Chemed Reports First-Quarter 2025 Results

Chemed Corporation (Chemed) (NYSE: CHE), which operates VITAS Healthcare Corporation (VITAS), one of the nation’s largest providers of end-of-life care, and Roto-Rooter, the nation’s largest commercial and residential plumbing and drain cleaning services provider, reported financial results for its first quarter ended March 31, 2025, versus the comparable prior-year period.

Results for Quarter Ended March 31, 2025

Consolidated operating results:

Revenue increased 9.8% to $646.9 million GAAP Diluted Earnings-per-Share (EPS) of $4.86, an increase of 14.6% Adjusted Diluted EPS of $5.63, an increase of 8.3%

VITAS segment operating results:

Net Patient Revenue of $407.4 million, an increase of 15.1% Average Daily Census (ADC) of 22,244, an increase of 13.1% Admissions of 18,139, an increase of 7.3% Net Income, excluding certain discrete items, of $50.0 million, an increase of 13.8% Adjusted EBITDA, excluding Medicare Cap, of $70.3 million, an increase of 15.9% Adjusted EBITDA margin, excluding Medicare Cap, of 17.2%, an increase of 13-basis points

Roto-Rooter segment operating results:

Revenue of $239.5 million, an increase of 1.8% Net Income, excluding certain discrete items, of $41.8 million, a decrease of 2.1% Adjusted EBITDA of $59.2 million, a decline of 2.4% Adjusted EBITDA margin of 24.7%, a decline of 108-basis points

VITAS

As previously announced, VITAS completed its acquisition of the hospice assets and an assisted living facility of Covenant Health and Community Services, Inc. (Covenant Health) on April 17, 2024 for $85.0 million in cash. Before presenting VITAS’ overall results, it is important to disclose the methodology used in determining the impact of Covenant Health’s acquisition on VITAS’ overall results. VITAS had significant operations in two of the three Florida locations we acquired from Covenant Health. Those locations require that we estimate the Covenant Health impact, as once the operations are integrated, there are not separate results. For instance, there are no VITAS-specific referral sources versus Covenant Health-specific referral sources in these locations. It is very likely that referral sources in the area have historically referred to both VITAS and Covenant Health. We have used historical operating trends in these locations to determine what is “legacy” VITAS activity. All activity above those historical operating trends have been attributed as the Covenant Health impact. We have included the specifically determined impact as it relates to new operating territories acquired. Based on the above, we discuss the range of impact that Covenant had on the overall VITAS operating metrics.

Covenant Health contributed approximately $11.5 million to $12.5 million of revenue in the first quarter of 2025. This revenue translated to net income of approximately $1.8 million to $2.0 million. Adjusted EBITDA in the quarter attributed to Covenant Health is between $2.5 million and $2.7 million.

VITAS net revenue was $407.4 million in the first quarter of 2025, which is an increase of 15.1% when compared to the prior-year period. This revenue increase is comprised primarily of a 11.9% increase in days-of-care and a geographically weighted average Medicare reimbursement rate increase of approximately 3.2%. Acuity mix shift negatively impacted revenue growth 112-basis points in the quarter when compared to the prior-year period’s revenue and level-of-care mix. The combination of Medicare Cap and other contra revenue changes increased revenue growth by approximately 112-basis points.

In the first quarter of 2025, VITAS accrued $2.3 million in Medicare Cap billing limitation, essentially flat with the first quarter of 2024.

Of VITAS’ 34 Medicare provider numbers, 24 provider numbers have a trailing 12-month Medicare Cap cushion of 10% or greater, four provider numbers have a cushion between 0% and 10%, and six provider numbers have a trailing 12-month Medicare Cap billing limitation totaling $19.6 million.

Average revenue per patient per day in the first quarter of 2025 was $207.58 which is 221-basis points above the prior-year period. Reimbursement for routine home care and high acuity care averaged $183.06 and $1,121.07, respectively. During the quarter, high acuity days-of-care were 2.6% of total days of care, a decline of 22-basis points when compared to the prior-year quarter.

The first quarter 2025 gross margin, excluding Medicare Cap, was 23.7% which is essentially flat with the same period of 2024. Selling, general and administrative expenses were $26.5 million in the first quarter of 2025 compared to $23.8 million in the prior-year quarter.

Adjusted EBITDA, excluding Medicare Cap, totaled $70.3 million in the quarter, an increase of 15.9% when compared to the prior year period. Adjusted EBITDA margin in the quarter, excluding Medicare Cap, was 17.2%.

