Healthcare Services Group Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Healthcare Services Group Inc. (HCSG) has filed its 2023 Form 10-K, detailing its financial performance and operational status for the fiscal year ending December 31, 2023.</b>

AI Summary

HEALTHCARE SERVICES GROUP INC (HCSG) filed a Annual Report (10-K) with the SEC on February 16, 2024. Filing is the 2023 Form 10-K for Healthcare Services Group Inc. (HCSG). The company's fiscal year ends on December 31, 2023. HCSG is incorporated in Pennsylvania. The principal business address is 3220 Tillman Drive, Suite 300, Bensalem, PA 19020. The filing includes financial data for fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking HEALTHCARE SERVICES GROUP INC, this filing contains several important signals. This filing provides a comprehensive overview of HCSG's financial health, operational segments, and risk factors, crucial for investors and stakeholders to assess the company's performance and future outlook. As a 10-K filing, it contains audited financial statements and management's discussion and analysis, offering detailed insights into revenue, expenses, assets, liabilities, and strategic initiatives.

Risk Assessment

Risk Level: medium — HEALTHCARE SERVICES GROUP INC shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of financial and operational information, but lacks specific forward-looking guidance or immediate material events that would suggest high risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand HCSG's performance trends and potential challenges in the healthcare services sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-16 — Filing Date (Filed as of date)
• PA — State of Incorporation (State of incorporation)
• 8050 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• HEALTHCARE SERVICES GROUP INC (company) — Filer name
• HCSG (company) — Ticker symbol
• Bensalem, PA (location) — Business and mailing address city and state
• 2159381661 (phone) — Business phone number
• 2023-12-31 (date) — Fiscal year end
• 2024-02-16 (date) — Filing date

FAQ

Industry Context

Healthcare Services Group Inc. operates within the healthcare services sector, specifically focusing on providing services to nursing and personal care facilities.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports detailing their financial performance and business operations.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet health.
2. Review the Management's Discussion and Analysis (MD&A) for insights into operational performance and strategic outlook.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-02-16: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing provided for analysis; therefore, a comparison to a previous filing is not possible with the given data.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value HCSG NASDAQ Global Select Ma
• $766.7 m — g accounted for approximately 45.9%, or $766.7 million, of our consolidated revenues in
• $904.7 m — ces represented approximately 54.1%, or $904.7 million, of our consolidated revenues in
• $181.4 million — 3, 2022 and 2021, Genesis accounted for $181.4 million or 10.9%, $169.1 million or 10.0% and $
• $169.1 million — accounted for $181.4 million or 10.9%, $169.1 million or 10.0% and $177.1 million or 10.8% of
• $177.1 million — n or 10.9%, $169.1 million or 10.0% and $177.1 million or 10.8% of the Company ' s consolidate
• $35.6 m — an Allowance for Doubtful Accounts) of $35.6 million, $32.0 million and $10.5 million
• $32.0 million — or Doubtful Accounts) of $35.6 million, $32.0 million and $10.5 million in the years ended De
• $10.5 million — ts) of $35.6 million, $32.0 million and $10.5 million in the years ended December 31, 2023, 2

Filing Documents

• hcsg-20231231.htm (10-K) — 1961KB
• thirdamendedandrestatedbyl.htm (EX-3.3) — 118KB
• exhibit19-insidertradingpo.htm (EX-19.1) — 72KB
• exhibit21-2023subsidiaries.htm (EX-21.1) — 16KB
• exhibit23-2023consentofind.htm (EX-23.1) — 2KB
• exhibit311-2023section302c.htm (EX-31.1) — 10KB
• exhibit312-2023section302c.htm (EX-31.2) — 10KB
• exhibit321-2023section906c.htm (EX-32.1) — 8KB
• exhibit971-2023clawbackpol.htm (EX-97.1) — 36KB
• hcsg-20231231_g1.jpg (GRAPHIC) — 210KB
• hcsg-20231231_g2.jpg (GRAPHIC) — 145KB
• image_0.jpg (GRAPHIC) — 37KB
• image_0a.jpg (GRAPHIC) — 37KB
• image_1.jpg (GRAPHIC) — 0KB
• image_1a.jpg (GRAPHIC) — 0KB
• 0000731012-24-000025.txt (&nbsp;) — 12615KB
• hcsg-20231231.xsd (EX-101.SCH) — 72KB
• hcsg-20231231_cal.xml (EX-101.CAL) — 129KB
• hcsg-20231231_def.xml (EX-101.DEF) — 325KB
• hcsg-20231231_lab.xml (EX-101.LAB) — 989KB
• hcsg-20231231_pre.xml (EX-101.PRE) — 647KB
• hcsg-20231231_htm.xml (XML) — 1991KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 14 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 15 Item 4. Mine Safety Disclosures 15 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6. Reserved 18 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 18 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 29 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 68 Item 9A.

Controls and Procedures

Controls and Procedures 68 Item 9B. Other Information 69 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 PART III Item 10. Directors, Executive Officers and Corporate Governance 71 Item 11.

Executive Compensation

Executive Compensation 71 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71 Item 13. Certain Relationships and Related Transactions, and Director Independence 71 Item 14. Principal Accountant Fees and Services 71 PART IV Item 15. Exhibits and Financial Statement Schedules 72 Item 16. Form 10-K Summary 72 Exhibit Index 74

Signatures

Signatures 75 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Form 10-K may contain forward-looking statements within the meaning of federal securities laws, which are not historical facts but rather are based on current expectations, estimates and projections about our business and industry, and our beliefs and assumptions. Words such as "believes," "anticipates," "plans," "expects," "estimates," "will," "goal," and similar expressions are intended to identify forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Such forward-looking information is also subject to various risks and uncertainties. Such risks and uncertainties include, but are not limited to, risks arising from our providing services to the healthcare industry and primarily providers of long-term care; the impact of and future effects of the COVID-19 pandemic or other potential pandemics; having a significant portion of our consolidated revenues contributed by one customer during the year ended December 31, 2023; credit and collection risks associated with the healthcare industry; the impact of bank failures; our claims experience related to workers' compensation and general liability insurance (including any litigation claims, enforcement actions, regulatory actions and investigations arising from personal injury and loss of life related to COVID-19); the effects of changes in, or interpretations of laws and regulations governing the healthcare industry, our workforce and services provided, including state and local regulations pertaining to the taxability of our services and other labor-related matters such as minimum wage increases; the Company's expectations with respect to selling, general and admin

View Full Filing

View this 10-K filing on SEC EDGAR