Aveanna (NASDAQ: AVAH) jumps to 2025 profit, plans $175.5M Family First deal
Rhea-AI Filing Summary
Aveanna Healthcare reported strong growth for the quarter and fiscal year ended January 3, 2026. Fourth quarter revenue was $662.5 million, up 27.4% from the prior year, with net income of $178.8 million versus $29.2 million. Adjusted EBITDA rose to $85.0 million, a 54.0% increase.
For 2025, revenue reached $2,433.2 million, up 20.2%, and the company swung to full-year net income of $225.0 million from a $10.9 million loss. Full-year Adjusted EBITDA grew to $320.9 million, up 74.8%. Management reaffirmed 2026 guidance for revenue of $2.54–$2.56 billion and Adjusted EBITDA of $318–$322 million.
Aveanna also agreed to acquire Family First Homecare for $175.5 million, expected to close in the second fiscal quarter of 2026, expanding its pediatric home care footprint. As of January 3, 2026, the company had cash of $193.3 million, free cash flow of $131.0 million for 2025, and total indebtedness of $1,486.7 million.
Positive
- Strong top-line and profitability inflection: 2025 revenue grew 20.2% to $2,433.2 million, Adjusted EBITDA rose 74.8% to $320.9 million, and the company shifted from a $10.9 million net loss to $225.0 million of net income.
- Robust Q4 operating performance: Fourth quarter 2025 revenue increased 27.4% to $662.5 million and Adjusted EBITDA rose 54.0% to $85.0 million, with operating income margin improving versus the prior-year period.
- Solid cash generation: Net cash provided by operating activities was $125.9 million and free cash flow was $131.0 million for the fiscal year ended January 3, 2026, supporting ongoing investment and debt service.
- Growth investment via acquisition: The definitive agreement to acquire Family First Homecare for $175.5 million expands Aveanna’s pediatric home care presence across multiple states, aligning with its core home-based care strategy.
Negative
- High leverage profile: As of January 3, 2026, total indebtedness was $1,486.7 million, largely from term loans and a securitization facility, which increases sensitivity to financing costs and limits financial flexibility.
- Liquidity impact from pending deal: Management notes the $175.5 million Family First Homecare acquisition will be funded with cash on hand and securitization borrowings and is expected to reduce liquidity upon closing.
Insights
Aveanna posts strong growth, turns profitable, but remains highly leveraged.
Aveanna Healthcare delivered robust 2025 results. Revenue grew 20.2% to $2,433.2 million, while Adjusted EBITDA rose 74.8% to $320.9 million. The company moved from a $10.9 million net loss to $225.0 million net income, showing substantial operating improvement.
Fourth quarter trends were similarly strong: revenue increased 27.4% to $662.5 million and Adjusted EBITDA reached $85.0 million, a 54.0% gain. Segment data show broad-based growth across private duty services, home health and hospice, and medical solutions, with margin expansion at the consolidated level.
The pending $175.5 million acquisition of Family First Homecare adds scale in pediatric home care but will draw on cash and the securitization facility. As of January 3, 2026, cash was $193.3 million and total indebtedness was $1,486.7 million, so leverage and liquidity after closing will remain important considerations in future filings.
UNITED STATES
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CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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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. ☐
Item 2.02 Results of Operations and Financial Condition.
On March 19, 2026, Aveanna Healthcare Holdings Inc., a Delaware corporation (“we,” “us,” “our” or the “Company”), issued a press release announcing its financial results for the three-month period and fiscal year ended January 3, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference in this Item 2.02.
Item 7.01 Regulation FD Disclosure.
The information contained in Item 2.02 of this Current Report on Form 8-K is incorporated by reference in this Item 7.01.
The information contained in this Current Report on Form 8-K, including in Exhibit 99.1 attached hereto, is “furnished” and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended, except to the extent such other filing specifically incorporates such information by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Description |
99.1 |
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Press Release dated March 19, 2026 announcing the Company’s financial results for the three-month period and fiscal year ended January 3, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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 hereunto duly authorized.
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AVEANNA HEALTHCARE HOLDINGS INC. |
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Date: March 19, 2026 |
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By: |
/s/ Deborah Stewart |
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Deborah Stewart |
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Chief Accounting Officer (Principal Accounting Officer) |
Exhibit 99.1
AVEANNA HEALTHCARE HOLDINGS ANNOUNCES FOURTH
QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS
Atlanta, Georgia (March 19, 2026) – Aveanna Healthcare Holdings Inc. (NASDAQ: AVAH), a leading, diversified home care platform focused on providing care to medically complex, high-cost patient populations, today announced financial results for the three-month period and fiscal year ended January 3, 2026.
Jeff Shaner, Chief Executive Officer, commented, “The strength and momentum of all three operating divisions can be seen in our fourth quarter results as we complete the third year of our Strategic Transformation. Fourth quarter results are headlined by revenue and adjusted EBITDA growth of 27.4% and 54.0%, respectively, when compared to the prior year period. With the integration of Thrive Skilled Pediatric Care completed, we are well-positioned for further acquisition activity, including the recently announced Family First Homecare transaction. Our confirmed guidance underscores the strength of our core business model as we continue to provide high quality and cost-effective care to our patients in their preferred care setting – the home. These results reflect the extraordinary efforts and the determination of our entire team at Aveanna, who deliver on our mission of exceptional care every day.”
Three-Month Periods Ended January 3, 2026 (14 weeks) and December 28, 2024 (13 weeks)
Revenue was $662.5 million for the three-month period ended January 3, 2026, as compared to $519.9 million for the three-month period ended December 28, 2024, an increase of $142.6 million, or 27.4%. The overall increase in revenue was attributable to a $118.5 million increase in PDS segment revenue, a $14.9 million increase in HHH segment revenue, and a $9.2 million increase in MS segment revenue compared to the fourth quarter of 2024.
