241,931			23.1			197,760			23.1			44,171	22.3
Operating income		96,338			9.2			75,779			8.8			20,559	27.1
Interest income		(1,845	)		(0.2	)		(2,805	)		(0.3	)		960	(34.2	)
Interest expense		10,886			1.0			5,445			0.6			5,441	99.9
Total interest expense, net		9,041			0.9			2,640			0.3			6,401	242.5
Income before income taxes		87,297			8.3			73,139			8.5			14,158	19.4
Income tax expense		21,169			2.0			19,067			2.2			2,102	11.0
Net income	$	66,128			6.3	%	$	54,072			6.3	%	$	12,056	22.3	%

Net service revenues increased by 22.4% to $1,049.5 million for the nine months ended September 30, 2025 compared to $857.5 million for the nine months ended September 30, 2024 . Revenue increased by $167.0 million in our personal care segment, by $23.3 million in our hospice segment and by $1.7 million in our home health segment during the nine months ended September 30, 2025 , compared to the same period in 2024 . The increase in our personal care and home health segments was primarily due to the completion of the Gentiva Acquisition on December 2, 2024. The increase in our hospice segment revenue was due to organic growth.

Gross profit, expressed as a percentage of net service revenues, increased to 32.2% for the nine months ended September 30, 2025 , compared to 31.9% for the same period in 2024 due to growth in our higher margin hospice segment and the New York Asset Sale.

General and administrative expenses increased to $229.7 million for the nine months ended September 30, 2025 , compared to $187.4 million for the nine months ended September 30, 2024 . The increase in general and administrative expenses was primarily due to a $1.5 million non-recurring recruitment expense as well as the Gentiva and Helping Hands Acquisitions that resulted in an increase in administrative employee wage, bonus, tax, and benefit costs of $29.8 million. General and administrative expenses, expressed as a percentage of net service revenues, was consistent at 21.9% for both the nine months ended September 30, 2025 and the nine months ended September 30, 2024 .

Interest expense increased to $10.9 million for the nine months ended September 30, 2025 from $5.4 million for the nine months ended September 30, 2024 . The increase in interest expense was primarily due to higher average outstanding borrowings held under our credit facility for the nine months ended September 30, 2025 , compared to the nine months ended September 30, 2024 .

All of our income is from domestic sources. We incur state and local taxes in states in which we operate. The effective income tax rate was 24.3% and 26.1% for the nine months ended September 30, 2025 and 2024 , respectively. Our lower effective income tax rate for the nine months ended September 30, 2025 , was principally due to a higher excess tax benefit with a lower benefit from the use of federal employment tax credits. For the nine months ended September 30, 2025 and 2024 , the excess tax benefit and federal employment tax credits were 5.4% and 3.1%, respectively.

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Results of Operations – Segments

The following tables and related analysis summarize our operating results and business metrics by segment:

Personal Care Segment

	For the Three Months Ended September 30,																	For the Nine Months Ended September 30,
	2025						2024						Change					2025						2024						Change
				% of						% of											% of						% of
				Segment						Segment											Segment						Segment
				Net Service						Net Service											Net Service						Net Service
	Amount			Revenues			Amount			Revenues			Amount				%	Amount			Revenues			Amount			Revenues			Amount				%
	(Amounts in Thousands, Except Percentages)																	(Amounts in Thousands, Except Percentages)
Operating Results
Net service revenues	$	275,770			100.0	%	$	215,433			100.0	%	$	60,337		28.0	%	$	803,238			100.0	%	$	636,253			100.0	%	$	166,985		26.2	%
Cost of services revenues		200,108			72.6			156,273			72.5			43,835		28.1			580,452			72.3			461,564			72.5			118,888		25.8
Gross profit		75,662			27.4			59,160			27.5			16,502		27.9			222,786			27.7			174,689			27.5			48,097		27.5
General and administrative expenses		24,572			8.9			17,489			8.1			7,083		40.5			72,466			9.0			49,907			7.8			22,559		45.2
Segment operating income	$	51,090			18.5	%	$	41,671			19.4	%	$	9,419		22.6	%	$	150,320			18.7	%	$	124,782			19.7	%	$	25,538		20.5	%
Business Metrics (Actual Numbers, Except Billable Hours in Thousands)
Locations at period end																			202						153
Average billable census * ⁽¹⁾		50,480						37,701						12,779		33.9	%		50,708						37,803						12,905		34.1	%
Billable hours * ⁽²⁾		10,855						7,776						3,079		39.6			31,615						23,098						8,517		36.9
Average billable hours per census per month * ⁽²⁾		72.0						68.7						3.3		4.8			70.2						67.8						2.4		3.5
Billable hours per business day * ⁽²⁾		164,474						117,822						46,652		39.6			162,128						117,849						44,279		37.6
Revenues per billable hour * ⁽²⁾	$	25.40					$	27.66					$	(2.26	)	(8.2	)%	$	25.40					$	27.49					$	(2.09	)	(7.6	)%
Same store growth revenue % * ⁽³⁾		6.6	%					6.8	%					(0.2	)	(2.9	)		7.1	%					8.4	%					(1.3	)	(15.5	)

