Healthcare Services Group Inc

NASDAQ:HCSGUnited States

Oct 23, 2024

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• -- Earnings Flash (HCSG) HEALTHCARE SERVICES GROUP Reports Q3 Revenue $428.1M, from 7:00AM ET on Wednesday Oct 23, 2024 by MT Newswires

  7:00AM ET on Wednesday Oct 23, 2024 by MT Newswires
  Companies Mentioned: HCSG
  07:00 AM EDT, 10/23/2024 (MT Newswires) -- ...

• HCSG Reports Q3 2024 Results, from 7:00AM ET on Wednesday Oct 23, 2024 by Dow Jones

  7:00AM ET on Wednesday Oct 23, 2024 by Dow Jones
  Companies Mentioned: HCSG
  taxes 18,808 (6,333) 38,136 20,756 Income tax provision (benefit) 4,778 (1,286) 10,585 5,878 ------- ------- --------- --------- Net income (loss) $ 14,030 $ (5,047) $ 27,551 $ 14,878 ======= ======= ========= ========= Basic earnings (loss) per common share $ 0.19 $ (0.07) $ 0.37 $ 0.20 ======= ======= ========= ========= Diluted earnings (loss) per common share $ 0.19 $ (0.07) $ 0.37 $ 0.20 ======= ======= ========= ========= Basic weighted average number of common shares outstanding 73,687 74,364 73,822 74,446 ======= ======= ========= ========= Diluted weighted average number of common shares outstanding 73,926 74,364 74,007 74,496 ======= ======= ========= ========= HEALTHCARE SERVICES GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) September 30, 2024 December 31, 2023 -------------------- --------------------- Cash and cash equivalents $ 27,055 $ 54,330 Restricted cash equivalents 1,084 -- Marketable securities, at fair value 76,776 93,131 Restricted marketable securities, at fair value 25,085 -- Accounts and notes receivable, net 406,495 383,509 Other current assets 41,623 40,726 --- --------------- --- -------------- Total current assets 578,118 571,696 Property and equipment, net 28,435 28,774 Notes receivable -- long-term, net 22,908 24,832 Goodwill 75,529 75,529 Other intangible assets, net 10,113 12,127 Deferred compensation funding 48,647 40,812 Other assets 42,091 36,882 --- --------------- --- -------------- Total assets $ 805,841 $ 790,652 === =============== === ============== Accrued insurance claims -- current $ 21,510 $ 22,681 Other current liabilities 175,694 194,247 --- --------------- --- -------------- Total current liabilities 197,204 216,928 Accrued insurance claims -- long-term 61,520 61,697 Deferred compensation liability -- long-term 48,915 41,186 Lease liability -- long-term 9,029 11,235 Other long-term liabilities 425 2,990 Stockholders' equity 488,748 456,616 --- --------------- --- -------------- Total liabilities and stockholders' equity $ 805,841 $ 790,652 === =============== === ============== HEALTHCARE SERVICES GROUP, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (Unaudited) Reconciliation of GAAP net income (loss) to EBITDA and adjusted EBITDA (in For the Three Months For the Nine Months Ended thousands) Ended September 30, September 30, ------------------------- ------------------------- 2024 2023(1) 2024 2023(1) ------ ------- ------ ------- GAAP net income (loss) $14,030 $ (5,047) $27,551 $ 14,878 Income tax provision (benefit) 4,778 (1,286) 10,585 5,878 Interest, net (6) 530 132 1,119 Depreciation and amortization(2) 3,773 3,250 10,983 10,565 ------ ------- ------ ------- EBITDA $22,575 $ (2,553) $49,251 $ 32,440 ------ ------- ------ ------- Share-based compensation 2,231 2,384 6,828 6,793 (Gain)/loss on deferred compensation, net(3) (1) (15) (40) 67 ------ ------- ------ ------- Adjusted EBITDA $24,805 $ (184) $56,039 $ 39,300 ------ ------- ------ ------- Adjusted EBITDA as a percentage of revenue 5.8% 0.0% 4.4% 3.2% ------ ------- ------ ------- Reconciliation of GAAP cash flows provided by (used in) operations to adjusted cash flows provided by operations For the Three For the Nine Months (in thousands) Months Ended Ended September 30, September 30, ---------------- -------------------- 2024 2023 2024 2023 ------ ------ ------ ------ GAAP cash flows provided by (used in) operations $ 4,312 $ 2,940 $(5,402) $(5,947) Accrued payroll(4) 14,682 15,657 12,820 16,118 ------ ------ ------ ------ Adjusted cash flows provided by operations $18,994 $18,597 $ 7,418 $10,171 ------ ------ ------ ------ 1. For the three and nine months ended September 30, 2023, the Company's presentation of GAAP Net Income (Loss) has been revised to reflect the impact of an accounting error related to the Company's estimate for accrued vacation that was immaterial to the Company's previously reported consolidated financial statements or unaudited interim condensed consolidated financial statements. The Company's presentation of EBITDA and Adjusted EBITDA have also been revised to reflect the removal of certain reconciling items between reported GAAP figures and non-GAAP figures. 2. Includes right-of-use asset depreciation of $2.0 million and $5.8 million for the three and nine months ended September 30, 2024, respectively, and $1.8 million and $4.6 million for the three and nine months ended September 30, 2023. 3. The Company offers a Supplemental Executive Retirement Plan ("SERP") for executives and certain key employees which is also referred to as the Company's "Deferred Compensation" plan. For SERP participants, the Company has historically retained, and anticipates continuing to retain, 100% of the funds received from SERP participants and holds such assets (the "Deferred Compensation Assets") in a brokerage account where the investments are managed to mirror the investment elections of SERP participant holdings under such plans (the "Deferred Compensation Liabilities"). The Company's changes in fair market value of the Deferred Compensation Assets are presented under the "Other income, net" caption on the Company's Consolidated Statements of Comprehensive Income, however the corresponding and offsetting changes in the fair market value of the Deferred Compensation Liabilities are presented under the "Selling, general and administrative expense" caption. 4. The accrued payroll adjustment reflects changes in accrued payroll for the three and nine months ended September 30, 2024 and 2023. The Company processes payroll on set weekly and bi-weekly schedules, and the timing of payments may result in operating cash flow increases or decreases which are not indicative of the Company's quarterly cash flow performance.
  

• *DJ Healthcare Services 3Q EPS 19c >HCSG, from 7:00AM ET on Wednesday Oct 23, 2024 by Dow Jones

  7:00AM ET on Wednesday Oct 23, 2024 by Dow Jones
  Companies Mentioned: HCSG