Gross margin was $213.3 million, or 32.2% of revenue, for the three-month period ended January 3, 2026, as compared to $171.7 million, or 33.0% of revenue, for the three-month period ended December 28, 2024, an increase of $41.6 million, or 24.2%.
Net income was $178.8 million for the three-month period ended January 3, 2026, as compared to net income of $29.2 million for the three-month period ended December 28, 2024. Net income per diluted share was $0.80 for the three-month period ended January 3, 2026, as compared to net income per diluted share of $0.14 for the three-month period ended December 28, 2024. Adjusted net income per diluted share was $0.17 for the three-month period ended January 3, 2026, as compared to adjusted net income per diluted share of $0.05 for the three-month period ended December 28, 2024. See "Non-GAAP Financial Measures - Adjusted net income and Adjusted net income per diluted share" below.
Adjusted EBITDA was $85.0 million, or 12.8% of revenue, for the three-month period ended January 3, 2026, as compared to $55.2 million, or 10.6% of revenue, for the three-month period ended December 28, 2024, an increase of $29.8 million or 54.0%. See "Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA" below.
Year Ended January 3, 2026 and December 28, 2024
1
Revenue was $2,433.2 million for the fiscal year ended January 3, 2026, as compared to $2,024.5 million for the fiscal year ended December 28, 2024, an increase of $408.7 million, or 20.2%. The overall increase in revenue was attributable to a $366.5 million increase in PDS segment revenue, a $30.8 million increase in HHH segment revenue, and a $11.4 million increase in MS segment revenue compared to the fiscal year 2024.
Gross margin was $810.5 million, or 33.3% of revenue, for the fiscal year ended January 3, 2026, as compared to $635.5 million, or 31.4% of revenue, for the fiscal year ended December 28, 2024, an increase of $174.9 million, or 27.5%.
Net income was $225.0 million for the fiscal year ended January 3, 2026, as compared to net loss of $10.9 million for the fiscal year ended December 28, 2024. Net income per diluted share was $1.05 for the fiscal year ended January 3, 2026, as compared to net loss per diluted share of $(0.06) for the fiscal year ended December 28, 2024. Adjusted net income per diluted share was $0.60 for the fiscal year ended January 3, 2026, as compared to adjusted net income per diluted share of $0.06 for the fiscal year ended December 28, 2024. See "Non-GAAP Financial Measures - Adjusted net income and Adjusted net income per diluted share" below.
Adjusted EBITDA was $320.9 million, or 13.2% of revenue, for the fiscal year ended January 3, 2026, as compared to $183.6 million, or 9.1% of revenue, for the fiscal year ended December 28, 2024, an increase of $137.3 million or 74.8%. See "Non-GAAP Financial Measures - EBITDA and Adjusted EBITDA" below.
Agreement to Acquire Family First Homecare
On March 12, 2026, the Company announced that it had entered into a definitive agreement to acquire Family First Holding, LLC, a scaled, multi-state provider of pediatric home care that primarily provides skilled Private Duty Nursing services with 27 locations in seven states including Florida, Illinois, Iowa, Pennsylvania, South Dakota, Texas, and North Carolina, where it is currently launching operations. The purchase price for the acquisition is $175.5 million, subject to customary adjustments. The transaction is expected to close in the second fiscal quarter of 2026, subject to, among other things, customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.
For more information, see the Company’s press release, dated March 12, 2026, announcing the Company’s agreement to acquire Family First Homecare.
Liquidity, Cash Flow, and Debt
Matt Buckhalter, Chief Financial Officer, commented “2025 was a monumental year for Aveanna. Our team delivered exceptional performance across the business, generating annual revenue growth of 20.2% and Adjusted EBITDA growth of 74.8%. These results reflect the strength of our clinical model, the dedication of our caregivers, and the disciplined execution of our strategy across each of our segments. We also generated $131.0 million in free cash flow during the year, further strengthening our balance sheet and providing additional flexibility to invest in the continued growth at Aveanna. In line with customary practice, we have not included our pending acquisition in our full-year 2026 guidance. We continue to maintain our guidance for 2026 of revenue between $2.54 and $2.56 billion and Adjusted EBITDA between $318 and $322 million.”
Full Year 2026 Guidance
The following is our guidance reflecting our maintained expectations for revenue and Adjusted EBITDA for the full fiscal year 2026 (year ending January 2, 2027):
2
Consistent with prior practice, we are not providing guidance on net income at this time due to the volatility of certain required inputs that are not available without unreasonable efforts, including future fair value adjustments associated with our interest rate swaps and caps.
Non-GAAP Financial Measures
In addition to our results of operations prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we also evaluate our financial performance using EBITDA, Adjusted EBITDA, Field contribution, Field contribution margin, Adjusted net income or loss, Adjusted net income or loss per diluted share, and Free cash flow. Given our determination of adjustments in arriving at our computations, these non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as substitutes or alternatives to net income or loss, revenue, operating income or loss, cash flows from operating activities, total indebtedness, gross margin, gross margin percentage or any other financial measures calculated in accordance with GAAP. The reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures are included in the financial tables below.
EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA are non-GAAP financial measures and are not intended to replace financial performance measures determined in accordance with GAAP, such as net income or loss. Rather, we present EBITDA and Adjusted EBITDA as supplemental measures of our performance. We define EBITDA as net income or loss before interest expense, net; income tax expense or benefit; and depreciation and amortization. We define Adjusted EBITDA as EBITDA, adjusted for the impact of certain other items that are either non-recurring, infrequent, non-cash, unusual, or items deemed by management to not be indicative of the performance of our core operations, including impairments of goodwill, intangible assets, and other long-lived assets; non-cash, share-based compensation and associated employer payroll taxes; loss on extinguishment of debt; fees related to debt modifications; the effect of interest rate derivatives; acquisition-related and integration costs; legal costs and settlements associated with acquisition matters; restructuring costs; other legal matters; and other system transition costs, professional fees and other costs. As non-GAAP financial measures, our computations of EBITDA and Adjusted EBITDA may vary from similarly termed non-GAAP financial measures used by other companies, making comparisons with other companies on the basis of this measure impracticable.