(1)

Average billable census is the number of unique clients receiving a billable service during the year and is the total census divided by months in operation during the period. Average billable census did not include New York operations for the three and nine months ended September 30, 2025, and included 1,133 and 1,285 for the three and nine months ended September 30, 2024, respectively (See Note 3 to the Notes to Unaudited Condensed Consolidated Financial Statements, Divesture).

(2)

Billable hours is the total number of hours served to clients during the period. Average billable hours per census per month is billable hours divided by average billable census. Billable hours per day is total billable hours divided by the number of business days in the period. Revenues per billable hour is revenue, attributed to billable bonus hours, divided by billable hours.

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(3)

Same store growth reflects the change in year-over-year revenue for the same store base. We define the same store base to include those stores open for at least 52 full weeks. This measure highlights the performance of existing stores, while excluding the impact of acquisitions, new store openings and closures and ARPA associated revenue from this calculation.

* Management deems these metrics to be key performance indicators. Management uses these metrics to monitor our performance, both in our existing operations and acquisitions. Many of these metrics serve as the basis of reported revenues and assessment of these provide direct correlation to the results of operations from period to period and facilitate comparison with the results of our peers. Historical trends established in these metrics can be used to evaluate current operating results, identify trends affecting our business, determine the allocation of resources and assess the quality and potential variability of our cash flows and earnings. We believe they are useful to investors in evaluating and understanding our business but should not be used solely in assessing the Company’s performance. These key performance indicators should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented herein to fully evaluate and understand the business as a whole. These measures may not be comparable to similarly titled performance indicators used by other companies.

The personal care segment derives a significant amount of its net service revenues from operations in Illinois, which represented 32.0% and 38.6% of our net service revenues for the three months ended September 30, 2025 and 2024, respectively, and accounted for 32.6% and 38.5% of our net service revenues for the nine months ended September 30, 2025 and 2024, respectively. One payor, the Illinois Department on Aging, accounted for 18.1% and 21.4% of net service revenues for the three months ended September 30, 2025 and 2024, respectively, and accounted for 18.4% and 21.1% of net service revenues for the nine months ended September 30, 2025 and 2024, respectively.

Net service revenues from state, local, and other governmental programs accounted for 50.5% and 54.2% of net service revenues for the three months ended September 30, 2025 and 2024, respectively. Managed care organizations accounted for 46.2% and 43.3% of net service revenues for the three months ended September 30, 2025 and 2024, respectively, with commercial insurance, private pay, and other payors accounting for the remainder of net service revenues. Net service revenues from state, local, and other governmental programs accounted for 51.1% and 53.0% of net service revenues for the nine months ended September 30, 2025 and 2024, respectively. Managed care organizations accounted for 45.6% and 44.3% of net service revenues for the nine months ended September 30, 2025 and 2024, respectively, with commercial insurance, private pay, and other payors accounting for the remainder of net service revenues.

