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Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information

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, 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 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 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. Segment assets are not reviewed by the Company’s CODM function and therefore are not disclosed below.

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.

 

 

 

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

 

Cost of services revenues

 

 

156,273

 

 

 

30,469

 

 

 

10,841

 

 

 

197,583

 

Gross profit

 

 

59,160

 

 

 

26,840

 

 

 

6,204

 

 

 

92,204

 

General and administrative expenses

 

 

17,489

 

 

 

14,070

 

 

 

4,338

 

 

 

35,897

 

Segment operating income

 

$

41,671

 

 

$

12,770

 

 

$

1,866

 

 

$

56,307

 

 

 

 

For the Three Months Ended September 30, 2023

 

 

 

(Amounts in Thousands)

 

 

 

Personal Care

 

 

Hospice

 

 

Home Health

 

 

Total

 

Net service revenues

 

$

201,882

 

 

$

53,121

 

 

$

15,718

 

 

$

270,721

 

Cost of services revenues

 

 

145,808

 

 

 

28,155

 

 

 

10,028

 

 

 

183,991

 

Gross profit

 

 

56,074

 

 

 

24,966

 

 

 

5,690

 

 

 

86,730

 

General and administrative expenses

 

 

16,096

 

 

 

13,246

 

 

 

4,131

 

 

 

33,473

 

Segment operating income

 

$

39,978

 

 

$

11,720

 

 

$

1,559

 

 

$

53,257

 

 

 

 

For the Three Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

 

(Amounts in Thousands)

 

Segment reconciliation:

 

 

 

 

 

 

Total segment operating income

 

$

56,307

 

 

$

53,257

 

 

 

 

 

 

 

Items not allocated at segment level:

 

 

 

 

 

 

Other general and administrative expenses

 

 

26,908

 

 

 

26,798

 

Depreciation and amortization

 

 

3,446

 

 

 

3,620

 

Interest income

 

 

(1,908

)

 

 

(580

)

Interest expense

 

 

573

 

 

 

3,199

 

Income before income taxes

 

$

27,288

 

 

$

20,220

 

 

 

 

 

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

 

Cost of services revenues

 

 

461,564

 

 

 

89,166

 

 

 

33,186

 

 

 

583,916

 

Gross profit

 

 

174,689

 

 

 

80,036

 

 

 

18,814

 

 

 

273,539

 

General and administrative expenses

 

 

49,907

 

 

 

40,975

 

 

 

13,447

 

 

 

104,329

 

Segment operating income

 

$

124,782

 

 

$

39,061

 

 

$

5,367

 

 

$

169,210

 

 

 

 

For the Nine Months Ended September 30, 2023

 

 

 

(Amounts in Thousands)

 

 

 

Personal Care

 

 

Hospice

 

 

Home Health

 

 

Total

 

Net service revenues

 

$

590,227

 

 

$

152,414

 

 

$

39,659

 

 

$

782,300

 

Cost of services revenues

 

 

428,163

 

 

 

82,028

 

 

 

24,646

 

 

 

534,837

 

Gross profit

 

 

162,064

 

 

 

70,386

 

 

 

15,013

 

 

 

247,463

 

General and administrative expenses

 

 

48,299

 

 

 

39,028

 

 

 

9,653

 

 

 

96,980

 

Segment operating income

 

$

113,765

 

 

$

31,358

 

 

$

5,360

 

 

$

150,483

 

 

 

 

For the Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

 

(Amounts in Thousands)

 

Segment reconciliation:

 

 

 

 

 

 

Total segment operating income

 

$

169,210

 

 

$

150,483

 

 

 

 

 

 

 

Items not allocated at segment level:

 

 

 

 

 

 

Other general and administrative expenses

 

 

83,115

 

 

 

77,048

 

Depreciation and amortization

 

 

10,316

 

 

 

10,449

 

Interest income

 

 

(2,805

)

 

 

(977

)

Interest expense

 

 

5,445

 

 

 

7,991

 

Income before income taxes

 

$

73,139

 

 

$

55,972