Addus HomeCare Corporation (NASDAQ: ADUS), a provider of home care services, today announced its financial results for the second quarter and six months ended June 30, 2026.

Second Quarter 2026 Highlights:

  • Net Service Revenues Increase 8.0% to $377.4 Million

  • Net Income of $27.6 Million, or $1.49 per Diluted Share

  • Adjusted Net Income per Diluted Share Increases 16.1% year-over-year to $1.73

  • Adjusted EBITDA Increases 11.9% year-over-year to $49.2 Million

  • Cash Flow from Operations of $40.0 Million

Overview

Net service revenues were $377.4 million for the second quarter of 2026, an 8.0% increase compared with $349.4 million for the second quarter of 2025. Net income was $27.6 million for the second quarter of 2026 compared with $22.1 million for the second quarter of 2025, while net income per diluted share was $1.49 compared with $1.20 for the same period a year ago. Adjusted EBITDA increased 11.9% to $49.2 million for the second quarter of 2026 from $43.9 million for the second quarter of 2025. Adjusted net income was $32.0 million for the second quarter of 2026 compared with $27.3 million for the prior-year period, while adjusted net income per diluted share was $1.73 compared with $1.49 for the second quarter of 2025. Adjusted net income per diluted share for the second quarter of 2026 excludes acquisition expenses of $0.06, stock-based compensation expense of $0.17, and restructure and other non-recurring costs of $0.01. (See the end of press release for a reconciliation of all non-GAAP and GAAP financial measures.)

For the first six months of 2026, net service revenues increased 7.8% to $741.0 million from $687.2 million for the prior-year period. Net income was $52.7 million for the first six months of 2026 compared with $43.3 million for the same period in 2025, and net income per diluted share was $2.85 compared with $2.36 per diluted share. Adjusted EBITDA increased 10.9% to $93.7 million for the first six months of 2026 from $84.5 million for the first six months of 2025. Adjusted net income was $62.1 million for the first six months of 2026 compared with $53.3 million for the first six months of 2025, while adjusted net income per diluted share was $3.35 compared with $2.91 for the prior-year period.

Commenting on the results, Dirk Allison, Chairman and Chief Executive Officer, said, “We are extremely pleased with the strong financial and operational performance delivered in the second quarter of 2026. Revenues grew by 8.0%, driven by solid organic growth and disciplined execution across our service lines. Our focus on cost management, operational efficiency, and leverage reduction translated into an 11.9% improvement in adjusted EBITDA and a 25.2% increase in net income over the second quarter last year. These results reflect the continued demand for high-quality cost-effective home care services and our ability to drive profitable growth.

“Our personal care business experienced continued momentum with a 6.8% organic revenue increase over the second quarter last year and accounted for 78.4% of revenues. This improvement reflects higher volumes, as well as two months of operations from HomeCourt Home Care, which we acquired on May 1, 2026. We also continue to benefit from rate increases implemented in two key states, including a 9.9% increase in Texas late last year and a 3.9% increase in Illinois in January, with our strong value proposition as a cost-effective provider continuing to be recognized by our state partners.

“Our hospice care business contributed strong growth with organic revenue up 11.1% over the same period last year and accounted for 17.0% of our revenue for the second quarter. This consistent growth was driven by year-over-year improvements in average daily census and revenue per patient day. Our home health business represented 4.6% of revenue for the second quarter, and we are pleased to see more favorable admission and volume trends. We continue to believe home health provides important complementary capabilities to our personal care and hospice segments, allowing us to continue offering all three levels of care and ensuring more patients in select markets receive the benefit of the full continuum of care,” said Allison.

Cash and Liquidity

As of June 30, 2026, the Company had cash of $99.6 million and bank debt of $64.3 million, with capacity and availability under its revolving credit facility of $650.0 million and $577.8 million, respectively. Net cash provided by operating activities was $40.0 million for the second quarter of 2026.