Net service revenues increased by 28.0% for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. Net service revenues included a 8.2% decrease in revenues per billable hour for the three months ended September 30, 2025, due to lower reimbursement rates attributable to the Gentiva and Helping Hands Acquisitions, as well as the New York Asset Sale, compared to the three months ended September 30, 2024.

Gross profit, expressed as a percentage of net service revenues, increased to 27.7% for the nine months ended September 30, 2025 from 27.5% for the nine months ended September 30, 2024. This increase was due to decreases in direct payroll and benefits expenses as a percentage of revenue for the nine months ended September 30, 2025 primarily related to the New York Asset Sale.

The personal care segment’s general and administrative expenses primarily consist of administrative employee wages, taxes, and benefit costs, rent, information technology, and office expenses. General and administrative expenses, expressed as a percentage of net service revenues, was 9.0% and 7.8% for the nine months ended September 30, 2025 and 2024, respectively.

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Hospice Segment

	For the Three Months Ended September 30,																	For the Nine Months Ended September 30,
	2025						2024						Change					2025						2024						Change
				% of						% of											% of						% of
				Segment						Segment											Segment						Segment
				Net Service						Net Service											Net Service						Net Service
	Amount			Revenues			Amount			Revenues			Amount				%	Amount			Revenues			Amount			Revenues			Amount				%
	(Amounts in Thousands, Except Percentages)																	(Amounts in Thousands, Except Percentages)
Operating Results
Net service revenues	$	68,891			100.0	%	$	57,309			100.0	%	$	11,582		20.2	%	$	192,540			100.0	%	$	169,202			100.0	%	$	23,338		13.8	%
Cost of services revenues		34,865			50.6			30,469			53.2			4,396		14.4			99,549			51.7			89,166			52.7			10,383		11.6
Gross profit		34,026			49.4			26,840			46.8			7,186		26.8			92,991			48.3			80,036			47.3			12,955		16.2
General and administrative expenses		15,211			22.1			14,070			24.6			1,141		8.1			44,737			23.2			40,975			24.2			3,762		9.2
Segment operating income	$	18,815			27.3	%	$	12,770			22.3	%	$	6,045		47.3	%	$	48,254			25.1	%	$	39,061			23.1	%	$	9,193		23.5	%
Business Metrics (Actual Numbers)
Locations at period end																			39						38
Admissions * ⁽¹⁾		3,326						3,105						221		7.1	%		10,060						9,771						289		3.0	%
Average daily census * ⁽²⁾		3,889						3,534						355		10.0			3,720						3,457						263		7.6
Average discharge length of stay * ⁽³⁾		89.6						96.3						(6.8	)	(7.0	)		92.6						92.8						(0.2	)	(0.2	)
Patient days * ⁽⁴⁾		357,221						325,160						32,061		9.9			1,012,045						947,241						64,804		6.8
Revenue per patient day * ⁽⁵⁾	$	191.66					$	176.25					$	15.41		8.7		$	190.21					$	179.43					$	10.78		6.0
Organic growth
- Revenue * ⁽⁶⁾		19.0	%					3.5	%					15.5		442.9			13.0	%					5.2	%					7.8		150.0
- Average daily census * ⁽⁶⁾		9.5	%					2.1	%					7.4		352.4	%		7.1	%					0.8	%					6.3		787.5	%

(1)	Represents referral process and new patients on service during the period.

(2)	Average daily census is total patient days divided by the number of days in the period.

(3)	Average length of stay is the average number of days a patient is on service, calculated upon discharge, and is total patient days divided by total discharges in the period.

(4)	Patient days is days of service for all patients in the period.

(5)	Revenue per patient day is hospice revenue divided by the number of patient days in the period.

(6)

Revenue organic growth and average daily census organic growth reflect the change in year-over-year revenue and average daily census for the same store base. We define the same store base to include those stores open for at least 52 full weeks. These measures highlight the performance of existing stores, while excluding the impact of acquisitions, new store openings and closures.

