Exhibit 99.1

Contacts:
Brian W. Poff	Dru Anderson
Executive Vice President, Chief Financial Officer	FINN Partners
Addus HomeCare Corporation	(615) 324-7346
(469) 535-8200	dru.anderson@finnpartners.com
investorrelations@addus.com

ADDUS HOMECARE ANNOUNCES FIRST QUARTER 2024 FINANCIAL RESULTS

Frisco, Texas (May 6, 2024) – Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Highlights:

• Revenues Grow 11.6% to $280.7 Million

• Net Income of $15.8 Million, or $0.97 per Diluted Share

• Adjusted Net Income per Diluted Share Increases to $1.21

• Adjusted EBITDA Increases 24.6% to $32.4 Million

• Cash Flow from Operations of $38.7 Million

Overview

Net service revenues were $280.7 million for the first quarter of 2024, an 11.6% increase compared with $251.6 million for the first quarter of 2023. Net income was $15.8 million for the first quarter of 2024, compared with $12.7 million for the first quarter of 2023, while net income per diluted share was $0.97 compared with $0.78 for the same period a year ago. Adjusted EBITDA increased 24.6% to $32.4 million for the first quarter of 2024 from $26.0 million for the first quarter of 2023. Adjusted net income per diluted share was $1.21 for the first quarter of 2024 compared with $0.97 for the first quarter of 2023. Adjusted net income per diluted share for the first quarter of 2024 excludes acquisition expenses of $0.12 and stock-based compensation expense of $0.12 (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)

Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “We are pleased to report a great start for Addus in 2024, delivering a strong financial and operating performance as we continued to build momentum as a leading provider of home-based care services. With solid execution, we achieved impressive top-line growth with overall revenues up 11.6% and adjusted EBITDA up 24.6% compared with the first quarter of 2023. The heightened awareness of the value and safety of home-based care is helping to drive our growth, and our team has done an exceptional job in meeting the increased demand with a proven operating model across the continuum of home care.

“Our personal care segment, which accounted for 74.1% of our business, was a key driver of our growth with a 9.3% revenue increase over the first quarter of last year on a same-store basis. We continued to benefit from steady volume trends as well as rate increases in certain state markets. We have also experienced a more stable labor environment, and we continue to see an improved ability to hire and retain caregivers from our investments in more efficient and effective hiring and scheduling systems, which support our ability to efficiently manage higher patient volume.

“Our first quarter results included the operations from Tennessee Quality Care, a provider of home health, hospice, and private duty nursing services, which we acquired August 1, 2023. We were pleased to see continued steady improvement in our hospice care business, with organic revenue growth of 5.8% over the same period last year, which included the benefit of a 3.1% rate increase as of October 1, 2023, and the impact of additional Tennessee locations. Our volume trends in hospice care also improved, with higher admissions, patient days, and revenue per patient day compared with the first quarter of last year. Hospice care now accounts for 20.0% of our business, and we will look to continue to drive organic growth and expansion in this critical area of care,” said Allison.

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ADUS Announces First Quarter 2024 Financial Results

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May 6, 2024

Cash and Liquidity

As of March 31, 2024, the Company had cash of $76.7 million and bank debt of $101.4 million, with capacity and availability under its revolving credit facility of $486.9 million and $377.5 million, respectively. Net cash provided by operating activities was $38.7 million for the first quarter of 2024, and $30.9 million exclusive of a net $7.8 million in ARPA funding.

Looking Ahead

Allison continued, “We have continued to generate strong cash flow from operations, allowing us to further reduce our revolver balance by $25.0 million and strengthen our balance sheet in the first quarter. At the same time, we are focused on making the necessary investments in our business to support continued growth. We have the financial flexibility to remain focused on identifying acquisition opportunities in attractive markets in 2024. Our primary objective is to acquire accretive operations that enhance our current personal care services, either by building scale or adding complementary clinical services. Our size and scale are important competitive advantages for Addus, and we will look for additional opportunities to leverage our strong market presence, particularly in markets where we participate in value-based contracting models or may have the opportunity to do so.