Roto-Rooter

Roto-Rooter generated quarterly revenue of $239.5 million in the first quarter of 2025, an increase of 1.8%, when compared to the prior-year quarter.

Roto-Rooter branch commercial revenue in the quarter totaled $57.7 million, an increase of 7.3% from the prior-year period. This aggregate commercial revenue change consisted of plumbing declining 4.3%, excavation increasing 38.0%, and water restoration increasing 14.0%. Commercial drain cleaning revenue was essentially flat between quarters.

Roto-Rooter branch residential revenue in the quarter totaled $167.2 million, an increase of 1.7%, over the prior-year period. This aggregate residential revenue change consisted of drain cleaning declining 5.5%, plumbing declining 4.2%, excavation increasing 3.0%, and water restoration increasing 12.5%.

In the first quarter of 2025, revenue from independent contractors declined 6.4% as compared to the same period of 2024.

Roto-Rooter’s first quarter 2025 gross margin was 50.9%. This compares to the prior year quarter’s gross margin of 51.9%. Roto-Rooter’s selling, general and administrative expenses were $62.6 million in the quarter, which is an increase of 2.3% compared to the first quarter of 2024.

Adjusted EBITDA in the first quarter of 2025 totaled $59.2 million, a decrease of 2.4% when compared to the first quarter of 2024. The Adjusted EBITDA margin in the quarter was 24.7% which represents a 108-basis point decline from the first quarter of 2024.

Chemed Consolidated

As of March 31, 2025, Chemed had total cash and cash equivalents of $173.9 million and no current or long-term debt.

In June 2022, Chemed entered into a five-year $550 million Amended and Restated Credit Agreement (Credit Agreement). This Credit Agreement consisted of a $100 million amortizable term loan and a $450 million revolving credit facility. The interest rate on this Credit Agreement has a floating rate that is currently SOFR plus 100-basis points. There is approximately $404.5 million of undrawn borrowing capacity under the Credit Agreement after excluding $45.5 million for Letters of Credit.

During the quarter, the Company repurchased 50,000 shares of Chemed stock for $29.8 million which equates to a cost per share of $595.15. As of March 31, 2025, there was approximately $225.6 million of remaining share repurchase authorization under its plan.

Guidance for 2025

Management anticipates providing updated 2025 earnings guidance as part of the June 30, 2025 earnings press release.

Conference Call

As previously disclosed, Chemed will host a conference call and webcast at 10 a.m., ET, on Thursday April 24, 2025, to discuss the company's quarterly results and to provide an update on its business. Participants may access a live webcast of the conference call through the investor relations section of Chemed’s website, Investor Relations Home | Chemed Corporation or the hosting website https://edge.media-server.com/mmc/p/ey8mpmti.

Participants may also register via teleconference at:

https://register-conf.media-server.com/register/BI7c94b6cdd2574c8a8508d7a5a1235973.

Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.

A taped replay of the conference call will be available beginning approximately two hours after the call's conclusion. You may access the replay via webcast through the investor relations section of Chemed’s website.

Chemed operates in the healthcare field through its VITAS Healthcare Corporation subsidiary. VITAS provides daily hospice services to patients with severe, life-limiting illnesses. This type of care is focused on making the terminally ill patient's final days as comfortable and pain-free as possible.

Chemed operates in the residential and commercial plumbing and drain cleaning industry under the brand name Roto-Rooter. Roto-Rooter provides plumbing, drain cleaning, and water cleanup services through company-owned branches, independent contractors and franchisees in the United States and Canada. Roto-Rooter also has licensed master franchisees in the republics of Indonesia and Singapore, and the Philippines.

This press release contains information about Chemed’s EBITDA, Adjusted EBITDA 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 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 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 to estimate the resources required to meet Chemed’s future financial obligations and expenditures. Chemed’s EBITDA, Adjusted EBITDA 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 revenue and sales. A reconciliation of Chemed’s net income to its EBITDA, Adjusted EBITDA and Adjusted Diluted EPS is presented in the tables following the text of this press release.

Forward-Looking Statements

Certain statements contained in this press release 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.