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The hospice segment generates revenue by providing care to patients with a life expectancy of six months or less, as well as related services for their families. Hospice offers four levels of care, as defined by Medicare, to meet the varying needs of patients and their families. The four levels of hospice include routine home care, continuous home care, general inpatient care and respite care. Our hospice segment principally provides routine home care.

Net service revenues from Medicare accounted for 93.1% and 91.5% for the three months ended September 30, 2025 and 2024, respectively, and 92.9% and 91.1% for the nine months ended September 30, 2025 and 2024, respectively. Net service revenues from managed care organizations accounted for 3.2% for both the three months ended September 30, 2025 and 2024, and 3.2% and 3.3% for the nine months ended September 30, 2025 and 2024, respectively.

Net service revenues increased by $11.6 million and $23.3 million for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024, primarily attributed to organic growth in average daily census.

Gross profit, expressed as a percentage of net service revenues, was 49.4% and 46.8% for the three months ended September 30, 2025 and 2024, respectively, and 48.3% and 47.3% for the nine months ended September 30, 2025 and 2024, respectively. For the three and nine months ended September 30, 2025, the increase was mainly attributed to organic growth.

The hospice segment’s general and administrative expenses primarily consist of administrative employee wage, tax, and benefit costs, rent, information technology, and office expenses. General and administrative expenses, expressed as a percentage of net service revenues, was 22.1% and 24.6% for the three months ended September 30, 2025 and 2024, respectively, and 23.2% and 24.2% for the nine months ended September 30, 2025 and 2024, respectively.

Home Health Segment

	For the Three Months Ended September 30,																	For the Nine Months Ended September 30,
	2025						2024						Change					2025						2024						Change
				% of						% of											% of						% of
				Segment						Segment											Segment						Segment
				Net Service						Net Service											Net Service						Net Service
	Amount			Revenues			Amount			Revenues			Amount				%	Amount			Revenues			Amount			Revenues			Amount				%
	(Amounts in Thousands, Except Percentages)																	(Amounts in Thousands, Except Percentages)
Operating Results
Net service revenues	$	17,640			100.0	%	$	17,045			100.0	%	$	595		3.5	%	$	53,674			100.0	%	$	52,000			100.0	%	$	1,674		3.2	%
Cost of services revenues		10,613			60.2			10,841			63.6			(228	)	(2.1	)		31,182			58.1			33,186			63.8			(2,004	)	(6.0	)
Gross profit		7,027			39.8			6,204			36.4			823		13.3			22,492			41.9			18,814			36.2			3,678		19.5
General and administrative expenses		4,480			25.4			4,338			25.5			142		3.3			12,549			23.4			13,447			25.9			(898	)	(6.7	)
Segment operating income	$	2,547			14.4	%	$	1,866			10.9	%	$	681		36.5	%	$	9,943			18.5	%	$	5,367			10.3	%	$	4,576		85.3	%
Business Metrics (Actual Numbers)
Locations at period end																			24						23
New admissions * ⁽¹⁾		4,577						4,437						140		3.2	%		13,853						14,257						(404	)	(2.8	)%
Recertifications * ⁽²⁾		2,627						3,353						(726	)	(21.7	)		8,442						9,798						(1,356	)	(13.8	)
Total volume * ⁽³⁾		7,204						7,790						(586.0	)	(7.5	)		22,295						24,055						(1,760.0	)	(7.3	)
Visits * ⁽⁴⁾		90,639						104,730						(14,091	)	(13.5	)		279,924						322,713						(42,789	)	(13.3	)
Organic growth
- Revenue * ⁽⁵⁾		(2.8	)%					(1.7	)%					(1.1	)	64.7			(2.3	)%					(5.4	)%					3.1		(57.4	)
- Admissions * ⁽⁵⁾		(0.1	)%					(5.7	)%					5.6		(98.2	)%		(3.9	)%					(0.3	)%					(3.6	)	1200.0	%

(1)	Represents new patients during the period.

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(2)

A home health certification period is an episode of care that begins with a start of care visit and continues for 60 days. If at the end of the initial episode of care, the patient continues to require home health services, a recertification is required. This represents the number of recertifications during the period.