Allison added, “Our strong performance in the first half of 2026 positions us well moving forward. We generated meaningful operating cash flow and maintained a very strong balance sheet. Our low leverage allows us to invest strategically and continue to pursue targeted acquisitions. We remain disciplined in evaluating both clinical and non-clinical opportunities to enhance market density and geographic reach. By delivering a full continuum of care as we scale, we anticipate acting on meaningful synergies and uncovering further growth opportunities throughout the remainder of 2026.

Looking Ahead

“We are pleased with the trends in our business through the first half of 2026, as we continue to extend our market reach and meet the growing demand for our home-based care services. We are proud of the important work we are doing, with a proven and scalable operating model that supports a vital need for quality, compassionate care for more patients and families in the preferred home setting. We look forward to the continued addition of size and scale via organic growth and pursuit of acquisition opportunities that can increase density and geographic coverage while strengthening relationships in key markets. Importantly, we have the financial flexibility to actively pursue this growth strategy.

“We have a dedicated team of caregivers who support our mission and continue to provide outstanding care across our markets. Together, we remain focused on delivering value to both the communities we serve and our shareholders, and we look forward to the opportunities ahead for Addus in the second half of 2026,” concluded Allison.

Non-GAAP Financial Measures

The information provided in this release includes adjusted net income, adjusted EBITDA, adjusted net income per diluted share and adjusted net service revenue, which are non-GAAP financial measures. The Company defines adjusted net income as net income before acquisition expense, stock-based compensation expense, restructuring and other non-recurring costs, and the gain or loss on the sale of assets. The Company defines adjusted EBITDA as earnings before net interest expense, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, restructuring and other non-recurring costs, and the gain or loss on the sale of assets. The Company defines adjusted net income per diluted share as net income per share, adjusted for acquisition expense, stock-based compensation expense, restructuring and other non-recurring costs, and gain or loss on the sale of assets. 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 HomeCare will host a conference call on Tuesday, August 4, 2026, at 9:00 a.m. Eastern Time. Joining the call from the Company will be Dirk Allison, Chairman and CEO, Brian Poff, Executive Vice President and CFO, and Heather Dixon, President and COO. 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 August 11, 2026, by dialing (855) 669-9658 (international dial-in number is (412) 317-0088) and entering pass code 7054130.

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.

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 24, 2026, 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 approximately 62,500 patients and consumers through 264 locations across 24 states. For more information, please visit www.addus.com.

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 June 30, For the Six Months Ended June 30,

2026

2025

2026

2025
 
Net service revenues

$

377,417

 

$

349,443

 

$

741,028

 

$

687,151

 
Cost of service revenues

 

255,857

 

 

235,566

 

 

503,595

 

 

465,597

 
 
Gross profit

 

121,560

 

 

113,877

 

 

237,433

 

 

221,554

 

 

32.2

%

 

32.6

%

 

32.0

%

 

32.2

%
General and administrative expenses

 

78,493

 

 

77,077

 

 

156,264

 

 

150,297

 
Depreciation and amortization

 

4,125

 

 

3,913

 

 

8,155

 

 

7,856

 
Total operating expenses

 

82,618

 

 

80,990

 

 

164,419

 

 

158,153

 
 
Operating income

 

38,942

 

 

32,887

 

 

73,014

 

 

63,401

 
 
Total interest expense, net

 

1,158

 

 

2,942

 

 

2,799

 

 

6,458

 
 
Income before income taxes

 

37,784

 

 

29,945

 

 

70,215

 

 

56,943

 
Income tax expense

 

10,177

 

 

7,893

 

 

17,539

 

 

13,663

 
 
Net income

$

27,607

 

$

22,052

 

$

52,676

 

$

43,280

 
 
Net income per diluted share:

$

1.49

 

$

1.20

 

$

2.85

 

$

2.36

 
 
 
Weighted average number of common shares outstanding:
Diluted

 

18,473

 

 

18,332

 

 

18,499

 

 

18,340

 
 
Cash Flow Information: For the Three Months Ended June 30, For the Six Months Ended June 30,

2026

2025

2026

2025
 
Net cash provided by operating activities

$

40,011

 

$

22,529

 

$

92,376

 

$

41,478

 
Net cash (used in) provided by investing activities

 

