CHEMED CORP

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

CHE$544.49+1.2%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Unaudited Consolidating Statements of Income

CHEMED CORPORATION AND SUBSIDIARY COMPANIES
UNAUDITED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2023
(in thousands)(unaudited)
Roto- · Chemed
VITAS · Rooter · Corporate · Consolidated
Service revenues and sales		$1,315,065	949,352	-	$2,264,417
Cost of services provided and goods sold		1,017,623	447,979	-	1,465,602
Selling, general and administrative expenses		93,296	231,587	70,237	395,120
Depreciation		19,959	30,790	53	50,802
Amortization		104	9,959	-	10,063
Other operating expenses/(income)		(12)	2,273	-	2,261
Total costs and expenses		1,130,970	722,588	70,290	1,923,848
Income/(loss) from operations		184,095	226,764	(70,290)	340,569
Interest expense		(180)	(442)	(2,486)	(3,108)
Intercompany interest income/(expense)		19,400	11,918	(31,318)	-
Other income—net		1,309	126	11,471	12,906
Income/(loss) before income taxes (a)		204,624	238,366	(92,623)	350,367
Income taxes		(46,115)	(50,125)	18,382	(77,858)
Net income/(loss) (a)		$158,509	$188,241	$(74,241)	$272,509
(a) The following amounts are included in income from continuing operations (in thousands):
Roto- · Chemed
VITAS · Rooter · Corporate · Consolidated
Pretax benefit/(cost):
Stock option expense	$	-	-	(30,082)	$(30,082)
Long-term incentive compensation		-	-	(11,689)	(11,689)
Amortization of reacquired franchise agreements		-	(9,408)	-	(9,408)
Litigation settlements		-	(2,056)	-	(2,056)
Total	$	-	$(11,464)	$(41,771)	$(53,235)
Roto- · Chemed
VITAS · Rooter · Corporate · Consolidated
After-tax benefit/(cost):
Stock option expense	$	-	-	(25,405)	$(25,405)
Long-term incentive compensation		-	-	(10,379)	(10,379)
Amortization of reacquired franchise agreements		-	(7,216)	-	(7,216)
Impact of deferred rate tax change		1,772	3,559	(1,090)	4,241
Litigation settlements		-	(1,577)	-	(1,577)
Excess tax benefits on stock compensation		-	-	4,330	4,330
Total		$1,772	$(5,234)	$(32,544)	$(36,006)

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CHEMED CORPORATION AND SUBSIDIARY COMPANIES
UNAUDITED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2022
(in thousands)(unaudited)
Roto- · Chemed
VITAS · Rooter · Corporate · Consolidated
Service revenues and sales		$1,201,564		$933,399	$	-	$2,134,963
Cost of services provided and goods sold		931,861		438,016		-	1,369,877
Selling, general and administrative expenses		89,187		222,257		47,283	358,727
Depreciation		21,955		27,075		72	49,102
Amortization		101		9,969		-	10,070
Other operating expenses		3,337		354		-	3,691
Total costs and expenses		1,046,441		697,671		47,355	1,791,467
Income/(loss) from operations		155,123		235,728		(47,355)	343,496
Interest expense		(172)		(396)		(4,016)	(4,584)
Intercompany interest income/(expense)		18,901		9,345		(28,246)	-
Other (expense)/income—net		600		138		(9,971)	(9,233)
Income/(loss) before income taxes (a)		174,452		244,815		(89,588)	329,679
Income taxes		(43,000)		(58,695)		21,640	(80,055)
Net income/(loss) (a)		$131,452		$186,120		$(67,948)	$249,624
(a) The following amounts are included in income from continuing operations (in thousands):
Roto- · Chemed
VITAS · Rooter · Corporate · Consolidated
Pretax benefit/(cost):
Stock option expense	$	-	$	-		$(26,254)	$(26,254)
Amortization of reacquired franchise agreements		-		(9,408)		-	(9,408)
Long-term incentive compensation		-		-		(7,801)	(7,801)
Litigation settlements		(4,000)		-		-	(4,000)
Direct costs related to Covid-19		(310)		(988)		(89)	(1,387)
Medicare cap sequestration adjustment		(138)		-		-	(138)
Total		$(4,448)		$(10,396)		$(34,144)	$(48,988)
Roto- · Chemed
VITAS · Rooter · Corporate · Consolidated
After-tax benefit/(cost):
Stock option expense	$	-	$	-		$(22,028)	$(22,028)
Amortization of reacquired franchise agreements		-		(6,915)		-	(6,915)
Long-term incentive compensation		-		-		(6,858)	(6,858)
Excess tax benefits on stock compensation		-		-		5,928	5,928
Litigation settlements		(2,984)		-		-	(2,984)
Direct costs related to Covid-19		(231)		(726)		(68)	(1,025)
Medicare cap sequestration adjustment		(103)		-		-	(103)
Total		$(3,318)		$(7,641)		$(23,026)	$(33,985)

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CHEMED CORPORATION AND SUBSIDIARY COMPANIES
UNAUDITED CONSOLIDATING STATEMENTS OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2021
(in thousands)(unaudited)
Roto- · Chemed
VITAS · Rooter · Corporate · Consolidated
Service revenues and sales		$1,261,246		$878,015	$	-	$2,139,261
Cost of services provided and goods sold		953,420		416,038		-	1,369,458
Selling, general and administrative expenses		87,585		215,036		64,106	366,727
Depreciation		23,114		25,816		81	49,011
Amortization		71		9,969		-	10,040
Other operating expenses		876		111		-	987
Total costs and expenses		1,065,066		666,970		64,187	1,796,223
Income/(loss) from operations		196,180		211,045		(64,187)	343,038
Interest expense		(160)		(595)		(1,113)	(1,868)
Intercompany interest income/(expense)		18,125		7,180		(25,305)	-
Other income—net		712		123		8,309	9,144
Income/(loss) before income taxes (a)		214,857		217,753		(82,296)	350,314
Income taxes		(52,426)		(51,420)		22,082	(81,764)
Net income/(loss) (a)		$162,431		$166,333		$(60,214)	$268,550
(a) The following amounts are included in income from continuing operations (in thousands):
Roto- · Chemed
VITAS · Rooter · Corporate · Consolidated
Pretax benefit/(cost):
Stock option expense	$	-	$	-		$(22,502)	$(22,502)
Direct costs related to COVID-19		(16,297)		(2,434)		(38)	(18,769)
Amortization of reacquired franchise agreements		-		(9,408)		-	(9,408)
Long-term incentive compensation		-		-		(9,167)	(9,167)
Facility relocation expenses		(1,855)		-		-	(1,855)
Litigation settlements		-		98		-	98
Other		-		-		(218)	(218)
Total		$(18,152)		$(11,744)		$(31,925)	$(61,821)
Roto- · Chemed
VITAS · Rooter · Corporate · Consolidated
After-tax benefit/(cost):
Stock option expense	$	-	$	-		$(18,879)	$(18,879)
Direct costs related to COVID-19		(12,157)		(1,789)		(29)	(13,975)
Excess tax benefits on stock compensation		-		-		9,884	9,884
Long-term incentive compensation		-		-		(8,094)	(8,094)
Amortization of reacquired franchise agreements		-		(6,915)		-	(6,915)
Facility relocation expenses		(1,384)		-		-	(1,384)
Litigation settlements		-		72		-	72
Other		-		-		(166)	(166)
Total		$(13,541)		$(8,632)		$(17,284)	$(39,457)

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.