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Results as of March 31, 2009
Safe Harbor and Regulation G Statement
Forward-Looking Statements
Certain statements contained in this presentation and the accompanying tables are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. The words "believe,"
"expect," "hope," "anticipate," "plan" and similar expressions identify
forward-looking statements, which speak only as of the date the statement was made. Chemed does not undertake and specifically disclaims
any obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise.
These statements are based on current expectations and assumptions and involve various risks and uncertainties, which could cause Chemed's
actual results
to differ from those expressed in such forward-looking statements. These risks and uncertainties arise from, among other things,
possible changes in regulations governing the hospice care or plumbing and drain cleaning industries; periodic changes in reimbursement
levels
and procedures under Medicare and Medicaid programs; difficulties predicting patient length of stay and estimating potential Medicare
reimbursement obligations; challenges inherent in Chemed's growth strategy; the current shortage of qualified
nurses, other healthcare
professionals and licensed plumbing and drain cleaning technicians; Chemed’s dependence on patient referral sources; and other factors
detailed under the caption "Description of Business by Segment" or "Risk Factors" in
Chemed’s most recent report on form 10-Q or 10-K and its
other filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on such forward-looking statements
and there are no assurances that the matters contained
in such statements will be achieved.
2
This presentation contains information about Chemed’s EBITDA, Adjusted EBITDA, EBIT, Adjusted EBIT, Adjusted Net Income and Adjusted
Diluted EPS, which are not measures derived in accordance with GAAP
and which exclude components that are important to understanding
Chemed’s financial performance. In reporting its operating results, Chemed provides EBITDA, Adjusted EBITDA, EBIT, Adjusted EBIT, Adjusted
Net Income and Adjusted Diluted EPS measures
to help investors and others evaluate the Company’s operating results, compare its operating
performance with that of similar companies that have different capital structures and evaluate its ability to meet its future debt service, capital
expenditures
and working capital requirements. Chemed’s management similarly uses EBITDA, Adjusted EBITDA, EBIT, Adjusted EBIT,
Adjusted Net Income and Adjusted Diluted EPS to assist it in evaluating the performance of the Company across fiscal periods and in assessing
how its performance compares to its peer companies. These measures also help Chemed’s management estimate the resources required to
meet Chemed’s future financial obligations and expenditures. Chemed’s EBITDA, Adjusted
EBITDA, EBIT, Adjusted EBIT, Adjusted Net
Income and Adjusted Diluted EPS should not be considered in isolation or as a substitute for comparable measures calculated and presented in
accordance with GAAP. We calculated Adjusted EBITDA margin by dividing
Adjusted EBITDA by service revenues and sales. We calculated
Adjusted EBIT margin by dividing Adjusted EBIT by service revenues and sales. Adjusted Diluted EPS is calculated by dividing Adjusted Net
Income by the number of diluted
average shares outstanding, and Diluted EPS is calculated by dividing Net Income by the number of diluted
average shares outstanding. A reconciliation of Chemed’s net income to its EBITDA, Adjusted EBITDA, EBIT, Adjusted EBIT and Adjusted
Net
Income is presented in appendix tables located in the back of this presentation.
Important Information
Chemed filed with the SEC, on April 29, 2009, a definitive proxy statement in connection with its 2009 annual meeting, and is mailing the
definitive proxy statement to its stockholders. Investors
and security holders are urged to read the definitive proxy statement relating to the 2009
Annual Meeting and any other relevant documents filed with the SEC (when available) because they contain important information. Investors
and security holders
may obtain a free copy of the definitive proxy statement and other documents that Chemed files with the SEC (when
available) at the SEC’s website at www.sec.gov and Chemed’s website at www.chemed.com. In addition, the definitive proxy statement
and
other documents filed by Chemed with the SEC (when available) may be obtained from Chemed free of charge by directing a request to
Chemed Corporation, Attn: Investor Relations, Chemed Corporation, 2600 Chemed Center, 255 East Fifth Street, Cincinnati,
OH 45202-4726.