We believe our computations of EBITDA and Adjusted EBITDA are helpful in highlighting trends in our core operating performance. In determining which adjustments are made to arrive at EBITDA and Adjusted EBITDA, we consider both (1) certain non-recurring, infrequent, non-cash or unusual items, which can vary significantly from year to year, as well as (2) certain other items that may be recurring, frequent, or settled in cash but which we do not believe are indicative of our core operating performance. We use EBITDA and Adjusted EBITDA to assess operating performance and make business decisions.
We have incurred substantial acquisition-related costs and integration costs. The underlying acquisition activities take place over a defined timeframe, have distinct project timelines and are incremental to activities and costs that arise in the ordinary course of our business. Therefore, we believe it is important to exclude these costs from our Adjusted EBITDA because it provides us a normalized view of our core, ongoing operations after integrating our acquired companies, which we believe is an important measure in assessing our performance.
Field contribution and Field contribution margin
Field contribution and Field contribution margin are non-GAAP financial measures and are not intended to replace financial performance measures determined in accordance with GAAP, such as gross margin and gross margin percentage. Rather, we present Field contribution and Field contribution margin as supplemental measures of our performance. We define Field contribution as gross margin less branch and regional administrative expenses. Field contribution margin is Field contribution as a percentage of revenue. As non-GAAP financial measures, our computations of Field contribution and Field contribution margin may vary from similarly termed non-GAAP financial measures used by other companies, making comparisons with other companies on the basis of these measures impracticable.
Field contribution and Field contribution margin have limitations as analytical tools and should not be considered in isolation or as substitutes or alternatives to gross margin, gross margin percentage, net income or loss, revenue, operating income or loss, cash flows from operating activities, total indebtedness or any other financial measures calculated in accordance with GAAP.
Management believes Field contribution and Field contribution margin are helpful in highlighting trends in our core operating performance and evaluating trends in our branch and regional results, which can vary from year to year. We use Field contribution and
3
Field contribution margin to make business decisions and assess the operating performance and results delivered by our core field operations, prior to corporate and other costs not directly related to our field operations. These metrics are also important because they guide us in determining whether or not our branch and regional administrative expenses are appropriately sized to support our caregivers and direct patient care operations. Additionally, Field contribution and Field contribution margin determine how effective we are in managing our field supervisory and administrative costs associated with supporting our provision of services and sale of products.
Adjusted net income and Adjusted net income per diluted share
Adjusted net income represents net income (loss) as adjusted for the impact of GAAP income tax, goodwill, intangible and other long-lived asset impairment charges, non-cash share-based compensation expense, loss on extinguishment of debt, fees related to debt modifications; interest rate derivatives, acquisition-related costs, integration costs, legal costs, restructuring costs, other legal matters, other system transition costs, professional fees and certain other miscellaneous items on a pre-tax basis. Adjusted net income includes a provision for income taxes derived utilizing a combined statutory tax rate. The combined statutory tax rate is our estimate of our long-term tax rate. The most comparable GAAP measure is net income (loss).
Adjusted net income per diluted share represents adjusted net income on a per diluted share basis using the weighted-average number of diluted shares outstanding for the period. The most comparable GAAP measure is net income (loss) per share, diluted.
Adjusted net income and adjusted net income per diluted share are important to us because they allow us to assess financial results, exclusive of the items mentioned above that are not operational in nature or comparable to those of our competitors.
Free cash flow
Free cash flow is a liquidity measure that represents operating cash flow, adjusted for the impact of purchases of property, equipment and software, proceeds from issuance of term loans, net of debt issuance costs, principal payments on term loans, notes payable and financing leases, and settlements with swap counterparties. The most comparable GAAP measure is cash flow from operations.
We believe free cash flow is helpful in highlighting the cash generated or used by the Company, after taking into consideration mandatory payments on term loans, notes payable and financing leases, as well as cash needed for non-acquisition related capital expenditures, and cash paid to or received from derivative counterparties.
Conference Call
Aveanna will host a conference call on Thursday, March 19, 2026, at 10:00 a.m. Eastern Time to discuss our fourth quarter results. The conference call can be accessed live over the phone by dialing 1-877-407-0789, or for international callers, 1-201-689-8562. A telephonic replay of the conference call will be available until March 26, 2026, by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the live call and the replay is 13757396. A live webcast of our conference call will also be available under the Investor Relations section of our website: https://ir.aveanna.com/. The online replay will also be available for one week following the call.