(13,505

)

 

1,695

 

 

(15,197

)

 

317

 
Net cash (used in) financing activities

 

(30,005

)

 

(30,002

)

 

(59,230

)

 

(49,530

)
 
Net change in cash

 

(3,499

)

 

(5,778

)

 

17,949

 

 

(7,735

)
Cash at the beginning of the period

 

103,065

 

 

96,954

 

 

81,617

 

 

98,911

 
Cash at the end of the period

$

99,566

 

$

91,176

 

$

99,566

 

$

91,176

 

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES 

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)
 
June 30,

2026

2025
 
Assets
 
Current assets
Cash

$

99,566

$

91,176
Accounts receivable, net

 

145,123

 

140,098
Prepaid expenses and other current assets

 

39,461

 

31,771
 
Total current assets

 

284,150

 

263,045
 
Property and equipment, net

 

23,851

 

24,441
 
Other assets
Goodwill

 

1,008,053

 

969,824
Intangible assets, net

 

99,398

 

105,656
Operating lease assets

 

41,034

 

45,965
Total other assets

 

1,148,485

 

1,121,445
 
Total assets

$

1,456,486

$

1,408,931
 
Liabilities and stockholders’ equity
 
Current liabilities
Accounts payable

$

18,038

$

15,687
Accrued payroll

 

76,834

 

68,441
Accrued expenses

 

34,923

 

33,054
Operating lease liabilities – current portion

 

13,059

 

12,969
Government stimulus advance

 

12,383

 

7,927
Accrued workers compensation

 

12,911

 

13,305
Total current liabilities

 

168,148

 

151,383
 
Long-term debt, less current portion, net of debt issuance costs

 

61,597

 

169,059
Long-term lease liability, less current portion

 

34,164

 

40,223
Deferred tax liabilities, net

 

44,366

 

26,287
Other long-term liabilities

 

54

 

125
Total long-term liabilities

 

140,181

 

235,694
 
Total liabilities

 

308,329

 

387,077
 
Total stockholders’ equity

 

1,148,157

 

1,021,854
 
Total liabilities and stockholders’ equity

$

1,456,486

$

1,408,931
ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Net Service Revenue by Segment

(Amounts in thousands)

(Unaudited)
 
For the Three Months Ended June 30, For the Six Months Ended June 30,

2026

2025

2026

2025
Net Service Revenues by Segment
 
Personal Care

$

295,995

$

269,183

$

577,089

$

527,469
Hospice

 

64,247

 

62,212

 

130,032

 

123,649
Home Health

 

17,175

 

18,048

 

33,907

 

36,033
Total Revenue

$

377,417

$

349,443

$

741,028

$

687,151

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Key Statistical and Financial Data (Unaudited)
 

For the Three Months

For the Six Months

  

Ended June 30,

Ended June 30,

2026

2025

2026

2025
 
 
Personal Care
 
States served at period end

 

–

 

 

–

 

 

24

 

 

23

 
Locations at period end

 

–

 

 

–

 

 

202

 

 

199

 
Average billable census – same store

 

49,955

 

 

50,347

 

 

49,663

 

 

50,303

 
Average billable census – acquisitions (1)

 

1,142

 

 

–

 

 

1,160

 

 

82

 
Average billable census – closed (2)

 

–

 

 

57

 

 

–

 

 

57

 
Average billable census total

 

51,097

 

 

50,404

 

 

50,823

 

 

50,442

 
Billable hours (in thousands)

 

11,145

 

 

10,558

 

 

21,878

 

 

20,760

 
Average billable hours per census per month

 

72.9

 

 

69.8

 

 

72.1

 

 

68.6

 
Billable hours per business day

 

171,469

 

 

162,436

 

 

169,599

 

 

160,927

 
Revenues per billable hour

$

26.55

 

$

25.49

 

$

26.36

 

$

25.41

 
Organic growth
– Revenue (3)

 

6.8

 

%

 

7.4

 

%

 

6.7

 

%

 

7.4

 

%
 
Hospice
 
Locations served at period end

 