Certain Information Regarding Participants
Chemed, its directors and certain executive officers and employees are participants in the solicitation of Chemed’s security holders in
connection with its 2009 Annual Meeting. Security holders may obtain
information regarding the names, affiliations and interests of such
individuals in Chemed’s Annual Report on Form 10-K for the year ended December 31, 2008, which was filed with the SEC on February 27,
2009, and its definitive
proxy statement for the 2009 Annual Meeting, which was filed with the SEC on April 29, 2009. To the extent holdings of
Chemed securities have changed since the amounts printed in the definitive proxy statement for the 2009 Annual Meeting, such changes have
been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. These documents may be obtained free of
charge (when available) from the SEC’s website at www.sec.gov and Chemed’s website at www.chemed.com.
Safe Harbor and Regulation G Statement
(Continued)
3
Cumulative Results Since the VITAS Acquisition
For the years ended December 31, 2003 through 2008
* Include VITAS results as if VITAS were purchased on January 1, 2003
4
EPS and Stock Price History
(1)
(1)
Adjusted Diluted EPS; see Appendix at the back of this presentation for reconciliation from GAAP reported results to
adjusted (non-GAAP) results
(2)
Adjusted for stock splits
(2)
Chemed has delivered strong and consistent EPS to
stockholders since 2003, 53% 5-year CAGR
5
Chemed – Consolidated Summary of Operations
For the years ended December 31, 2003 through 2008
(in thousands, except per share data)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Average
Annual
2003
2004
2005
2006
2007
2008
Inc./(Dec.)
(1)
Service Revenues and Sales (a)
260,776
$
734,877
$
915,970
$
1,018,587
$
1,100,058
$
1,148,941
$
34.5%
(2)
EBITDA (c)
30,366
72,310
96,992
129,782
138,470
155,032
38.6%
(3)
Adj. EBITDA (c)
25,118
91,950
120,513
131,373
161,846
161,754
45.1%
(4)
Net Income/(Loss) (GAAP)
(3,435)
27,512
35,817
50,651
61,641
(b)
67,281
(b)
n.a.
(5)
Adj. Net Income (c)
7,894
31,893
49,542
58,102
79,277
78,900
58.5%
(6)
Diluted EPS (GAAP)
(0.17)
1.12
1.36
1.90
2.46
2.88
n.a.
(7)
Adj. Diluted EPS (c) (d)
0.40
1.29
1.88
2.18
3.16
3.38
53.2%
(8)
Diluted Average Shares Outstanding
19,908
24,636
26,299
26,669
25,077
23,374
3.3%
6
Adj. Diluted EPS is calculated by dividing Adj. Net Income by Diluted Average Shares Outstanding, and Diluted EPS is calculated
by dividing Net Income by Diluted Average Shares Outstanding
(d)
See footnote (d) below and the Appendix at the back of this presentation for reconciliation from GAAP reported results to
adjusted (non-GAAP) results
(c)
Restated for the retrospective adoption of FASB Staff Position No. APB 14-1, “Accounting for Convertible Debt Instruments
That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement),” effective January 1, 2009
(b)
Continuing operations
(a)
Chemed - Results from Continuing Operations
(in thousands, except per share data)
7
(a)
See footnote (b) below and the Appendix at the back of this presentation for reconciliation from GAAP reported results to
adjusted (non-GAAP) results
(b)
Adj. Diluted EPS is calculated by dividing Adj. Net Income by Diluted Average Shares Outstanding, and Diluted EPS is
calculated by dividing Net Income by Diluted Average Shares Outstanding
(1)
(2)
(3)
(4)
(5)
(6)
Fav/(Unfav)
Fav/(Unfav)
2007
2008
% Growth
2008
2009
% Growth
(1)
Service Revenues and Sales
$1,100,058
$1,148,941
4.4%
$285,268
$294,938
3.4%
(2)
Net Income
61,641
67,281
9.1%
15,860
19,339
21.9%
(3)
Diluted EPS (b)
2.46
2.88
17.1%
0.65
0.85
30.8%
(4)
Adj. EBITDA (a)
161,846
161,754
(0.1%)
36,606
42,224
15.4%
(5)
Adj. EBITDA Margin (a)
14.7%
14.1%
(0.6) pts.
12.8%
14.3%
1.5 pts.