CHEMED CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data)(unaudited) Three Months Ended March 31,

2025

2024

Service revenues and sales $

646,943

589,233

Cost of services provided and goods sold

430,530

385,127

Selling, general and administrative expenses (aa)

105,587

115,873

Depreciation

13,445

13,287

Amortization

2,572

2,521

Other operating expense

Total costs and expenses

552,185

516,900

Income from operations

94,758

72,333

Interest expense

(329

)

(425

)

Other income--net (bb)

1,245

12,577

Income before Income taxes

95,674

84,485

Income taxes

(23,917

)

(19,468

)

Net income $

71,757

65,017

Earnings Per Share Net income $

4.91

4.30

Average number of shares outstanding

14,622

15,121

Diluted Earnings Per Share Net income $

4.86

4.24

Average number of shares outstanding

14,764

15,339

(aa) Selling, general and administrative ("SG") expenses comprise (in thousands): Three Months Ended March 31,

2025

2024

SG expenses before long-term incentive compensation and the impact of market value adjustments related to deferred compensation plans $

103,760

98,418

Long-term incentive compensation

2,657

9,121

Market value adjustments related to deferred compensation trusts

(830

)

8,334

Total SG expenses $

105,587

115,873

(bb) Other income--net comprises (in thousands): Three Months Ended March 31,

2025

2024

Interest income $

2,076

4,243

Market value adjustments related to deferred compensation trusts

(830

)

8,334

Other

)

Total other income--net $

1,245

12,577

CHEMED CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED BALANCE SHEETS (in thousands, except per share data)(unaudited) March 31,

2025

2024

Assets Current assets Cash and cash equivalents $

173,882

313,350

Accounts receivable less allowances

285,873

177,334

Inventories

7,790

10,712

Prepaid income taxes

4,436

9,790

Prepaid expenses

30,404

28,431

Total current assets

502,385

539,617

Investments of deferred compensation plans held in trust

127,949

117,649

Properties and equipment, at cost less accumulated depreciation

199,679

202,784

Lease right of use asset

131,150

131,751

Identifiable intangible assets less accumulated amortization

89,929

88,137

666,940

591,519

Other assets

8,483

56,176

Total Assets $

1,726,515

1,727,633

Liabilities Current liabilities Accounts payable $

47,692

56,203

Accrued insurance

65,743

62,055

Accrued income taxes

38,247

27,353

Accrued compensation

59,905

49,802

Short-term lease liability

42,976

39,279

Other current liabilities

35,993

47,282

Total current liabilities

290,556

281,974

Deferred income taxes

11,771

24,899

Deferred compensation liabilities

127,292

117,550

Long-term lease liability

102,082

106,861

Other liabilities

13,052

12,854

Total Liabilities

544,753

544,138

Stockholders' Equity Capital stock

37,535

37,297

Paid-in capital

1,538,419

1,398,733

Retained earnings

2,786,264

2,505,892

Treasury stock, at cost

(3,182,718

)

(2,760,543

)

Deferred compensation payable in Company stock

2,262

2,116

Total Stockholders' Equity

1,181,762

1,183,495

Total Liabilities and Stockholders' Equity $

1,726,515

1,727,633

CHEMED CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)(unaudited) For the Three Months Ended March 31,

2025

2024

Cash Flows from Operating Activities Net income $

71,757

65,017

Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization

16,017

15,808

Stock option expense

9,091

9,025

Noncash long-term incentive compensation

2,420

9,106

Benefit for deferred income taxes

(14,174

)

(5,422

)

Amortization of debt issuance costs

Changes in operating assets and liabilities, excluding amounts acquired in business combinations: (Increase)/decrease in accounts receivable

(67,424

)

5,345

Decrease in inventories

403

1,302

(Increase)/decrease in prepaid expenses

(4,430

)

1,909

Decrease in accounts payable and other current liabilities

(22,592

)

(43,012

)

Change in current income taxes

37,286

23,871

Net change in lease assets and liabilities

169

Decrease/(increase) in other assets

3,034

(12,243

)

Increase in other liabilities

951

13,332

Other sources

156

406

Net cash provided by operating activities

32,744

84,549

Cash Flows from Investing Activities Capital expenditures

(13,280

)

(12,163

)

Business combinations, net of cash acquired

(225

)

(7,300

)

Proceeds from sale of fixed assets

112

Other uses

(281

)

Net cash used by investing activities

(13,674

)

(19,385

)

Cash Flows from Financing Activities Purchases of treasury stock

(33,222

)

(38,460

)

Proceeds from exercise of stock options

22,666

37,242

Dividends paid

(7,325

)

(6,050

)

Capital stock surrendered to pay taxes on stock-based compensation

(6,254

)

(5,725

)

Change in cash overdrafts payable

438

(2,115

)

Other sources/(uses)

159

(664

)

Net cash used by financing activities

(23,538

)

(15,772

)

(Decrease)/Increase in Cash and Cash Equivalents

(4,468

)