(3)	Total volume is total admissions and total recertifications in the period.

(4)	Represents number of services to patients in the period.

(5)

Revenue organic growth and admissions organic growth reflect the change in year-over-year revenue and admissions for the same store base. We define the same store base to include those stores open for at least 52 full weeks. These measures highlight the performance of existing stores, while excluding the impact of acquisitions, new store openings, and closures.

The home health segment generates net service revenues by providing home health services on a short-term, intermittent or episodic basis to individuals, generally to treat an illness or injury. Net service revenues from Medicare accounted for 65.9% and 70.6%, managed care organizations accounted for 25.5% and 24.7%, and state, local, and other governmental programs accounted for 5.6% and 0.0% for the three months ended September 30, 2025 and 2024, respectively. Net service revenues from Medicare accounted for 68.4% and 69.6%, managed care organizations accounted for 23.4% and 25.6%, and state, local, and other governmental programs accounted for 5.3% and 0.0% for the nine months ended September 30, 2025 and 2024, respectively. Home health services provided to Medicare beneficiaries are paid under the Medicare Home Health Prospective Payment System, which uses national, standardized 30-day period payment rates for periods of care. CMS uses the PDGM as the case-mix classification model to place periods of care into payment categories, classifying patients based on clinical characteristics. An outlier adjustment may be paid for periods of care in which costs exceed a specific threshold amount.

Net service revenues remained constant for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, and increased by $1.7 million for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, primarily due to the Gentiva Acquisition.

Gross profit, expressed as a percentage of net service revenues, was 39.8% and 36.4% for the three months ended September 30, 2025 and 2024, respectively, and 41.9% and 36.2% for the nine months ended September 30, 2025 and 2024, respectively. For the three and nine months ended September 30, 2025, the increase was mainly attributed to a decrease in direct care wages, taxes and benefit costs as a percentage of net service revenues, compared to the three and nine months ended September 30, 2024 .

The home health segment’s general and administrative expenses primarily consist of administrative employee wage, tax and benefit costs, rent, information technology, and office expenses. General and administrative expenses, expressed as a percentage of net service revenues, was 25.4% and 25.5% for the three months ended September 30, 2025 and 2024, respectively, and 23.4% and 25.9% for the nine months ended September 30, 2025 and 2024, respectively.

Liquidity and Capital Resources

Overview

Our primary sources of liquidity are cash on hand and cash from operations and borrowings under our credit facility. At September 30, 2025 and December 31, 2024, we had cash balances of $101.9 million and $98.9 million, respectively. At September 30, 2025, we had a $650.0 million revolving credit facility and a $150.0 million incremental loan facility, which may be for term loans or an increase to the revolving loan commitments. The maturity of this credit facility was extended to July 30, 2028.

During the nine months ended September 30, 2025, we used $3.4 million in cash to fund the Jacksonville Acquisition and the Great Lakes Acquisition, drew $11.3 million on the revolver portion of our credit facility to fund, in part, the purchase price paid in connection with the Helping Hands Acquisition, and repaid $80.0 million under our revolving credit facility. As of September 30, 2025, we had a total of $154.3 million in revolving loans, with an interest rate of 5.92% outstanding on our credit facility and after giving effect to the amount drawn on our credit facility, approximately $7.9 million of outstanding letters of credit and borrowing limits based on an advance multiple of adjusted EBITDA (as defined in the Credit Agreement), we had $650.0 million of capacity and $487.7 million available for borrowing under our credit facility. At December 31, 2024, we had a total of $223.0 million revolving credit loans, with an interest rate of 6.34%, outstanding on our credit facility.

Our credit facility requires us to maintain a total net leverage ratio not exceeding 3.75:1.00. At September 30, 2025, we were in compliance with our financial covenants under the Credit Agreement. Although we believe our liquidity position remains strong, we can provide no assurance that we will remain in compliance with the covenants in our Credit Agreement, and in the future, it may prove necessary to seek an amendment with the bank lending group under our credit facility. Additionally, there can be no assurance that we will be able to raise additional funds on terms acceptable to us, if at all.