–

 

 

–

 

 

40

 

 

38

 
Admissions

 

3,247

 

 

3,260

 

 

6,664

 

 

6,734

 
Average daily census (4)

 

3,964

 

 

3,720

 

 

3,899

 

 

3,618

 
Average discharge length of stay

 

100.1

 

 

90.6

 

 

105.5

 

 

94.1

 
Patient days

 

360,692

 

 

338,505

 

 

703,051

 

 

654,824

 
Revenue per patient day

$

190.66

 

$

184.92

 

$

191.03

 

$

189.42

 
Organic growth
– Revenue (3)

 

11.1

 

%

 

10.0

 

%

 

9.4

 

%

 

9.9

 

%
– Average daily census

 

6.5

 

%

 

7.0

 

%

 

7.6

 

%

 

5.8

 

%
 
Home Health
 
Locations served at period end

 

–

 

 

–

 

 

22

 

 

23

 
New Admissions

 

5,016

 

 

4,568

 

 

9,710

 

 

9,276

 
Recertifications

 

2,785

 

 

2,833

 

 

5,308

 

 

5,815

 
Total Volume

 

7,801

 

 

7,401

 

 

15,018

 

 

15,091

 
Visits

 

88,516

 

 

94,692

 

 

169,408

 

 

189,285

 
Organic growth
– Revenue (3)

 

(2.8

)

%

 

(6.0

)

%

 

(4.7

)

%

 

(2.5

)

%
– New admissions

 

9.8

 

%

 

(7.6

)

%

 

4.7

 

%

 

(5.6

)

%
– Volume

 

5.4

 

%

 

(10.0

)

%

 

(0.5

)

%

 

(7.3

)

%
 
Percentage of Revenues by Payor:
 
Personal Care
 
State, local and other governmental programs

 

50.3

 

%

 

51.4

 

%

 

50.0

 

%

 

51.4

 

%
Managed care organizations

 

47.1

 

 

45.3

 

 

47.3

 

 

45.3

 
Private duty

 

2.2

 

 

2.7

 

 

2.2

 

 

2.7

 
Commercial

 

0.4

 

 

0.5

 

 

0.4

 

 

0.5

 
Other

 

–

 

%

 

0.1

 

%

 

0.1

 

%

 

0.1

 

%
 
Hospice
 
Medicare

 

93.4

 

%

 

93.0

 

%

 

93.9

 

%

 

92.7

 

%
Commercial

 

3.0

 

 

3.2

 

 

2.9

 

 

3.5

 
Managed care organizations

 

3.0

 

 

3.2

 

 

2.6

 

 

3.3

 
Other

 

0.6

 

%

 

0.6

 

%

 

0.6

 

%

 

0.5

 

%
 
Home Health
 
Medicare

 

63.5

 

%

 

69.4

 

%

 

62.3

 

%

 

69.7

 

%
Managed care organizations

 

25.7

 

 

23.6

 

 

24.7

 

 

22.4

 
State, local and other governmental programs

 

7.7

 

 

4.4

 

 

9.9

 

 

5.2

 
Commercial

 

2.7

 

 

2.2

 

 

2.7

 

 

2.3

 
Other

 

0.4

 

%

 

0.4

 

%

 

0.4

 

%

 

0.4

 

%
 
 
(1) The average billable census in acquisitions of 14,355 and 14,361 for the three months and six months ended June 30, 2025, was reclassified to average billable census – same stores for comparability purposes.
(2) The average billable census for closed stores of 57 for the three months and six months ended June 30, 2025 was reclassified to average billable census – closed stores for comparability purposes.
(3) Revenue organic growth reflects the change in year-over-year revenue for the same store base. We define the same store base to include those stores open for at least 52 full weeks. These measures highlight the performance of existing stores, while excluding the impact of one-time adjustments such as ARPA, Medicare cap, or specific situational reserves, as well as acquisitions, new store openings, and closures.
(4) Exited sites would have reduced ADC for the three months ended June 30, 2025, by 2 and the six months ended June 30, 2026, and June 30, 2025, by 7 and 6, respectively.