“We are pleased with the favorable trends in our business, reflecting the consistently growing demand for our home-based care services. We are extremely proud of the important work we are doing to allow more patients to receive safe, quality care in their preferred setting of their home. Our success as a provider is due to the dedicated caregivers who represent Addus in the marketplace, and we are grateful for the outstanding care they are providing to patients and families. We look forward to the opportunities ahead for Addus in 2024 as we extend our market reach and deliver greater value for our shareholders,” added Allison.

Non-GAAP Financial Measures

The information provided in this release includes adjusted net income, adjusted EBITDA, and adjusted net income per diluted share, which are non-GAAP financial measures. The Company defines adjusted net income as net income before acquisition expenses, stock-based compensation expenses, and restructure and other non-recurring costs. The Company defines adjusted EBITDA as earnings before interest expense, other non-operating income, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, and restructure and other non-recurring costs. The Company defines adjusted net income per diluted share as net income per share, adjusted for acquisition expenses, stock-based compensation expense, and restructure and other non-recurring costs. The Company defines adjusted net service revenues as revenue adjusted for the closure of certain sites. The Company has provided, in the financial statement tables included in this press release, a reconciliation of adjusted net income to net income, a reconciliation of adjusted EBITDA to net income, a reconciliation of adjusted diluted net income per share to net income per share, and a reconciliation of adjusted net service revenues to net service revenues, in each case, the most directly comparable GAAP measure. Management believes that adjusted net income, adjusted EBITDA, adjusted diluted net income per share, and adjusted net service revenues are useful to investors, management and others in evaluating the Company’s operating performance, to provide investors with insight and consistency in the Company’s financial reporting and to present a basis for comparison of the Company’s business operations among periods, and to facilitate comparison with the results of the Company’s peers.

Conference Call

Addus will host a conference call on Tuesday, May 7, 2024, at 9:00 a.m. Eastern time. To access the live call, dial (833) 629-0620 (international dial-in number is (412) 317-1805) and ask to join the Addus HomeCare earnings call. A telephonic replay of the conference call will be available through midnight on May 14, 2024, by dialing (877) 344-7529 (international dial-in number is (412) 317-0088) and entering pass code 2638095.

A live broadcast of Addus HomeCare’s conference call will be available under the Investor Relations section of the Company’s website: www.addus.com. An online replay will also be available on the Company’s website for one month, beginning approximately two hours following the conclusion of the live broadcast.

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ADUS Announces First Quarter 2024 Financial Results

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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. Such forward-looking statements may be identified by words such as “preliminary,” “continue,” “expect,” and similar expressions. 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, including discretionary determinations by government officials, the consummation and integration of acquisitions, transition to managed care providers, our ability to successfully execute our growth strategy, unexpected increases in SG&A and other expenses, expected benefits and unexpected costs of acquisitions and dispositions, management plans related to dispositions, the possibility that expected benefits may not materialize as expected, the failure of the business to perform as expected, changes in reimbursement, changes in government regulations, changes in Addus HomeCare’s relationships with referral sources, increased competition for Addus HomeCare’s services, changes in the interpretation of government regulations, the uncertainty regarding the outcome of discussions with managed care organizations, changes in tax rates, the impact of adverse weather, higher than anticipated costs, lower than anticipated cost savings, estimation inaccuracies in future revenues, margins, earnings and growth, whether any anticipated receipt of payments will materialize, any security breaches, cyber-attacks, loss of data or cybersecurity threats or incidents, and other risks set forth in the Risk Factors section in Addus HomeCare’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 27, 2024, which is available at www.sec.gov. The financial information described herein and the periods to which they relate are preliminary estimates that are subject to change and finalization. There is no assurance that the final amounts and adjustments will not differ materially from the amounts described above, or that additional adjustments will not be identified, the impact of which may be material. Addus HomeCare undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In addition, these forward-looking statements necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties, and other factors. Accordingly, any forward-looking statements included in this press release do not purport to be predictions of future events or circumstances and may not be realized. (Unaudited tables and notes follow).