Forward-Looking Statements
Certain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements (other than statements of historical facts) in this press release regarding our prospects, plans, financial position, business strategy and expected financial and operational results may constitute forward-looking statements. Forward-looking statements generally can be identified by the use of terminology such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “should,” “would,” “predict,” “project,” “potential,” “continue,” “could,” “design,” “guidance,” or the negatives of these terms or variations of them or similar expressions. These statements are based on certain assumptions that we have made in light of our experience in the industry as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Forward-looking statements involve a number of risks and uncertainties that may cause actual results to differ materially from those expressed or implied by such forward-looking statements, such as intense competition among home health, hospice and durable medical equipment companies; our ability to maintain relationships with existing patient referral sources; our ability to have services funded from third-party payers, including Medicare, Medicaid and private health insurance companies, including as a result of changes to Medicaid to be implemented under the One Big Beautiful Bill Act; changes to Medicare or Medicaid rates or methods governing Medicare or Medicaid payments, and the implementation of alternative payment models, including but not limited to Medicare Advantage, Managed Care Organization, managed Medicaid, and other forms of managed care; any downward pressure on reimbursement resulting from further proliferation of Medicare Advantage plans; our limited ability to control reimbursement rates received for our services; delays in collection or non-collection of our patient accounts receivable, particularly during the business integration process, or when transitioning
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between systems associated with clinical data collection and submission, as well as billing and collection systems; healthcare reform and other regulations, including risks related to the proposed rule issued for the home health prospective payment system by Centers for Medicare & Medicaid Services; changes in the case-mix of our patients, as well as payer mix and payment methodologies; any reduction in net reimbursement if we do not effectively implement value-based care programs; the possibility that our business, financial condition and results of operations may be materially adversely affected by public health emergencies, such as a pandemic or other infectious disease outbreak; shortages in qualified employees and management and competition for qualified personnel; any failure to maintain the security and functionality of our information systems or to defend against or otherwise prevent a cybersecurity attack or breach; our substantial indebtedness, which increases our vulnerability to general adverse economic and industry conditions and may limit our ability to pursue strategic alternatives and react to changes in our business and industry; our ability to identify, obtain financing for, acquire and integrate strategic and accretive businesses or assets; risks related to legal proceedings, claims and governmental inquiries given that the nature of our business exposes us to various liability claims, which may exceed the level of our insurance coverage, and other risks set forth under the heading “Risk Factors” in Aveanna’s Annual Report on Form 10-K for its 2025 fiscal year filed with the Securities and Exchange Commission on March 19, 2026, which is available at www.sec.gov. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may prove to be incorrect or imprecise. Accordingly, forward-looking statements included in this press release do not purport to be predictions of future events or circumstances, and actual results may differ materially from those expressed by forward-looking statements. All forward-looking statements speak only as of the date made, and Aveanna undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About Aveanna Healthcare
Aveanna Healthcare is headquartered in Atlanta, Georgia and has locations in 38 states providing a broad range of pediatric and adult healthcare services, primarily focused on care in the home, including nursing, hospice, rehabilitation, occupational nursing in schools, therapy, and day treatment center services for medically complex and chronically ill children and adults, as well as delivery of enteral nutrition and other products to patients. In addition, the Company provides respite healthcare services, which are temporary care provider services provided in relief of the patient’s normal caregiver. The Company’s services are designed to provide a high quality, lower cost alternative to prolonged hospitalization. For more information, please visit www.aveanna.com.
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Cash Flow and Information about Indebtedness
The following table sets forth a summary of our cash flows from operating, investing, and financing activities for the periods presented:
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For the fiscal years ended |
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(dollars in thousands) |
January 3, 2026 |
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December 28, 2024 |
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Net cash provided by operating activities |
$ |
125,857 |
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$ |
32,637 |
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Net cash used in investing activities |
$ |
(22,298 |
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$ |
(6,319 |
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Net cash provided by financing activities |