(6)
Adj. Net Income (a)
79,277
78,900
(0.5%)
17,731
21,216
19.7%
(7)
Adj. Diluted EPS (a) (b)
3.16
3.38
7.0%
0.73
0.94
28.8%
(8)
Capital Expenditures
26,640
26,094
2.1%
3,891
3,376
13.2%
Full Year Results
Three Months Ended March 31,
Chemed Corporation Revenue
2008
Chemed
Adjusted EBITDA
14.1%
Chemed
Central Support
1.2%
Roto-Rooter
Central Support
8.3%
Roto-Rooter
COS
16.1%
5.9%
VITAS
Central
Support
54.4%
VITAS
COS
Roto-Rooter
VITAS
2007
Chemed
Adjusted EBITDA
14.7%
Chemed
Central Support
1.1%
Roto-Rooter
Central Support
8.6%
Roto-Rooter
COS
16.2%
6.1%
VITAS
Central
Support
53.3%
VITAS
COS
Roto-Rooter
VITAS
69%
31%
70%
30%
(a)
(a)
(a)
See Appendix at the back of this presentation for reconciliation of EBITDA and Adjusted EBITDA to Net Income
8
Roto-Rooter Company Overview
Largest provider of plumbing and drain cleaning services in North America
Provides plumbing services to approximately 90% of the United States and 40% of the
Canadian population
Provides plumbing and drain cleaning services in more than 110 company-owned
territories and approximately 500 franchise territories
Maintains an estimated 15% of the drain cleaning market and 2-3% share of the
same-day service plumbing market
Residential customers represent 57% of revenues, while commercial customers
represent 33% of revenues
Adjusted EBITDA (2008)
Revenues (2008)
(a)
(a) See Appendix at the back of this presentation for reconciliation of EBITDA and Adjusted EBITDA to Net Income
10
Chemed Growth Strategy – Roto-Rooter
Continue to increase efficiency
Acquire franchisee territories at reasonable valuations
$175 - $200 million in franchise street sales
Purchase at 4-5 times EBITDA
Minimal capital expenditure
Focus on earnings and cash flow
Company-owned Territories
11
Roto-Rooter – Summary of Operations
For The Years Ended December 31, 2003 through
2008
(in thousands, except percentages)
(a)
Continuing Operations
(b)
See Appendix at the back of this presentation for reconciliation from GAAP reported results to adjusted (non-GAAP) results
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Average
Annual
2003
2004
2005
2006
2007
2008
Inc./(Dec.)
(1)
Service Revenues and Sales (a)
260,776
$
276,611
$
297,337
$
319,495
$
344,632
$
340,496
$
5.5%
(2)
EBITDA (b)
30,881
38,314
52,598
59,307
72,030
62,924
15.3%
(3)
Adj. EBITDA (b)
30,847
42,355
49,234
55,548
69,188
59,922
14.2%
(4)
Adj. EBITDA Margin (b)
11.8%
15.3%
16.6%
17.4%
20.1%
17.6%
n.a.
(5)
Net Income (GAAP)
13,176
18,795
27,626
32,454
38,971
33,592
20.6%
(6)
Adj. Net Income (b)
13,176
21,044
25,486
31,203
40,139
33,950
20.8%
12
Roto-Rooter – Historical Financial Performance
(a) Reconciliation from GAAP reported results to adjusted (non-GAAP) results is provided in the Appendix at the back of this presentation
($000)
13
(1)
(2)
(3)
(4)
(5)
(6)
Fav/(Unfav)
Fav/(Unfav)
2007
2008
% Growth
2008
2009
% Growth
(1)
Service Revenues and Sales
344,632
$
340,496
$
(1.2%)
86,683
$
86,521
$
(0.2%)
(2)
Net Income (GAAP)
38,971
$
33,592
$
(13.8%)
9,095
$
8,276
$
(9.0%)
(3)
Adj. EBITDA (a)
69,188
59,922
(13.4%)
15,940
14,467
(9.2%)
(4)
Adj. EBITDA Margin (a)
20.1%
17.6%
(2.5) pts.
18.4%
16.7%
(1.7) pts.
(5)
Adj. EBIT (a)
60,769
51,578
(15.1%)
13,845
12,398
(10.5%)
(6)
Adj. EBIT Margin (a)
17.6%
15.1%
(2.5) pts.
16.0%
14.3%
(1.7) pts.