About Addus HomeCare

Addus HomeCare is a provider of home care services that primarily include personal care services that assist with activities of daily living, as well as hospice and home health services. Addus HomeCare’s consumers are primarily persons who, without these services, are at risk of hospitalization or institutionalization, such as the elderly, chronically ill and disabled. Addus HomeCare’s payor clients include federal, state, and local governmental agencies, managed care organizations, commercial insurers, and private individuals. Addus HomeCare currently provides home care services to over 49,000 consumers through 214 locations across 22 states. For more information, please visit www.addus.com.

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ADUS Announces First Quarter 2024 Financial Results

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May 6, 2024

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(amounts and shares in thousands, except per share data)

(Unaudited)

Income Statement Information:	For the Three Months Ended March 31,
	2024			2023
Net service revenues	$	280,746		$	251,599
Cost of service revenues		192,569			173,184
Gross profit		88,177			78,415
		31.4	%		31.2	%
General and administrative expenses		61,063			56,360
Depreciation and amortization		3,469			3,447
Total operating expenses		64,532			59,807
Operating income from continuing operations		23,645			18,608
Total interest expense, net		2,335			2,355
Income before income taxes		21,310			16,253
Income tax expense		5,480			3,578
Net income	$	15,830		$	12,675
Net income per diluted share:	$	0.97		$	0.78
Weighted average number of common shares outstanding:
Diluted		16,373			16,297
Cash Flow Information:	For the Three Months Ended March 31,
	2024			2023
Net cash provided by operating activities	$	38,678		$	18,799
Net cash used in investing activities		(1,750	)		(1,742	)
Net cash used in financing activities		(25,000	)		(23,475	)
Net change in cash		11,928			(6,418	)
Cash at the beginning of the period		64,791			79,961
Cash at the end of the period	$	76,719		$	73,543

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ADUS Announces First Quarter 2024 Financial Results

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ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

	March 31,
	2024		2023
Assets
Current assets
Cash	$	76,719	$	73,543
Accounts receivable, net		104,727		125,441
Prepaid expenses and other current assets		10,401		10,226
Total current assets		191,847		209,210
Property and equipment, net		23,872		20,248
Other assets
Goodwill		663,391		583,972
Intangible assets, net		90,191		70,604
Operating lease assets		44,699		47,049
Total other assets		798,281		701,625
Total assets	$	1,014,000	$	931,083
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	22,022	$	21,758
Accrued payroll		44,022		34,105
Accrued expenses		38,772		34,018
Operating lease liabilities, current portion		11,307		11,099
Government stimulus advance		13,548		10,996
Accrued workers compensation		11,920		12,683
Total current liabilities		141,591		124,659
Long-term debt, less current portion, net of debt issuance costs		99,347		108,487
Long-term operating lease liabilities, less current portion		39,044		42,994
Other long-term liabilities		8,875		6,057
Total long-term liabilities		147,266		157,538
Total liabilities		288,857		282,197
Total stockholders’ equity		725,143		648,886
Total liabilities and stockholders’ equity	$	1,014,000	$	931,083

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ADUS Announces First Quarter 2024 Financial Results

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ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Net Service Revenue by Segment

(Amounts in thousands)

(Unaudited)

	For the Three Months Ended March 31,
	2024		2023
Net Service Revenues by Segment
Personal Care	$	208,003	$	190,032
Hospice		55,863		49,082
Home Health		16,880		12,485
Total Revenue	$	280,746	$	251,599

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ADUS Announces First Quarter 2024 Financial Results

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ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Key Statistical and Financial Data (Unaudited)

Key Statistical and Financial Data (Unaudited)