49,392

Cash and cash equivalents at beginning of year

178,350

263,958

Cash and cash equivalents at end of period $

173,882

313,350

CHEMED CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (in thousands)(unaudited) VITAS Roto-Rooter Corporate Consolidated 2025 (a) Service revenues and sales $

407,400

239,543

646,943

Cost of services provided and goods sold

312,807

117,723

430,530

Selling, general and administrative expenses

26,538

62,649

16,400

105,587

Depreciation

5,196

8,237

13,445

Amortization

2,546

2,572

Other operating expense/income

(13

)

Total costs and expenses

344,631

191,142

16,412

552,185

Income/(loss) from operations

62,769

48,401

(16,412

)

94,758

Interest expense

(48

)

(132

)

(149

)

(329

)

Intercompany interest income/(expense)

5,296

3,930

(9,226

)

Other income—net

1,187

1,245

Income/(loss) before Income taxes

68,065

52,209

(24,600

)

95,674

Income taxes

(18,035

)

(12,265

)

6,383

(23,917

)

Net income/(loss) $

50,030

39,944

(18,217

)

71,757

2024 (b) Service revenues and sales $

354,007

235,226

589,233

Cost of services provided and goods sold

271,896

113,231

385,127

Selling, general and administrative expenses

23,792

61,260

30,821

115,873

Depreciation

5,166

8,108

13,287

Amortization

2,495

2,521

Other operating expense

Total costs and expenses

300,887

185,179

30,834

516,900

Income/(loss) from operations

53,120

50,047

(30,834

)

72,333

Interest expense

(46

)

(117

)

(262

)

(425

)

Intercompany interest income/(expense)

5,194

3,442

(8,636

)

Other income—net

12,526

12,577

Income/(loss) before Income taxes

58,297

53,394

(27,206

)

84,485

Income taxes

(14,327

)

(12,541

)

7,400

(19,468

)

Net income/(loss) $

43,970

40,853

(19,806

)

65,017

The "Footnotes to Financial Statements" are integral parts of this financial information. CHEMED CORPORATION AND SUBSIDIARY COMPANIES CONSOLIDATING SUMMARIES OF EBITDA FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (in thousands)(unaudited) VITAS Roto-Rooter Corporate Consolidated

2025

Net income/(loss) $

50,030

39,944

(18,217

)

71,757

Add/(deduct): Interest expense

132

149

329

Income taxes

18,035

12,265

(6,383

)

23,917

Depreciation

5,196

8,237

13,445

Amortization

2,546

2,572

EBITDA

73,335

63,124

(24,439

)

112,020

Add/(deduct): Intercompany interest expense/(income)

(5,296

)

(3,930

)

9,226

Interest income

(49

)

(10

)

(2,017

)

(2,076

)

Stock option expense

9,091

Long-term incentive compensation

2,657

Adjusted EBITDA $

67,990

59,184

(5,482

)

121,692

2024

Net income/(loss) $

43,970

40,853

(19,806

)

65,017

Add/(deduct): Interest expense

117

262

425

Income taxes

14,327

12,541

(7,400

)

19,468

Depreciation

5,166

8,108

13,287

Amortization

2,495

2,521

EBITDA

63,535

64,114

(26,931

)

100,718

Add/(deduct): Intercompany interest expense/(income)

(5,194

)

(3,442

)

8,636

Interest income

(29

)

(22

)

(4,192

)

(4,243

)

Stock option expense

9,026

Severance arrangement

5,337

Long-term incentive compensation

3,784

Adjusted EBITDA $

58,312

60,650

(4,340

)

114,622

The "Footnotes to Financial Statements" are integral parts of this financial information. CHEMED CORPORATION AND SUBSIDIARY COMPANIES RECONCILIATION OF ADJUSTED NET INCOME (in thousands, except per share data)(unaudited) Three Months Ended March 31,

2025

2024

Net income as reported $

71,757

65,017

Add/(deduct) pre-tax cost of: Stock option expense

9,091

9,026

Long-term incentive compensation

2,657

3,784

Amortization of reacquired franchise rights

2,352

Severance arrangement

5,337

Add/(deduct) tax impacts: Tax impact of the above pre-tax adjustments (1)

(2,320

)

(2,388

)

Excess tax benefits on stock compensation

(463

)

(3,297

)

Adjusted net income $

83,074

79,831

Diluted Earnings Per Share As Reported Net income $

4.86

4.24

Average number of shares outstanding

14,764

15,339

Adjusted Diluted Earnings Per Share Adjusted net income $

5.63

5.20

Average number of shares outstanding

14,764

15,339

(1) The tax impact of pre-tax adjustments was calculated using the effective tax rate of the operating unit for which each adjustment is associated. The "Footnotes to Financial Statements" are integral parts of this financial information. CHEMED CORPORATION AND SUBSIDIARY COMPANIES OPERATING STATISTICS FOR VITAS SEGMENT (unaudited) Three Months Ended March 31, OPERATING STATISTICS