(7)
Capital Expenditures
8,388
7,808
6.9%
2,329
1,474
36.7%
Full Year Results
Three Months Ended March 31,
Future of Roto-Rooter
Continue to Consolidate Franchises
Purchase at reasonable multiples
Avoid over-paying for current acquisitions
Inflates expectations/demands of remaining franchisees
Utilize Cash Flow for:
Purchase of franchises
Acquisition of hospices
Debt pay-down, share buy-back, increased dividends
Roto-Rooter Divestiture Considerations:
If arbitrage of buying at low multiples is exhausted
If after-tax proceeds can be reinvested at higher return, risk adjusted
If Chemed’s capital structure and cash flow without Roto-Rooter
provide it significant flexibility to support continued growth of VITAS
If tax-free spin-off creates stockholder value
14
VITAS Healthcare Company Overview
General
Inpatient
Care
Continuous
Home
Care
Routine
Home
Care
Adjusted EBITDA 2008
Hospice
Program –
Indirect
19.6%
Hospice
Program –
Direct
57.7%
EBITDA
14.3%
Central
Support
8.4%
Medicare Cap
0.03%
Revenues 2008 (Before Cap)
72%
12%
16%
(a)
See Appendix at the back of this presentation for reconciliation of EBITDA and Adjusted EBITDA to Net Income
(a)
Largest provider of hospice services for patients with severe, life-limiting illnesses with approximately 8%
of the U.S. market share
Operates a comprehensive range of hospice services through 45 operating programs in 15 states and the
District of Columbia
Utilizes a standardized model for patient care which is intended to maximize quality and enhance patient
satisfaction
Operating statistics:
Service revenues and sales: $208 million (Q1 2009)
Average daily census per established program: approximately 280 ADC, largest approximately 1,300
(Q1 2009)
Average length of stay: 76.6 days (Q1 2009)
Total of 9,200 employees, including approximately 3,800 nurses and more than 3,200 home health aides
and other direct caregivers (Q1 2009)
16
Washington, DC
VITAS – Locations & ADC (as of March 31, 2009)
Inland Empire
(San Bernardino/
Palm Springs)
Orange County
Dallas
Fort Worth
San Antonio
Houston
Central Florida
Brevard
Palm Beach
Dade
Broward
Cincinnati
Philadelphia
New Jersey North
New Jersey West
New Jersey Shore
Delaware
Milwaukee
Chicagoland Central
Chicagoland South
Chicagoland Northwest
Sacramento
Oakland
San Francisco
San Diego
San Gabriel Cities
(Covina)
San Fernando
(Los Angeles & Ventura
County, Encino)
Coastal Cities
(Torrance)
Atlanta
Waterbury, CT
Hartford, CT
Fairfield, CT
Daytona
Pittsburgh
Kansas City
St. Louis
Northern Virginia
Detroit
Richmond
Cleveland
Collier
LaSalle
Columbus
Dayton
17
New Starts (Revenue < 12 Mos.)
3
Large (450+ ADC)
5
Medium (200 – 449 ADC)
17
Small (1 – 199 ADC)
20
VITAS – Summary of Operations
For The Years Ended December 31, 2003 through
2008
(in thousands, except percentages)
(a)
(a)
Assumes VITAS was purchased on January 1, 2003
(b)
See Appendix at the back of this presentation for reconciliation from GAAP reported results to adjusted (non-GAAP) results
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Average
Annual
2003
2004
2005
2006
2007
2008
Inc./(Dec.)
(1)
Service Revenues and Sales
441,017
$
531,136
$
618,613
$
699,092
$
755,426
$
808,445
$
12.9%
(2)
EBITDA (b)
42,986
65,685
65,259
89,983
111,131
120,568
22.9%
(3)
Adj. EBITDA (b)
42,302
64,553
80,455
85,880
103,953
115,278
22.2%
(4)
Adj. EBITDA Margin (b)
9.6%
12.2%
13.0%
12.3%
13.8%
14.3%
n.a.
(5)
Net Income (GAAP)
20,158
33,052
34,982
43,546
61,034
64,719
26.3%
(6)
Adj. Net Income (b)
20,158
32,961
44,659
49,249
59,974
64,425
26.2%
18
VITAS – Results from Continuing Operations
(a) Reconciliation from GAAP reported results to adjusted (Non-GAAP) results is provided in the Appendix at the back of this presentation
($000)
19
(1)
(2)
(3)
(4)
(5)
(6)
Fav/(Unfav)
Fav/(Unfav)
2007
2008
% Growth
2008
2009
% Growth
(1)
Service Revenues Before Medicare Cap
755,668
$
808,680
$
7.0%
198,585
$
208,687
$
5.1%
(2)
Medicare Cap
(242)
(235)
2.9%
-
(270)
N/A
(3)
Net Service Revenues and Sales
755,426
$
808,445
$
7.0%
198,585
$
208,417
$
5.0%
(4)
Net Income
61,034
$
64,719
$
6.0%
13,298
$
17,283
$
30.0%
(5)
Adj. EBITDA (a)
103,953
115,278
10.9%
23,605
31,202
32.2%
(6)
Adj. EBITDA Margin (a)
13.8%
14.3%
0.5 pts.