$ |
5,413 |
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$ |
14,028 |
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Cash and cash equivalents at beginning of period |
$ |
84,288 |
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$ |
43,942 |
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Cash and cash equivalents at end of period |
$ |
193,260 |
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$ |
84,288 |
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The following table presents our long-term indebtedness as of January 3, 2026:
(dollars in thousands) |
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Instrument |
Interest Rate |
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January 3, 2026 |
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2025 Term Loans (1) |
S + 3.75% |
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$ |
1,321,687 |
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2025 Refinancing Revolving Credit Facility (1) |
S + 3.75% |
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- |
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Securitization Facility |
S + 2.50% |
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165,000 |
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Total indebtedness |
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$ |
1,486,687 |
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(1) S = One-month SOFR |
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Results of Operations
The following table summarizes our consolidated results of operations for the periods indicated (amounts in thousands, except per share data):
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For the three-month periods ended |
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For the fiscal years ended |
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January 3, 2026 |
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December 28, 2024 |
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January 3, 2026 |
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December 28, 2024 |
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Revenue |
$ |
662,480 |
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$ |
519,872 |
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$ |
2,433,199 |
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$ |
2,024,506 |
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Cost of revenue, excluding depreciation and amortization |
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449,181 |
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348,150 |
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1,622,718 |
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1,388,964 |
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Branch and regional administrative expenses |
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97,641 |
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88,744 |
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374,496 |
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352,814 |
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Corporate expenses |
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39,276 |
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33,421 |
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163,310 |
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125,402 |
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Depreciation and amortization |
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2,728 |
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2,446 |
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10,538 |
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10,778 |
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Acquisition-related costs |
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1,482 |
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1,340 |
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3,813 |
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1,490 |
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Other operating expense |
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1,127 |
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- |
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1,861 |
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|
5,271 |
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Operating income |
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71,045 |
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|
45,771 |
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256,463 |
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|
139,787 |
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Interest income |
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1,744 |
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|
201 |
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|
2,831 |
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|
498 |
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Interest expense |
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(32,621 |
) |
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(38,097 |
) |
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(140,086 |
) |
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(156,602 |
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Loss on debt extinguishment |
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- |
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- |
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(5,862 |
) |
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- |
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Other (expense) income |
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(923 |
) |
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19,060 |