ADDUS HOMECARE CORPORATION AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(Amounts in thousands, except per share data)

(Unaudited) (1)
 

For the Three Months

For the Six Months
Ended June 30, Ended June 30,

2026

2025

2026

2025
Reconciliation of Adjusted EBITDA to Net Income: (1)
 
Net income

$

27,607

 

$

22,052

 

$

52,676

 

$

43,280

 
 
Interest expense, net

 

1,158

 

 

2,942

 

 

2,799

 

 

6,458

 
(Gain) loss on sale of assets

 

3

 

 

(1

)

 

(13

)

 

(8

)
Income tax expense

 

10,177

 

 

7,893

 

 

17,539

 

 

13,663

 
Depreciation and amortization

 

4,125

 

 

3,913

 

 

8,155

 

 

7,856

 
Acquisition expenses

 

1,467

 

 

2,708

 

 

2,791

 

 

5,660

 
Stock-based compensation expense

 

4,389

 

 

4,421

 

 

9,389

 

 

7,591

 
Restructure and other non-recurring costs

 

241

 

 

–

 

 

345

 

 

–

 
Adjusted EBITDA

$

49,167

 

$

43,928

 

$

93,681

 

$

84,500

 
 
 
Reconciliation of Adjusted Net Income to Net Income: (2)
 
Net income

$

27,607

 

$

22,052

 

$

52,676

 

$

43,280

 
 
(Gain) on sale of assets

 

3

 

 

(1

)

 

(13

)

 

(8

)
Acquisition expenses

 

1,467

 

 

2,708

 

 

2,791

 

 

5,660

 
Stock-based compensation expense

 

4,389

 

 

4,421

 

 

9,389

 

 

7,591

 
Restructure and other non-recurring costs

 

241

 

 

–

 

 

345

 

 

–

 
Tax Effect

 

(1,670

)

 

(1,506

)

 

(3,125

)

 

(2,876

)
 
Adjusted Net Income

$

32,037

 

$

27,674

 

$

62,063

 

$

53,647

 
 
 
Reconciliation of Net Income per Diluted Share to Adjusted Net Income per Diluted Share: (3)
 
Net income per diluted share

$

1.49

 

$

1.20

 

$

2.85

 

$

2.36

 
 
Acquisition expenses per diluted share

 

0.06

 

 

0.11

 

 

0.11

 

 

0.23

 
Stock-based compensation expense per diluted share

 

0.17

 

 

0.18

 

 

0.38

 

 

0.32

 
Restructure and other non-recurring costs per diluted share

 

0.01

 

 

–

 

 

0.01

 

 

–

 
 
Adjusted net income per diluted share

$

1.73

 

$

1.49

 

$

3.35

 

$

2.91

 
 
Reconciliation of Net Service Revenues to Adjusted Net Service Revenues: (4)
 
Net service revenues

$

377,417

 

$

349,443

 

$

741,028

 

$

687,151

 
 
Revenues associated with the closure of certain sites

 

(3

)

 

(1,086

)

 

(113

)

 

(2,152

)
 
Adjusted net service revenues

$

377,414

 

$

348,357

 

$

740,915

 

$

684,999

 
 
 
Footnotes:  
 
(1) We define Adjusted EBITDA as earnings before net interest expense, other non-operating income, taxes, depreciation, amortization, acquisition expense, stock-based compensation expense, restructure and other non-recurring costs and gain or loss on the sale of assets. 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. Additionally, our calculation of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We believe that Adjusted EBITDA is 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 among periods, and to facilitate comparison with results of the Company’s peers. Additionally, we believe that Adjusted EBITDA is a measure widely used by securities analysts, investors and others to evaluate the financial performance of other public companies. The financial results presented in accordance with U.S GAAP and a reconciliation of this non-GAAP measure included within our Annual Report on Form 10-K should be carefully evaluated.
(2) We define Adjusted Net Income as net income before acquisition expenses, stock-based compensation expense, restructure and other non-recurring costs, and gain on the sale of assets. 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, and gain on the sale of assets. 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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