See Note 9 to the Notes to Unaudited Condensed Consolidated Financial Statements, Long-Term Debt , for additional details of our long-term debt.

Current Macroeconomic Conditions and American Rescue Plan Act of 2021 Relief Funding

Economic conditions in the United States continue to be challenging in various respects. For example, the United States economy continues to experience inflationary pressures, elevated interest rates, challenging labor market conditions and uncertainty regarding the impact of increased tariffs and trade disruptions. Any economic downturn would pose a risk to states’ revenues, which in turn could affect our reimbursements and collections received for services rendered. Depending on the severity and length of any potential economic downturn as well as the extent of any federal support, states could face significant fiscal challenges and revise their revenue forecasts and adjust their budgets, and sales tax collections and income tax withholdings could be depressed.

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ARPA Spending Plans

To mitigate the fiscal effects of the COVID-19 public health emergency, the ARPA provided for a 10 percentage point increase in federal matching funds for Medicaid HCBS from April 1, 2021, through March 31, 2022, provided the state satisfied certain conditions. States were generally permitted to use the state funds equivalent to the additional federal funds through March 31, 2025, but CMS granted extensions to several states, permitting some state spending plans to continue until as late as mid-2026. States must use the monies attributable to this matching fund increase to supplement, not supplant, their level of state spending for the implementation of activities enhanced under the Medicaid HCBS in effect as of April 1, 2021.

HCBS spending plans for the additional matching funds vary by state, but common initiatives in which the Company is participating include those aimed at strengthening the provider workforce (e.g., efforts to recruit, retain, and train direct service providers). The Company is required to properly and fully document the use of such funds in reports to the state in which the funds originated. Funds may be subject to recoupment if not expended or if they are expended on non-approved uses.

During the three and nine months ended September 30, 2025, the Company did not receive additional state funding provided by the ARPA. Of the total state funding received by the Company pursuant to the ARPA through September 30, 2025, the Company utilized $2.2 million and $5.5 million during the three and nine months ended September 30, 2025, respectively, primarily for caregivers and adding support to recruiting and retention efforts, included as a reduction of cost of service revenues in the Company’s Unaudited Condensed Consolidated Statements of Income. As of September 30, 2025, the deferred portion of ARPA funding of $5.8 million is included within Government stimulus advances on the Company’s Unaudited Condensed Consolidated Balance Sheets.

The following table summarizes changes in our cash flows:

	For the Nine Months Ended September 30,
	2025			2024
	(Amounts in Thousands)
Net cash provided by operating activities	$	92,744		$	106,016
Net cash used in investing activities		(22,444	)		(124	)
Net cash (used in) provided by financing activities		(67,293	)		52,169

Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024

Cash flows from operating activities represent the inflow of cash from our payors and the outflow of cash for payroll and payroll taxes, operating expenses, interest, and taxes. Net cash provided by operating activities was $92.7 million for the nine months ended September 30, 2025, compared to net cash provided by operating activities of $106.0 million for the same period in 2024. The decrease in cash provided by operations was primarily due to the timing of receipts on accounts receivable and the timing of receipt and utilization of government stimulus funds. The changes in accounts receivable were primarily related to the growth in revenue and a decrease in days sales outstanding (“DSO”) during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 . The related receivables due from the Illinois Department on Aging represented 16.6% and 21.7% of the Company’s net accounts receivable at September 30, 2025 and September 30, 2024 , respectively.

Net cash used in investing activities for the nine months ended September 30, 2025, primarily consisted of $24.2 million of net cash used for the Helping Hands Acquisition, the Jacksonville Acquisition and the Great Lakes Acquisition, $5.1 million of cash used for property and equipment purchases, primarily related to our ongoing investments in technology infrastructure fixed assets, offset by $3.8 million in proceeds received relating to the New York Asset Sale and $2.9 million in proceeds received relating to the Gentiva Acquisition. Net cash used in investing activities for the nine months ended September 30, 2024 primarily consisted of $0.4 million of net cash used for the Upstate acquisition and $4.4 million of cash used for property and equipment purchases, offset by $4.6 million in proceeds received relating to the New York Asset Sale.