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(6,398 |
) |
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21,389 |
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Income before income taxes |
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39,245 |
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|
26,935 |
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|
106,948 |
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|
5,072 |
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Income tax benefit (expense) |
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139,507 |
|
|
2,245 |
|
|
118,086 |
|
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(16,001 |
) |
Net income (loss) |
$ |
178,752 |
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$ |
29,180 |
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$ |
225,034 |
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$ |
(10,929 |
) |
Net income (loss) per share: |
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Net income (loss) per share, basic |
$ |
0.85 |
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$ |
0.15 |
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$ |
1.11 |
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$ |
(0.06 |
) |
Weighted average shares of common stock outstanding, basic |
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209,087 |
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193,369 |
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203,526 |
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|
192,893 |
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Net income (loss) per share, diluted |
$ |
0.80 |
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$ |
0.14 |
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$ |
1.05 |
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$ |
(0.06 |
) |
Weighted average shares of common stock outstanding, diluted |
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223,533 |
|
|
203,863 |
|
|
214,979 |
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|
192,893 |
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The following tables summarize our consolidated key performance measures, including Field contribution and Field contribution margin, which are non-GAAP measures, for the periods indicated:
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For the three-month periods ended |
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(dollars in thousands) |
January 3, 2026 |
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December 28, 2024 |
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Change |
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% Change |
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Revenue |
$ |
662,480 |
|
$ |
519,872 |
|
$ |
142,608 |
|
|
27.4 |
% |
|
Cost of revenue, excluding depreciation and amortization |
|
449,181 |
|
|
348,150 |
|
|
101,031 |
|
|
29.0 |
% |
|
Gross margin |
$ |
213,299 |
|
$ |
171,722 |
|
$ |
41,577 |
|
|
24.2 |
% |
|
Gross margin percentage |
|
32.2 |
% |
|
33.0 |
% |
|
|
|
-0.8 |
% |
(1) |
|
Branch and regional administrative expenses |
|
97,641 |
|
|
88,744 |
|
|
8,897 |
|
|
10.0 |
% |
|
Field contribution |
$ |
115,658 |
|
$ |
82,978 |
|
$ |
32,680 |
|
|
39.4 |
% |
|
Field contribution margin |
|
17.5 |
% |
|
16.0 |
% |
|
|
|
|
|
||
Corporate expenses |
$ |
39,276 |
|
$ |
33,421 |
|
$ |
5,855 |
|
|
17.5 |
% |
|
As a percentage of revenue |
|
5.9 |
% |
|
6.4 |
% |
|
|
|
|
|
||
Operating income |
$ |
71,045 |
|
$ |
45,771 |
|
$ |
25,274 |
|
|
55.2 |
% |
|
As a percentage of revenue |
|
10.7 |
% |
|
8.8 |
% |
|
|
|
|
|
||
|
For the fiscal years ended |
|
|
||||||||||
(dollars in thousands) |
January 3, 2026 |
|
December 28, 2024 |
|
Change |
|
% Change |
|
|
||||
Revenue |
$ |
2,433,199 |
|
$ |
2,024,506 |
|
$ |
408,693 |
|
|
20.2 |
% |
|
Cost of revenue, excluding depreciation and amortization |
|
1,622,718 |
|
|
1,388,964 |
|
|
233,754 |
|
|
16.8 |
% |
|
Gross margin |
$ |
810,481 |
|
$ |
635,542 |
|
$ |
174,939 |
|
|
27.5 |
% |
|
Gross margin percentage |
|
33.3 |
% |
|
31.4 |
% |
|
|
|
1.9 |
% |
(1) |
|
Branch and regional administrative expenses |
|
374,496 |
|
|
352,814 |
|
|
21,682 |
|
|
6.1 |
% |
|
Field contribution |
$ |
435,985 |
|
$ |
282,728 |
|
$ |
153,257 |
|
|
54.2 |
% |
|
Field contribution margin |
|
17.9 |
% |
|
14.0 |
% |
|
|
|
|
|
||
Corporate expenses |
$ |
163,310 |
|
$ |
125,402 |
|
$ |
37,908 |
|
|
30.2 |
% |
|
As a percentage of revenue |
|
6.7 |
% |
|
6.2 |
% |
|
|
|
|
|
||
Operating income |
$ |
256,463 |
|
$ |
139,787 |
|
$ |
116,676 |
|
|
83.5 |
% |
|
As a percentage of revenue |
|
10.5 |
% |
|
6.9 |
% |
|
|
|
|
|
||
7
The following tables summarize our key performance measures by segment for the periods indicated:
|
PDS |
|
|
||||||||||
|
For the three-month periods ended |
|
|
||||||||||
(dollars and hours in thousands) |
January 3, 2026 |
|
December 28, 2024 |
|
Change |
|
% Change |
|
|
||||
Revenue |
$ |
540,706 |
|
$ |
422,191 |
|
$ |
118,515 |
|
|
28.1 |
% |
|
Cost of revenue, excluding depreciation and amortization |
|
390,826 |
|
|
298,560 |
|
|
92,266 |
|
|
30.9 |
% |
|
Gross margin |
$ |
149,880 |
|
$ |
123,631 |
|
$ |
26,249 |
|
|
21.2 |
% |
|
Gross margin percentage |
|
27.7 |
% |
|
29.3 |
% |
|
|
|
-1.6 |
% |
(4) |
|
Hours |
|
12,361 |
|
|
10,488 |
|
|
1,873 |
|
|
17.9 |
% |
|
Revenue rate |
$ |
43.74 |
|
$ |
40.25 |
|
$ |
3.49 |
|
|
10.2 |
% |
(1) |
Cost of revenue rate |
$ |
31.62 |
|
$ |
28.47 |
|
$ |
3.15 |
|
|
13.0 |
% |
(2) |
Spread rate |
$ |
12.12 |
|
$ |
11.78 |
|
$ |
0.34 |
|
|
3.3 |
% |
(3) |
|
|
|
|
|
|
|
|
|
|
||||
|
HHH |
|
|
||||||||||
|
For the three-month periods ended |
|
|
||||||||||
(dollars and admissions/episodes in thousands) |
January 3, 2026 |
|
December 28, 2024 |
|
Change |
|
% Change |
|
|
||||
Revenue |
$ |
69,285 |
|
$ |
54,423 |
|
$ |
14,862 |
|
|
27.3 |
% |
|
Cost of revenue, excluding depreciation and amortization |
