$PNTG
Pennant Group, Inc.

2023 Q3 Form 10-Q Financial Statement

#000176640023000095 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $140.2M $132.3M
YoY Change 18.46% 13.73%
Cost Of Revenue $111.4M $105.8M
YoY Change 19.67% 15.75%
Gross Profit $28.80M $26.47M
YoY Change 14.01% 6.31%
Gross Profit Margin 20.54% 20.01%
Selling, General & Admin $9.417M $8.791M
YoY Change -44.15% -56.21%
% of Gross Profit 32.7% 33.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.321M $1.211M
YoY Change 6.19% -4.19%
% of Gross Profit 4.59% 4.58%
Operating Expenses $9.417M $8.791M
YoY Change -48.0% -58.84%
Operating Profit $7.061M $6.261M
YoY Change -1.16% -301.0%
Interest Expense $1.496M $1.453M
YoY Change 41.4% 76.98%
% of Operating Profit 21.19% 23.21%
Other Income/Expense, Net -$37.00K $35.00K
YoY Change 105.56% -200.0%
Pretax Income $5.528M $4.843M
YoY Change -8.9% -221.96%
Income Tax $1.066M $1.921M
% Of Pretax Income 19.28% 39.67%
Net Earnings $4.383M $2.797M
YoY Change -9.27% -204.52%
Net Earnings / Revenue 3.13% 2.11%
Basic Earnings Per Share $0.15 $0.09
Diluted Earnings Per Share $0.15 $0.09
COMMON SHARES
Basic Shares Outstanding 29.85M shares 29.74M shares
Diluted Shares Outstanding 30.21M shares 30.19M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.400M $2.838M
YoY Change 15.06% -11.31%
Cash & Equivalents $3.383M $2.838M
Short-Term Investments
Other Short-Term Assets $9.500M $11.55M
YoY Change -22.91% -36.83%
Inventory
Prepaid Expenses
Receivables $59.35M $57.25M
Other Receivables $0.00 $0.00
Total Short-Term Assets $72.20M $71.64M
YoY Change 7.94% -4.02%
LONG-TERM ASSETS
Property, Plant & Equipment $27.98M $27.25M
YoY Change 17.02% 21.54%
Goodwill $86.13M $83.61M
YoY Change 8.77% 11.81%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.100M $11.15M
YoY Change -41.23% -15.61%
Total Long-Term Assets $448.1M $443.8M
YoY Change 2.31% 5.21%
TOTAL ASSETS
Total Short-Term Assets $72.20M $71.64M
Total Long-Term Assets $448.1M $443.8M
Total Assets $520.3M $515.4M
YoY Change 3.06% 3.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.18M $12.04M
YoY Change -4.48% -5.35%
Accrued Expenses $47.70M $46.94M
YoY Change 9.37% 7.45%
Deferred Revenue $1.786M $1.819M
YoY Change 13.76% 18.58%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $68.76M $68.48M
YoY Change -5.5% -8.54%
LONG-TERM LIABILITIES
Long-Term Debt $53.80M $59.15M
YoY Change -3.52% 11.33%
Other Long-Term Liabilities $8.679M $7.779M
YoY Change 42.33% 33.55%
Total Long-Term Liabilities $8.679M $7.779M
YoY Change 42.33% 33.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.76M $68.48M
Total Long-Term Liabilities $8.679M $7.779M
Total Liabilities $380.8M $381.7M
YoY Change -0.84% 0.86%
SHAREHOLDERS EQUITY
Retained Earnings $30.31M $25.93M
YoY Change 70.21% 99.79%
Common Stock $29.00K $29.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $134.5M $128.8M
YoY Change
Total Liabilities & Shareholders Equity $520.3M $515.4M
YoY Change 3.06% 3.82%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $4.383M $2.797M
YoY Change -9.27% -204.52%
Depreciation, Depletion And Amortization $1.321M $1.211M
YoY Change 6.19% -4.19%
Cash From Operating Activities $12.38M $6.537M
YoY Change 53.31% -27.12%
INVESTING ACTIVITIES
Capital Expenditures $1.780M $1.659M
YoY Change -169.45% -130.32%
Acquisitions
YoY Change
Other Investing Activities -$4.580M -$7.241M
YoY Change -48.32% 938.88%
Cash From Investing Activities -$6.350M -$8.900M
YoY Change -44.42% 44.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.480M 2.249M
YoY Change -276.43% -169.65%
NET CHANGE
Cash From Operating Activities 12.38M 6.537M
Cash From Investing Activities -6.350M -8.900M
Cash From Financing Activities -5.480M 2.249M
Net Change In Cash 550.0K -114.0K
YoY Change -324.49% -73.3%
FREE CASH FLOW
Cash From Operating Activities $12.38M $6.537M
Capital Expenditures $1.780M $1.659M
Free Cash Flow $10.60M $4.878M
YoY Change -0.36% -66.22%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Depreciation Depletion And Amortization
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us-gaap Amortization Of Financing Costs
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us-gaap Provision For Doubtful Accounts
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us-gaap Share Based Compensation
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Nature Of Operations
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DESCRIPTION OF BUSINESS<div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Pennant Group, Inc. (herein referred to as “Pennant,” the “Company,” “it,” or “its”), is a holding company with no direct operating assets, employees or revenue. The Company, through its independent operating subsidiaries, provides healthcare services across the post-acute care continuum. As of June 30, 2023, the Company’s subsidiaries operated 101 home health, hospice and home care agencies and 51 senior living communities located in Arizona, California, Colorado, Idaho, Iowa, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain of the Company’s subsidiaries, collectively referred to as the Service Center, provide accounting, payroll, human resources, information technology, legal, risk management, and other services to the operations through contractual relationships. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each of the Company’s affiliated operations are operated by separate, independent subsidiaries that have their own management, employees and assets. References herein to the consolidated “Company” and “its” assets and activities are not meant to imply, nor should they be construed as meaning, that Pennant has direct operating assets, employees or revenue, or that any of the subsidiaries are operated by Pennant.</span></div>
us-gaap Use Of Estimates