11.9%
15.0%
3.1 pts.
(7)
Capital Expenditures
18,059
8,797
51.3%
1,520
1,895
(24.7%)
Full Year Results
Three Months Ended March 31,
Future of VITAS
Continue organic growth
Acquisitions
Fragmented industry
Dominated by “Mom & Pop” not-for-profits
Average operating margin in hospice is 4%*
50% of hospices have negative margin*
Economies of scale
Access to reasonably priced capital critical to expansion
Short-term
Long-term
Will “pure play” dominate industry?
Will continuum of care dominate?
Self referral
Control of patient
Consolidation continues
Acquire other healthcare providers
Divest VITAS to diverse healthcare
provider
*Source - MedPac
20
Government reimbursement structure will drive VITAS’ future
Consolidation
VITAS – Operating Metrics ($000)
21
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
Operating Metrics
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
(1)
Average Daily Census
(ADC)
10,291
10,704
11,020
11,174
11,309
11,406
11,529
11,660
11,691
11,846
12,033
11,829
11,728
(2)
Admissions
13,773
12,987
12,686
13,291
14,110
13,658
13,436
13,594
15,212
13,956
13,317
13,314
14,168
(3)
Discharges
13,299
12,529
12,525
13,199
14,051
13,359
13,403
13,700
14,992
13,707
13,279
13,693
13,865
(4)
Average Length of Stay
(ALOS) (Days):
72.4
68.0
71.0
75.7
76.9
76.6
76.7
75.7
71.5
73.2
74.1
83.1
76.6
(5)
Median Length of Stay
(Days)
12
13
14
14
13
13
14
14
13
13
15
14
13
(6)
Total Revenue Before
Medicare Cap Reduction
($000) (d)
$166,057
$172,126
$177,900
$186,907
$183,577
$185,701
$189,188
$197,202
$198,585
$199,048
$204,956
$206,091
$208,687
(7)
Medicare Cap Reduction
-
($599)
($2,611)
($688)
$472
-
($714)
-
-
-
-
($235)
($270)
(8)
Revenue After Medicare
Cap Reduction ($000)
$166,057
$171,527
$175,289
$186,219
$184,049
$185,701
$188,474
$197,202
$198,585
$199,048
$204,956
$205,856
$208,417
(9)
% Routine Home Care
(e)
68.1%
70.2%
70.8%
70.6%
71.6%
72.6%
72.6%
72.6%
71.3%
72.8%
73.0%
72.6%
71.1%
(10)
% InPatient (e)
13.9%
12.6%
12.3%
12.5%
12.8%
12.2%
12.1%
12.1%
13.1%
12.2%
11.8%
11.4%
12.2%
(11)
% Continuous Care (e)
18.0%
17.2%
16.9%
16.9%
15.6%
15.2%
15.3%
15.3%
15.6%
15.0%
15.2%
16.0%
16.7%
(12)
% Medicare Cap
0.3%
1.5%
0.4%
0.3%
0.0%
0.4%
0.0%
0.0%
0.0%
0.0%
0.1%
(0.1%)
Direct Care Margins: (a)
(13)
Routine Home Care
47.6%
49.5%
49.1%
49.7%
50.8%
51.1%
51.0%
51.6%
49.5%
51.5%
52.4%
53.3%
51.5%
(14)
In Patient Care
23.1%
20.9%
16.5%
19.4%
20.1%
18.9%
15.9%
18.8%
19.3%
17.8%
16.6%
14.9%
17.4%
(15)
Continuous Care
18.3%
20.3%
17.5%
17.0%
20.0%
17.7%
16.9%
17.6%
16.5%
17.6%
18.0%
20.1%
19.1%
(16)
Gross Profit (Direct and
Indirect) ($000) (b) (c)
$32,461
$34,829
$32,669
$41,872
$41,954
$41,062
$40,249
$45,276
$39,782
$43,518
$48,271
$51,697
$48,786
(17)