|
32,112 |
|
|
25,496 |
|
|
6,616 |
|
|
25.9 |
% |
|
Gross margin |
$ |
37,173 |
|
$ |
28,927 |
|
$ |
8,246 |
|
|
28.5 |
% |
|
Gross margin percentage |
|
53.7 |
% |
|
53.2 |
% |
|
|
|
0.5 |
% |
(4) |
|
Home health total admissions (5) |
|
10.4 |
|
|
8.5 |
|
|
1.9 |
|
|
22.4 |
% |
|
Home health episodic admissions (6) |
|
8.1 |
|
|
6.5 |
|
|
1.6 |
|
|
24.6 |
% |
|
Home health total episodes (7) |
|
14.0 |
|
|
11.2 |
|
|
2.8 |
|
|
25.0 |
% |
|
Home health episodic mix (8) |
|
77.9 |
% |
|
76.5 |
% |
|
|
|
1.4 |
% |
(10) |
|
Home health revenue per completed episode (9) |
$ |
3,223 |
|
$ |
3,128 |
|
$ |
95 |
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||
|
MS |
|
|
||||||||||
|
For the three-month periods ended |
|
|
||||||||||
(dollars and UPS in thousands) |
January 3, 2026 |
|
December 28, 2024 |
|
Change |
|
% Change |
|
|
||||
Revenue |
$ |
52,489 |
|
$ |
43,258 |
|
$ |
9,231 |
|
|
21.3 |
% |
|
Cost of revenue, excluding depreciation and amortization |
|
26,243 |
|
|
24,094 |
|
|
2,149 |
|
|
8.9 |
% |
|
Gross margin |
$ |
26,246 |
|
$ |
19,164 |
|
$ |
7,082 |
|
|
37.0 |
% |
|
Gross margin percentage |
|
50.0 |
% |
|
44.3 |
% |
|
|
|
5.7 |
% |
(4) |
|
Unique patients served (“UPS”) |
|
92 |
|
|
89 |
|
|
3 |
|
|
3.4 |
% |
|
Revenue rate |
$ |
570.53 |
|
$ |
486.04 |
|
$ |
84.49 |
|
|
17.9 |
% |
(1) |
Cost of revenue rate |
$ |
285.25 |
|
$ |
270.72 |
|
$ |
14.53 |
|
|
5.5 |
% |
(2) |
Spread rate |
$ |
285.28 |
|
$ |
215.33 |
|
$ |
69.96 |
|
|
33.6 |
% |
(3) |
8
|
PDS |
|
|
||||||||||
|
For the fiscal years ended |
|
|
||||||||||
(dollars and hours in thousands) |
January 3, 2026 |
|
December 28, 2024 |
|
Change |
|
% Change |
|
|
||||
Revenue |
$ |
2,001,147 |
|
$ |
1,634,609 |
|
$ |
366,538 |
|
|
22.4 |
% |
|
Cost of revenue, excluding depreciation and amortization |
|
1,409,376 |
|
|
1,190,148 |
|
|
219,228 |
|
|
18.4 |
% |
|
Gross margin |
$ |
591,771 |
|
$ |
444,461 |
|
$ |
147,310 |
|
|
33.1 |
% |
|
Gross margin percentage |
|
29.6 |
% |
|
27.2 |
% |
|
|
|
2.4 |
% |
(4) |
|
Hours |
|
46,123 |
|
|
41,562 |
|
|
4,561 |
|
|
11.0 |
% |
|
Revenue rate |
$ |
43.39 |
|
$ |
39.33 |
|
$ |
4.06 |
|
|
11.4 |
% |
(1) |
Cost of revenue rate |
$ |
30.56 |
|
$ |
28.64 |
|
$ |
1.92 |
|
|
7.4 |
% |
(2) |
Spread rate |
$ |
12.83 |
|
$ |
10.69 |
|
$ |
2.14 |
|
|
22.1 |
% |
(3) |
|
|
|
|
|
|
|
|
|
|
||||
|
HHH |
|
|
||||||||||
|
For the fiscal years ended |
|
|
||||||||||
(dollars and admissions/episodes in thousands) |
January 3, 2026 |
|
December 28, 2024 |
|
Change |
|
% Change |
|
|
||||
Revenue |
$ |
248,557 |
|
$ |
217,805 |
|
$ |
30,752 |
|
|
14.1 |
% |
|
Cost of revenue, excluding depreciation and amortization |
|
114,299 |
|
|
101,310 |
|
|
12,989 |
|
|
12.8 |
% |
|
Gross margin |
$ |
134,258 |
|
$ |
116,495 |
|
$ |
17,763 |
|
|
15.2 |
% |
|
Gross margin percentage |
|
54.0 |
% |
|
53.5 |
% |
|
|
|
0.5 |
% |
(4) |
|
Home health total admissions (5) |
|
39.6 |
|
|
36.9 |
|
|
2.7 |
|
|
7.3 |
% |
|
Home health episodic admissions (6) |
|
30.4 |
|
|
28.0 |
|
|
2.4 |
|
|
8.6 |
% |
|
Home health total episodes (7) |
|
51.4 |
|
|
46.2 |
|
|
5.2 |
|
|
11.3 |
% |
|
Home health episodic mix (8) |
|
76.8 |
% |
|
75.9 |
% |
|
|
|
0.9 |
% |
(10) |
|
Home health revenue per completed episode (9) |
$ |
3,206 |
|
$ |
3,099 |
|
$ |
107 |
|
|
3.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
||||
|
MS |
|
|
||||||||||
|
For the fiscal years ended |
|
|
||||||||||
(dollars and UPS in thousands) |
January 3, 2026 |
|
December 28, 2024 |
|
Change |
|
% Change |
|
|
||||
Revenue |
$ |
183,495 |
|
$ |
172,092 |
|
$ |
11,403 |
|
|
6.6 |
% |
|
Cost of revenue, excluding depreciation and amortization |
|
99,043 |
|
|
97,506 |
|
|
1,537 |
|
|
1.6 |
% |
|
Gross margin |
$ |
84,452 |
|
$ |
74,586 |
|
$ |
9,866 |
|
|
13.2 |
% |
|
Gross margin percentage |
|
46.0 |
% |
|
43.3 |
% |
|
|
|
2.7 |
% |
(4) |
|
Unique patients served (“UPS”) |
|
363 |
|
|
367 |
|
|
(4 |
) |
|
-1.1 |
% |
|
Revenue rate |
$ |
505.50 |
|
$ |
468.92 |
|
$ |
36.58 |
|
|
7.7 |
% |
(1) |
Cost of revenue rate |
$ |
272.85 |
|
$ |
265.68 |
|
$ |
7.17 |
|
|
2.7 |
% |
(2) |
Spread rate |
$ |
232.65 |
|
$ |
203.24 |
|
$ |
29.41 |
|
|
14.3 |
% |
(3) |
9
The following table reconciles gross margin and gross margin percentage to Field contribution and Field contribution margin:
|
For the three-month periods ended |
|
For the fiscal years ended |
|
||||||||
(dollars in thousands) |
January 3, 2026 |
|
December 28, 2024 |
|
January 3, 2026 |
|
December 28, 2024 |
|
||||
Gross margin |
$ |
213,299 |
|
$ |
171,722 |
|
$ |
810,481 |
|
$ |
635,542 |
|
Gross margin percentage |
|
32.2 |
% |
|
33.0 |
% |
|
33.3 |
% |
|
31.4 |
% |
Branch and regional administrative expenses |
|
97,641 |
|
|
88,744 |
|
|
374,496 |
|
|
352,814 |
|
Field contribution |
$ |
115,658 |
|
$ |
82,978 |
|
$ |
435,985 |
|
$ |
282,728 |
|
Field contribution margin |
|
17.5 |
% |
|
16.0 |
% |
|
17.9 |
% |
|
14.0 |
% |
Revenue |
$ |
662,480 |
|
$ |
519,872 |
|
$ |
2,433,199 |
|
$ |
2,024,506 |
|
The following table reconciles net income (loss) to EBITDA and Adjusted EBITDA:
|
|
For the three-month periods ended |
|
For the fiscal years ended |
|
||||||||
(dollars in thousands) |
|
January 3, 2026 |
|
December 28, 2024 |
|
January 3, 2026 |
|
December 28, 2024 |
|
||||
Net income (loss) |
|
$ |
178,752 |
|
$ |
29,180 |
|
$ |
225,034 |
|
$ |
(10,929 |
) |
Interest expense, net |
|
|
30,877 |
|
|
37,896 |
|
|
137,255 |
|
|
156,104 |
|
Income tax (benefit) expense |
|
|
(139,507 |
) |
|
(2,245 |
) |
|
(118,086 |
) |
|
16,001 |
|
Depreciation and amortization |
|
|
2,728 |
|
|
2,446 |
|
|
10,538 |
|
|
10,778 |
|
EBITDA |
|
|
72,850 |
|
|
67,277 |
|
|
254,741 |
|
|
171,954 |
|
Goodwill, intangible and other long-lived asset impairment |
|
|
1,143 |
|
|
(40 |
) |
|
1,881 |
|
|
5,264 |
|
Non-cash share-based compensation |
|
|
3,946 |
|
|
4,983 |
|
|
25,061 |
|
|
17,465 |
|
Loss on debt extinguishment |
|
|
- |
|
|