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The preparation of the Interim Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Interim Financial Statements and the reported amounts of revenue and expenses during the reporting periods. The most significant estimates in the Interim Financial Statements relate to revenue, intangible assets and goodwill, right-of-use assets and lease liabilities for leases greater than 12 months, self-insurance reserves, and income taxes. Actual results could differ from those estimates.
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us-gaap Revenue Performance Obligation Description Of Payment Terms
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Residency agreements are generally for a term of 30 days, with resident fees billed monthly in advance. For residents under reimbursement arrangements with Medicaid, revenue is recorded based on contractually agreed-upon amounts or rates on a per resident, daily basis or as services are rendered.
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us-gaap Goodwill Acquired During Period
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61025000 usd
CY2022Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
58617000 usd
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2022Q2 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2023Q2 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
0 usd
CY2023Q2 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
2122000 usd
CY2022Q4 us-gaap Customer Refund Liability Current
CustomerRefundLiabilityCurrent
2244000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1819000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1592000 usd
CY2023Q2 us-gaap Deposit Liability Current
DepositLiabilityCurrent
3040000 usd
CY2022Q4 us-gaap Deposit Liability Current
DepositLiabilityCurrent
4315000 usd
CY2023Q2 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
975000 usd
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
1027000 usd
CY2023Q2 pntg Deferred State Relief Funds Current
DeferredStateReliefFundsCurrent
1469000 usd
CY2022Q4 pntg Deferred State Relief Funds Current
DeferredStateReliefFundsCurrent
1479000 usd
CY2023Q2 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
4231000 usd
CY2022Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3546000 usd
CY2023Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
2524000 usd
CY2022Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
2481000 usd
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
16180000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
16684000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y3M18D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.076
CY2023Q2 pntg Number Of Operating Subsidiaries With Reviews Scheduled
NumberOfOperatingSubsidiariesWithReviewsScheduled
10 review
CY2023Q2 pntg Uniform Program Integrity Contractor Suspended Payments
UniformProgramIntegrityContractorSuspendedPayments
5105000 usd
CY2022Q2 pntg Uniform Program Integrity Contractor Number Of Patient Records Under Review
UniformProgramIntegrityContractorNumberOfPatientRecordsUnderReview
107 agency
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1347000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1608000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
59153000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
62892000 usd
CY2023Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
130000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
261000 usd
CY2022Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
130000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
260000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1303000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2380000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2670000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4820000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1921000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1375000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.397
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.346
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2828000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-833000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.365
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.367
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1761000 usd
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1298000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
3491000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
2873000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
18300000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
35913000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
34543000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
33441000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
32778000 usd
CY2023Q2 pntg Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
253655000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
408630000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
144911000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
263719000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
17412000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
246307000 usd
CY2022Q2 pntg Uniform Program Integrity Contractor Period Of Review
UniformProgramIntegrityContractorPeriodOfReview
P10M
CY2022Q2 pntg Uniform Program Integrity Contractor Sampled And Extrapolated Overpayments
UniformProgramIntegrityContractorSampledAndExtrapolatedOverpayments
5105000 usd
CY2023Q2 pntg General And Professional Liability Insurance Retention Limit Per Claim
GeneralAndProfessionalLiabilityInsuranceRetentionLimitPerClaim
150000 usd
CY2023Q2 pntg Corridor As An Additional Out Of Pocket Retention
CorridorAsAnAdditionalOutOfPocketRetention
500000 usd
CY2023Q2 pntg Workers Compensation Insurance Retention Limit Per Claim
WorkersCompensationInsuranceRetentionLimitPerClaim
250000 usd
CY2022Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000 usd
CY2023Q2 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares

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