	For the Three Months Ended March 31,
	2024			2023
Personal Care
States served at period end		21			21
Locations served at period end		153			157
Average billable census total (1)		37,715			38,363
Billable hours (in thousands)		7,590			7,592
Average billable hours per census per month		67.0			65.8
Billable hours per business day		116,769			116,805
Revenues per billable hour	$	27.35		$	24.98
Organic growth
- Revenue		9.3	%		11.4	%
Hospice
Locations served at period end		38			33
Admissions		3,472			3,324
Average daily census (2)		3,359			3,195
Average discharge length of stay		89.6			87.7
Patient days		305,630			287,551
Revenue per patient day	$	182.78		$	176.22
Organic growth
- Revenue		5.8	%		2.6	%
- Average daily census		(1.1	)%		1.5	%
Home Health
Locations served at period end		23			13
New Admissions		4,887			3,893
Recertifications		3,168			1,549
Total Volume		8,055			5,442
Visits		106,931			77,828
Organic growth
- Revenue		(15.1	)%		13.8	%
- New Admissions		(4.0	)%		(3.6	)%
- Volume		(3.1	)%		(1.2	)%
Percentage of Revenues by Payor:
Personal Care
State, local and other governmental programs		51.8	%		50.1	%
Managed care organizations		45.3			46.3
Private duty		1.9			2.2
Commercial		0.7			0.9
Other		0.3	%		0.5	%
Hospice
Medicare		90.7	%		90.7	%
Commercial		5.6			5.2
Managed care organizations		3.3			3.4
Other		0.4	%		0.7	%
Home Health
Medicare		69.1	%		74.2	%
Managed care organizations		26.1			20.3
Commercial		4.1			5.2
Other		0.7	%		0.3	%

(1) The average billable census in acquisitions of 145 for the three months ended March 31, 2023, was reclassified to average billable census - same stores for comparability purposes.

(2) Exited sites would have reduced average daily census for the three months ended March 31, 2023 by 5.

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ADUS Announces First Quarter 2024 Financial Results

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ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(Amounts in thousands, except per share data)

(Unaudited) (1)

	For the Three Months Ended March 31,
	2024			2023
Reconciliation of Adjusted EBITDA to Net Income: (1)
Net income	$	15,830		$	12,675
Interest expense, net		2,335			2,355
Income tax expense		5,480			3,578
Depreciation and amortization		3,469			3,447
Acquisition expenses		2,711			1,247
Stock-based compensation expense		2,618			2,646
Restructuring and other non-recurring costs		—			95
Adjusted EBITDA	$	32,443		$	26,043
Reconciliation of Adjusted Net Income to Net Income: (2)
Net income	$	15,830		$	12,675
Acquisition expenses		2,711			1,247
Stock-based compensation expense		2,618			2,646
Restructuring and other non-recurring costs		—			95
Tax effect		(1,370	)		(878	)
Adjusted Net Income		19,789			15,785
Reconciliation of Diluted Earnings per Share to Adjusted Diluted Earnings per Share: (3)
Diluted earnings per share	$	0.97		$	0.78
Acquisition expenses, per diluted share		0.12			0.06
Restructuring and other non-recurring costs per diluted share		—			—
Stock-based compensation expense per diluted share		0.12			0.13
Adjusted net income per diluted share	$	1.21		$	0.97
Reconciliation of Net Service Revenues to Adjusted Net Service Revenues: (4)
Net service revenues	$	280,746		$	251,599
Revenue associated with the closure of certain sites		—			(524	)
Adjusted net service revenues	$	280,746		$	251,075

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ADUS Announces First Quarter 2024 Financial Results

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Footnotes:

(1) We define Adjusted EBITDA as earnings before net interest expense, income tax expense, depreciation and amortization, acquisition expenses, stock-based compensation expense, restructure expenses and other non-recurring costs. Adjusted EBITDA is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(2) We define Adjusted Net Income as net income before acquisition expenses, stock-based compensation expense, restructure and other non-recurring costs. Adjusted Net Income is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(3) We define Adjusted diluted earnings per share as earnings per share, adjusted for acquisition expenses, stock-based compensation expense and restructure and other non-recurring costs. Adjusted diluted earnings per share is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

(4) We define Adjusted net service revenues as revenue adjusted for the closure of certain sites. Adjusted net service revenues is a performance measure used by management that is not calculated in accordance with generally accepted accounting principles in the United States (GAAP). It should not be considered in isolation or as a substitute for net income, operating income or any other measure of financial performance calculated in accordance with GAAP.

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