- |
|
|
5,862 |
|
|
- |
|
Fees related to debt modifications |
|
|
(74 |
) |
|
- |
|
|
15,890 |
|
|
- |
|
Interest rate derivatives (1) |
|
|
911 |
|
|
(19,131 |
) |
|
6,443 |
|
|
(21,351 |
) |
Acquisition-related costs (2) |
|
|
1,482 |
|
|
1,340 |
|
|
3,814 |
|
|
1,490 |
|
Integration costs (3) |
|
|
2,157 |
|
|
262 |
|
|
6,950 |
|
|
1,211 |
|
Legal costs and settlements associated with acquisition matters (4) |
|
|
2,526 |
|
|
203 |
|
|
5,754 |
|
|
1,626 |
|
Restructuring (5) |
|
|
36 |
|
|
618 |
|
|
504 |
|
|
5,405 |
|
Other legal matters (6) |
|
|
28 |
|
|
241 |
|
|
(5,898 |
) |
|
1,353 |
|
Other adjustments (7) |
|
|
(4 |
) |
|
(545 |
) |
|
(145 |
) |
|
(839 |
) |
Total adjustments |
|
$ |
12,151 |
|
$ |
(12,069 |
) |
$ |
66,116 |
|
$ |
11,624 |
|
Adjusted EBITDA |
|
$ |
85,001 |
|
$ |
55,208 |
|
$ |
320,857 |
|
$ |
183,578 |
|
10
The following table reconciles net income (loss) to adjusted net income and presents adjusted net income per diluted share:
|
For the three-month periods ended |
|
For the fiscal years ended |
|
||||||||
(dollars in thousands, except share and per share data) |
January 3, 2026 |
|
December 28, 2024 |
|
January 3, 2026 |
|
December 28, 2024 |
|
||||
Net income (loss) |
$ |
178,752 |
|
$ |
29,180 |
|
$ |
225,034 |
|
$ |
(10,929 |
) |
Income tax (benefit) expense |
|
(139,507 |
) |
|
(2,245 |
) |
|
(118,086 |
) |
|
16,001 |
|
Goodwill, intangible and other long-lived asset impairment |
|
1,143 |
|
|
(40 |
) |
|
1,881 |
|
|
5,264 |
|
Non-cash share-based compensation |
|
3,946 |
|
|
4,983 |
|
|
25,061 |
|
|
17,465 |
|
Loss on extinguishment of debt |
|
- |
|
|
- |
|
|
5,862 |
|
|
- |
|
Fees related to debt modifications |
|
(74 |
) |
|
- |
|
|
15,890 |
|
|
- |
|
Interest rate derivatives (1) |
|
911 |
|
|
(19,131 |
) |
|
6,443 |
|
|
(21,351 |
) |
Acquisition-related costs (2) |
|
1,482 |
|
|
1,340 |
|
|
3,814 |
|
|
1,490 |
|
Integration costs (3) |
|
2,157 |
|
|
262 |
|
|
6,950 |
|
|
1,211 |
|
Legal costs and settlements associated with acquisition matters (4) |
|
2,526 |
|
|
203 |
|
|
5,754 |
|
|
1,626 |
|
Restructuring (5) |
|
36 |
|
|
618 |
|
|
504 |
|
|
5,405 |
|
Other legal matters (6) |
|
28 |
|
|
241 |
|
|
(5,898 |
) |
|
1,353 |
|
Other adjustments (7) |
|
(4 |
) |
|
(545 |
) |
|
(145 |
) |
|
(839 |
) |
Total adjustments |
|
(127,356 |
) |
|
(14,314 |
) |
|
(51,970 |
) |
|
27,625 |
|
Adjusted pre-tax income |
|
51,396 |
|
|
14,866 |
|
|
173,064 |
|
|
16,696 |
|
Income tax expense on adjusted pre-tax income (8) |
|
(12,849 |
) |
|
(3,717 |
) |
|
(43,266 |
) |
|
(4,174 |
) |
Adjusted net income |
$ |
38,547 |
|
$ |
11,149 |
|
$ |
129,798 |
|
$ |
12,522 |
|
Weighted average shares outstanding, diluted (9) |
|
223,533 |
|
|
203,863 |
|
|
214,979 |
|
|
199,349 |
|
Adjusted net income per diluted share (10) |
$ |
0.17 |
|
$ |
0.05 |
|
$ |
0.60 |
|
$ |
0.06 |
|
The following footnotes are applicable to tables above that reconcile (i) net income (loss) to EBITDA and Adjusted EBITDA and (ii) net income (loss) to adjusted net income.
11
The following table reconciles net income (loss) to adjusted net income and presents adjusted net income per diluted share:
|
For the three-month periods ended |
|
For the fiscal years ended |
|
||||||||||||||||||||
|
January 3, 2026 |
|
December 28, 2024 |
|
January 3, 2026 |
|
December 28, 2024 |
|
||||||||||||||||
(dollars in thousands) |
Dollars |
|
Per Diluted Share |
|
Dollars |
|
Per Diluted Share |
|
Dollars |
|
Per Diluted Share |
|
Dollars |
|
Per Diluted Share |
|
||||||||
Net income (loss) |
$ |
178,752 |
|
$ |
0.80 |
|
$ |
29,180 |
|
$ |
0.14 |
|
$ |
225,034 |
|
$ |
1.05 |
|
$ |
(10,929 |
) |
$ |
(0.06 |
) |
Total adjustments (1) |
|
(127,356 |
) |
|
(0.57 |
) |
|
(14,314 |
) |
|
(0.07 |
) |
|
(51,970 |
) |
|
(0.25 |
) |
|
27,625 |
|
|
0.14 |
|
Income tax expense benefit on adjusted pre-tax income |
|
(12,849 |
) |
|
(0.06 |
) |
|
(3,717 |
) |
|
(0.02 |
) |
|
(43,266 |
) |
|
(0.20 |
) |
|
(4,174 |
) |
|
(0.02 |
) |
Adjusted net income |
$ |
38,547 |
|
$ |
0.17 |
|
$ |
11,149 |
|
$ |
0.05 |
|
$ |
129,798 |
|
$ |
0.60 |
|
$ |
12,522 |
|
$ |
0.06 |
|
(1) Total adjustments agree to the net income (loss) to adjusted net income table above.
The table below reflects the increase or decrease, and aggregate impact, to the line items included on our consolidated statements of operations based upon the adjustments used in arriving at Adjusted EBITDA from EBITDA for the periods indicated.
|
For the three-month periods ended |
|
For the fiscal years ended |
|
||||||||
(dollars in thousands) |
January 3, 2026 |
|
December 28, 2024 |
|
January 3, 2026 |
|
December 28, 2024 |
|
||||
Cost of revenue, excluding depreciation and amortization |
$ |
359 |
|
$ |
281 |
|
$ |
(4,866 |
) |
$ |
738 |
|
Branch and regional administrative expenses |
|
488 |
|
|
1,682 |
|
|
7,335 |
|
|
7,071 |
|
Corporate expenses |
|
7,769 |
|
|
3,688 |
|
|
45,706 |
|
|
18,443 |
|
Acquisition-related costs |
|
1,481 |
|
|
1,340 |
|
|
3,814 |
|
|
1,490 |
|
Other operating expense |
|
- |
|
|
77 |
|
|
34 |
|
|
2,189 |
|
Loss on debt extinguishment |
|
- |
|
|
- |
|
|
5,862 |
|
|
- |
|
Other (expense) income |
|
2,054 |
|
|
(19,137 |
) |
|
8,231 |
|
|
(18,307 |
) |
Total adjustments |
$ |
12,151 |
|
$ |
(12,069 |
) |
$ |
66,116 |
|
$ |
11,624 |
|
12
The following table reconciles the net cash provided by operating activities to free cash flow:
|
|
For the fiscal year ended |
|
|
(dollars in thousands) |
|
January 3, 2026 |
|
|
Net cash provided by operations |
|
$ |
125,857 |
|
Purchases of property and equipment, and software |
|
|
(7,445 |
) |
Proceeds from issuance of term loans, net of debt issuance costs |
|
|
1,317,743 |
|
Principal payments of term loans |
|
|
(1,308,862 |
) |
Principal payments of notes payable and financing lease obligations |
|
|
(8,891 |
) |
Settlements with swap counterparties |
|
|
12,563 |
|
Free cash flow |
|
$ |
130,965 |
|
13
FAQ
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