2025

2024

Net revenue ($000) (c) Homecare $

351,566

304,860

Inpatient

34,022

30,303

Continuous care

24,637

24,169

Other

5,344

4,084

Subtotal $

415,569

363,416

Room and board, net

(3,525

)

(2,944

)

Contractual allowances

(2,319

)

(4,090

)

Medicare cap allowance

(2,325

)

(2,375

)

Net Revenue $

407,400

354,007

Net revenue as a percent of total before Medicare cap allowance Homecare

84.6

83.9

Inpatient

8.2

8.3

Continuous care

5.9

6.7

Other

1.3

1.1

Subtotal

100.0

Room and board, net

(0.8

)

(0.8

)

Contractual allowances

(0.6

)

(1.1

)

Medicare cap allowance

(0.6

)

(0.7

)

Net Revenue

98.0

97.4

Days of care Homecare

1,632,569

1,447,912

Nursing home

307,108

283,158

Respite

9,995

7,752

Subtotal routine homecare and respite

1,949,672

1,738,822

Inpatient

29,704

26,645

Continuous care

22,620

24,037

Total

2,001,996

1,789,504

Number of days in relevant time period

Average daily census ("ADC") (days) Homecare

18,140

15,911

Nursing home

3,412

3,112

Respite

111

Subtotal routine homecare and respite

21,663

19,108

Inpatient

330

293

Continuous care

251

264

Total

22,244

19,665

Total Admissions

18,139

16,911

Total Discharges

17,875

16,170

Average length of stay (days)

118.7

103.9

Median length of stay (days)

16.0

ADC by major diagnosis Cerebro

44.7

43.6

Neurological

12.4

13.4

Cancer

9.6

10.1

Cardio

16.1

Respiratory

7.2

Other

10.0

9.6

Total

100.0

Admissions by major diagnosis Cerebro

28.4

27.7

Neurological

6.5

7.5

Cancer

24.6

Cardio

15.0

15.6

Respiratory

11.6

10.8

Other

13.9

13.8

Total

100.0

Estimated uncollectible accounts as a percent of revenues

0.6

1.1

Accounts receivable -- Days of revenue outstanding-excluding unapplied Medicare payments

47.3

42.3

Days of revenue outstanding-including unapplied Medicare payments

44.5

34.3

The "Footnotes to Financial Statements" are integral parts of this financial information. CHEMED CORPORATION AND SUBSIDIARY COMPANIES FOOTNOTES TO FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024 (unaudited) (a) Included in the results of operations for 2025 are the following significant credits/(charges) which may not be indicative of ongoing operations (in thousands): Three Months Ended March 31, 2025 VITAS Roto-Rooter Corporate Consolidated Stock option expense $

(9,091

)

(9,091

)

Long-term incentive compensation

(2,657

)

(2,657

)

Amortization of reacquired franchise agreements

(2,352

)

(2,352

)

Pretax impact on earnings

(2,352

)

(11,748

)

(14,100

)

Excess tax benefits on stock compensation

463

Income tax benefit on the above

546

1,774

2,320

After-tax impact on earnings $

(1,806

)

(9,511

)

(11,317

)

(b) Included in the results of operations for 2024 are the following significant credits/(charges) which may not be indicative of ongoing operations (in thousands): Three Months Ended March 31, 2024 VITAS Roto-Rooter Corporate Consolidated Stock option expense $

(9,026

)

(9,026

)

Severance arrangement

(5,337

)

(5,337

)

Long-term incentive compensation

(3,784

)

(3,784

)

Amortization of reacquired franchise agreements

(2,352

)

(2,352

)

Pretax impact on earnings

(2,352

)

(18,147

)

(20,499

)

Excess tax benefits on stock compensation

3,297

Income tax benefit on the above

548

1,840

2,388

After-tax impact on earnings $

(1,804

)

(13,010

)

(14,814

)

(c) VITAS has 11 large (greater than 450 ADC), 23 medium (greater than 200 but less than 450 ADC) and 23 small (less than 200 ADC) hospice programs. Of Vitas' 34 Medicare provider numbers, for the trailing 12 months, 24 provider numbers have a Medicare cap cushion of greater than 10%, four provider numbers have a Medicare cap cushion between 0% and 10%, and six provider numbers have a Medicare cap liability.

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