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LHC Group announces third quarter 2022 financial results

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PR Newswire

LAFAYETTE, La., Nov. 2, 2022 /PRNewswire/ -- LHC Group, Inc. (NASDAQ: LHCG) announced its financial results for the quarter ended September 30, 2022.

Third Quarter 2022 Financial Results

  • Net service revenue increased 2.0% to $576.9 million.
  • Net income attributable to LHC Group's common stockholders was $17.3 million, or $0.56 per diluted share.
  • Adjusted net income attributable to LHC Group's common stockholders was $32.6 million, or $1.06 adjusted earnings per diluted share.
  • Adjusted EBITDA was $60.3 million.

A reconciliation of all non-GAAP financial results in this release appears on pages 8-9.

In light of the pending acquisition of the Company by UnitedHealth Group Incorporated ("UNH"), LHC Group will not conduct a quarterly earnings call to discuss the third quarter results.

About LHC Group, Inc.

LHC Group, Inc. is a national provider of in-home healthcare services and innovations for communities around the nation, offering quality, value-based healthcare to patients primarily within the comfort and privacy of their home or place of residence. The company's 29,000 employees deliver home health, hospice, home- and community-based services, and facility-based care in 37 states and the District of Columbia – reaching 68 percent of the U.S. population aged 65 and older. Through Imperium Health, the company's ACO management and enablement company, LHC Group helps partners improve both savings and patient outcomes with a value-based approach. As the preferred joint venture partner for more than 400 leading U.S. hospitals and health systems, LHC Group works in cooperation with providers to customize each partnership and reach more patients and families with an effective and efficient model of care.


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Forward-looking Statements

This press release contains "forward-looking statements" (as defined in the Securities Litigation Reform Act of 1995) regarding, among other things, future events or the future financial performance of the Company, or the timing or anticipated benefits of pending acquisition of the Company by UnitedHealth Group Incorporated. Words such as "anticipate," "expect," "project," "intend," "believe," "will," "estimates," "may," "could," "should" and words and terms of similar substance used in connection with any discussion of future plans, actions or events identify forward-looking statements. Forward-looking statements are based on information currently available to the Company and involve estimates, expectations and projections. Investors are cautioned that all such forward-looking statements are subject to risks and uncertainties, and important factors could cause actual events or results to differ materially from those indicated by such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, those discussed and described in our most recent Annual Report on Form 10-K, including those risks described in Part I, Item 1A. Risk Factors thereof, and in other reports filed subsequently by us with the Securities and Exchange Commission and, with respect to the pending acquisition of the Company by UnitedHealth Group Incorporated, include, but are not limited to, those discussed in the proxy statement filed by the Company with the SEC on May 17, 2022. All forward-looking statements included in this document are based on information available to us on the date hereof, and the Company assumes no obligation to update any such forward-looking statements to reflect future events or circumstances, except as required by law.

 

LHC GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share data)
(Unaudited)



September 30,
2022


December 31,
2021

ASSETS




Current assets:




Cash

$         10,522


$          9,809

Receivables:




Patient accounts receivable

331,524


348,820

Other receivables

30,217


13,780

Total receivables

361,741


362,600

Prepaid income taxes

19,303


7,531

Prepaid expenses

23,128


28,401

Other current assets

25,687


24,801

Total current assets

440,381


433,142

Property, building and equipment, net of accumulated depreciation of $110,600 and $98,394, respectively

153,806


153,959

Goodwill

1,750,420


1,748,426

Intangible assets, net of accumulated amortization of $22,865 and $19,152, respectively

395,309


400,002

Operating lease right of use asset

108,975


113,399

Other assets

65,263


46,693

Total assets

$    2,914,154


$   2,895,621

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable and other accrued liabilities

$       108,748


$        98,118

Salaries, wages, and benefits payable

84,412


100,532

Self-insurance reserves

38,734


33,784

Contract liabilities - deferred revenue

4,840


106,489

Current operating lease payable

36,998


37,630

Amounts due to governmental entities

2,499


5,447

Current liabilities - deferred employer payroll tax

26,790


26,790

Total current liabilities

303,021


408,790

Deferred income taxes

87,661


70,026

Income taxes payable

7,988


7,320

Revolving credit facility

738,000


661,197

Long-term operating lease liabilities

74,992


78,688

                                   Total liabilities

1,211,662

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