Addus HomeCare Corporation (NASDAQ:ADUS) Q2 2020 Earnings Conference Call - Final Transcript

Aug 11, 2020 • 09:00 am ET

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Addus HomeCare Corporation (NASDAQ:ADUS) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by and welcome to the Addus HomeCare Corporation's Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

I will now like to hand the conference over to your speaker, Dru Anderson. Thank you. Please go ahead, ma'am.

Executive
Dru Anderson

Thank you. Good morning, and welcome to the Addus HomeCare Corporation's Second Quarter 2020 Earnings Conference Call.

To the extent any non-GAAP financial measure is discussed in today's call, you will also find a reconciliation of that measure to the most directly comparable financial measure, calculated according to GAAP, by going to the Company's website and reviewing yesterday's news release.

This conference call may also contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements, among others, among others, regarding Addus expected quarterly and annual financial performance for 2020 or beyond. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements.

Without limiting the foregoing, discussions of forecasts, estimates, targets, plans, beliefs, expectations and the like are intended to identify forward-looking statements. You are hereby cautioned that these statements may be affected by important factors, among others, set forth in Addus' filings with the Securities and Exchange Commission and in its second quarter 2020 news release. Consequently, actual operations and results may differ materially from the results discussed in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

I would like to now turn the call over to the Company's President and Chief Executive Officer, Mr. Dirk Allison. Please go ahead, sir.

Executive
Dirk Allison

Thank you, Dru. Good morning, everyone, and thank you for joining us for our 2020 second quarter earnings call. With me today are Brian Poff, our Chief Financial Officer; and Brad Bickham, our Chief Operating Officer. As usual, I will begin with some overall comments, and then Brian will discuss the second quarter results that we issued yesterday afternoon. Following our comments, we would be happy to respond to any questions.

Yesterday, we filed our 2019 10-K, along with our first and second quarter 10-Qs for 2020. With these filings, we are now back in compliance with SEC filing requirements. As you know, our delayed filings were the result of a disagreement between our current and former auditors on how to handle an approximate $10 million noncash charge in the aggregate related to a 10-year time frame.

To move past this issue, we engaged our current auditors, PwC, to re-audit our financial results for 2017 and 2018 that were previously audited by another big-4 accounting firm. That work was completed over the past 120 days and the expected results, which are not material, are reflected in our 2019 10-K. I have to thank both our Addus team as well as the team at PwC for their dedicated work over the past few months, which has gotten us to this point. Even