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Note 12 - Segment Information
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

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.

 

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.

 

  

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.