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Net cash used in financing activities for the nine months ended September 30, 2025, primarily consisted of an $80.0 million payment on our revolving credit facility, offset by borrowings of $11.3 million on the revolver portion of our credit facility to fund, in part, the Helping Hands Acquisition and cash received from the exercise of stock options of $1.5 million. Net cash provided by financing activities for the nine months ended September 30, 2024 primarily consisted of $126.4 million payment on our revolving credit facility, offset by $175.6 million in net proceeds received from the Public Offering, and also included cash received from the exercise of stock options of $3.0 million.

Outstanding Accounts Receivable

Gross accounts receivable as of September 30, 2025 and December 31, 2024 were approximately $136.9 million and $126.4 million, respectively. Outstanding accounts receivable, net of allowance for credit losses, increased by $11.2 million as of September 30, 2025 as compared to December 31, 2024. Accounts receivable for the Illinois Department on Aging decreased approximately $3.6 million during the nine months ended September 30, 2025. Our collection procedures include review of account aging and direct contact with our payors. We have historically not used collection agencies. An uncollectible amount is written off to the allowance account after reasonable collection efforts have been exhausted.

We calculate our DSO by taking the trade accounts receivable outstanding, net of allowance for credit losses for doubtful accounts, divided by the net service revenues for the last quarter, multiplied by the number of days in that quarter. Our DSOs were 35 days and 39 days at September 30, 2025 and December 31, 2024, respectively. The DSOs for our largest payor, the Illinois Department on Aging, were 33 days and 40 days at September 30, 2025 and December 31, 2024, respectively.

Off-Balance Sheet Arrangements

As of September 30, 2025, we did not have any off-balance sheet guarantees or arrangements with unconsolidated entities.

Critical Accounting Policies and Estimates

There have been no material changes to our critical accounting policies and estimates previously disclosed under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates” set forth in Part II, Item 7 of our Annual Report on Form 10-K for the period ended December 31, 2024, filed on February 25, 2025.

Recently Issued Accounting Pronouncements

Refer to Note 2 to the Notes to Unaudited Condensed Consolidated Financial Statements for further discussion.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risk associated with changes in interest rates on our variable rate long-term debt. As of September 30, 2025, we had outstanding borrowings of approximately $154.3 million on our credit facility, all of such borrowings were subject to variable interest rates. If the variable rates on this debt were 100 basis points higher than the rate applicable to the borrowing during the nine month period ended September 30, 2025, our net income would have decreased by $1.1 million, or $0.06 per diluted share. We do not currently have any derivative or hedging arrangements, or other known exposures, to changes in interest rates.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2025. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Based on the evaluation of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2025.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Legal Proceedings

From time to time, we are subject to legal and/or administrative proceedings incidental to our business. It is the opinion of management that the outcome of pending legal and/or administrative proceedings will not have a material effect on our financial position and results of operations.

Item 1A. Risk Factors

Investing in our common stock involves a high degree of risk. You should carefully consider the risk factors discussed under the caption “Risk Factors” set forth in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2024, filed on February 25, 2025. There have been no material changes to the risk factors previously disclosed under the caption “Risk Factors” in our Annual Report on Form 10-K. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

During the quarter ended September 30, 2025 , each of the following directors and Section 16 officers terminated a Rule 10b5 - 1 Trading Arrangement (as defined in Item 408 (a) of Regulation S-K) to sell common shares:

Shares Vesting and Subject to

Other Shares Being Sold

Name

Title

Adoption Date

Expiration Date ( 1 )

Termination Date

Sell-To-Cover ( 2 )

(Subject to Certain Conditions)

W. Bradley Bickham

President and Chief Operating Officer

March 5, 2025

February 24, 2026

August 13, 2025

12,173

n/a

( 1 ) Each plan would have expired on the date represented in the table or upon the earlier completion of all transactions contemplated by the arrangement.