Gross Profit Margin (b)
(c)
19.5%
20.3%
18.6%
22.5%
22.8%
22.1%
21.4%
23.2%
20.0%
21.9%
23.6%
25.1%
23.4%
(18)
Pro Forma Selling,
General & Admin Exp (c)
$13,216
$13,702
$13,619
$16,425
$15,904
$16,260
$15,651
$17,288
$16,147
$17,273
$17,100
$17,230
$17,546
(19)
Pro Forma Adjusted
EBITDA ($000) (c)
$19,349
$21,480
$19,377
$25,675
$26,015
$24,867
$24,632
$28,439
$23,605
$26,277
$31,056
$34,340
$31,202
(20)
Pro Forma Adjusted
EBITDA Margin (c)
11.7%
12.5%
11.1%
13.8%
14.1%
13.4%
13.1%
14.4%
11.9%
13.2%
15.2%
16.7%
15.0%
2009
2008
2007
2006
(a) Excludes any Medicare cap reduction
(b) Includes any Medicare cap reduction
(d) Includes $1,950 for fourth quarter BNAF adjustment
(e) Excludes $1,950 for fourth quarter BNAF adjustment
(c) Excludes depreciation, amortization
Appendix
Medicare Hospice Spending (in billions)
Source: MedPAC Report - 03/06/2008
20% Compounded annual growth rate from 1999 to 2007
$2.4
$2.9
$3.8
$4.6
$6.8
$5.7
$7.9
$8.9
$10.0
A-1
A-2a
A-2b
(continued)
A-3
A-4
(1)
(2)
(3)
(4)
(5)
(6)
2003
2004
2005
2006
2007
2008
Reconciliation of Adjusted EBITDA
(1)
Net income
20,158
$
33,052
$
34,982
$
43,546
$
61,034
$
64,719
$
(2)
Discontinued operations
-
(91)
(1,477)
4,872
(1,201)
-
(3)
Interest expense
-
128
153
191
146
155
(4)
Income taxes
13,543
22,447
20,097
28,705
35,722
38,710
(5)
Depreciation
5,100
6,192
7,557
8,753
11,446
13,000
(6)
Amortization
4,185
3,957
3,947
3,916
3,984
3,984
(7)
EBITDA
42,986
65,685
65,259
89,983
111,131
120,568
Add/(deduct)
(8)
Legal expenses of OIG investigation
-
-
637
1,068
227
46
(9)
Lawsuit settlement
-
-
17,350
272
-
-
(10)
Interest income
(684)
(373)
(237)
(114)
(151)
(137)
(11)
Intercompany interest income
-
(759)
(2,554)
(5,329)
(7,254)
(5,199)
(12)
Adjusted EBITDA
42,302
$
64,553
$
80,455
$
85,880
$
103,953
$
115,278
$
Reconciliation of Adjusted Net Income
(13)
Net income
20,158
$
33,052
$
34,982
$
43,546
$
61,034
$
64,719
$
(14)
Add/(deduct):
(15)
Discontinued operations
-
(91)
(1,477)
4,872
(1,201)
-
(16)
Legal expenses of OIG investigation
-
-
397
662
141
28
(17)
Lawsuit settlement
-
-
10,757
169
-
-
(18)
Prior-period tax adjustments
-
-
-
-
-
(322)
(19)
Adjusted net income
20,158
$
32,961
$
44,659
$
49,249
$
59,974
$
64,425
$
(a)
Assumes VITAS was purchased on January 1, 2003
VITAS HEALTHCARE GROUP
RECONCILIATION OF ADJUSTED EBITDA and ADJUSTED NET INCOME
FOR THE YEARS ENDED DECEMBER 31, 2003 THROUGH 2008 (a)
(IN THOUSANDS)
A-5
A-6
A-7
2600 Chemed Center
255 East 5th Street
Cincinnati, OH 45202
(513) 762-6900 Phone
(513) 762-6919 Fax
www.chemed.com
Kevin J. McNamara
President and CEO
kevin.mcnamara@chemed.com
David P. Williams
EVP and CFO
dwilliams@chemed.com
Sherri L. Warner
Investor Relations
sherri.warner@chemed.com