CHE · 10-Q · 2026Q1 · Full report

Liquidity and Cash Position

CHEMED CORP · 2026-04-28 · Importance 43 · Surprise 32

Accounts receivable increased $32.9 million from December 31, 2025 to March 31, 2026 primarily due to the timing of payments, largely at VITAS where Federal hospice payments are significant. Management notes they typically receive payments in excess of $62.0 million from the Federal government for hospice services every other Friday, causing period-end timing volatility in receivables. Net cash provided by operating activities increased $55.5 million year-over-year (March 31, 2026 vs March 31, 2025). The company invests excess cash in money market funds holding U.S. Treasuries and reports approximately $313.3 million of unused credit availability as of March 31, 2026.

Key facts

• Long-term debt increased $91.2 million from December 31, 2025 to March 31, 2026 due primarily to the acquisitions and stock repurchases
• As of March 31, 2026, the Company had approximately $313.3 million of unused lines of credit available and eligible to be drawn down under the Prior Credit Agreement
• Net cash provided by operating activities increased $55.5 million from March 31, 2025 to March 31, 2026
• Management anticipates operating income and cash flows will be sufficient to operate the business and meet commitments for the foreseeable future
• The Company invests excess cash in money market funds holding US Treasuries and deposits/withdrawals are made daily with no withdrawal penalties

Impact estimates