( 2 ) This column indicates the total number of shares vesting in connection with equity awards, not the number of shares to be sold. The actual number of shares to be sold would have been a smaller number based on whatever was required to satisfy payment of applicable withholding taxes under sell-to-cover arrangements.

During the quarter ended September 30, 2025 , each of the following directors and Section 16 officers adopted a Rule 10b5 - 1 Trading Arrangement (as defined in Item 408 (a) of Regulation S-K) to sell common shares:

				Shares Vesting and Subject to		Other Shares Being Sold
Name	Title	Adoption Date	Expiration Date ( 1 )	Sell-To-Cover ( 2 )		(Subject to Certain Conditions)
W. Bradley Bickham	President and Chief Operating Officer	August 13, 2025	March 10, 2026		26,760		n/a
W. Bradley Bickham	President and Chief Operating Officer	September 5, 2025	March 26, 2026		36,161		n/a

( 1 ) Each plan will expire on the date represented in the table or upon the earlier completion of all transactions contemplated by the arrangement.

( 2 ) This column indicates the total number of shares vesting in connection with equity awards, not the number of shares to be sold. The actual number of shares to be sold will be a smaller number based on whatever is required to satisfy payment of applicable withholding taxes under sell-to-cover arrangements.

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Item 6. Exhibits

EXHIBIT INDEX

		Incorporated by Reference
Exhibit Number	Description of Document	Form	File No.	Date Filing	Exhibit Number

3.1	Amended and Restated Certificate of Incorporation of the Company dated as of October 27, 2009.	10-Q	001-34504	11/20/2009	3.1

3.2	Amended and Restated Bylaws of the Company, as amended by the First Amendment to the Amended and Restated Bylaws.	10-Q	001-34504	05/09/2013	3.2

4.1	Form of Common Stock Certificate.	S-1	333-160634	10/02/2009	4.1

10.1	Employment and Non-Competition Agreement, dated August 4, 2025, by and between Addus Healthcare, Inc. and Heather Dixon.	8-K	001-34504	08/07/2025	10.1

10.2	Amended and Restated Retention and Transition Agreement, dated August 4, 2025, by and between Addus Healthcare, Inc. and W. Bradley Bickham.	8-K	001-34504	08/07/2025	10.2

31.1	Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).

101.SCH	Inline XBRL Taxonomy Extension Schema Document.

101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document.

101.LAB	Inline XBRL Taxonomy Label Linkbase Document.

101.PRE	Inline XBRL Presentation Linkbase Document.

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	*ADDUS HOMECARE CORPORATION*

Date: November 4, 2025	By:	/s/ R. DIRK ALLISON

		R. Dirk Allison Chairman and Chief Executive Officer (As Principal Executive Officer)

Date: November 4, 2025	By:	/s/ BRIAN POFF

		Brian Poff Chief Financial Officer (As Principal Financial Officer)

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Part I Item 1. Financial Statements Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 2. Management Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II Other Information Part II Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 3. Defaults Upon Senior Securities Item 4. Mine Safety Disclosures Item 5. Other Information Item 6. Exhibits

Exhibits

3.1 Amended and Restated Certificate of Incorporation of the Company dated as of October 27, 2009. 10-Q 001-34504 11/20/2009 3.1 3.2 Amended and Restated Bylaws of the Company, as amended by the First Amendment to the Amended and Restated Bylaws. 10-Q 001-34504 05/09/2013 3.2 4.1 Form of Common Stock Certificate. S-1 333-160634 10/02/2009 4.1 10.1 Employment and Non-Competition Agreement, dated August 4, 2025, by and between Addus Healthcare, Inc. and Heather Dixon. 8-K 001-34504 08/07/2025 10.1 10.2 Amended and Restated Retention and Transition Agreement, dated August 4, 2025, by and between Addus Healthcare, Inc. and W. Bradley Bickham. 8-K 001-34504 08/07/2025 10.2 31.1 Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2 Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

ADUS 10-Q Quarter ended Sept. 30, 2025

Exhibits