Pennant Group, Inc. Files 2023 Annual Report on Form 10-K
Ticker: PNTG · Form: 10-K · Filed: Feb 28, 2024 · CIK: 1766400
Sentiment: neutral
Topics: 10-K, Annual Report, Pennant Group, Financials, Healthcare Services
TL;DR
<b>Pennant Group, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>
AI Summary
Pennant Group, Inc. (PNTG) filed a Annual Report (10-K) with the SEC on February 28, 2024. Pennant Group, Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 1675 E. Riverside Drive, Suite 150, Eagle, ID 83616. The filing includes financial data for the fiscal years 2020 through 2023. Key executives mentioned include Brent J. Guerisoli and John J. Gochnour.
Why It Matters
For investors and stakeholders tracking Pennant Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Pennant Group's financial performance and operational status for the entire 2023 fiscal year, crucial for investors assessing the company's health and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling stakeholders to make informed investment decisions.
Risk Assessment
Risk Level: medium — Pennant Group, Inc. shows moderate risk based on this filing. The company operates in the healthcare services sector, which is subject to significant regulatory changes and reimbursement risks that could impact financial performance.
Analyst Insight
Investors should review the detailed financial statements and risk factors in the 10-K to understand Pennant Group's performance and potential challenges in the healthcare services industry.
Key Numbers
- 2023-12-31 — Fiscal Year End (Period covered by the 10-K)
- 2024-02-28 — Filing Date (Date the 10-K was filed)
- 2020-2023 — Fiscal Years (Years for which financial data is included)
Key Players & Entities
- Pennant Group, Inc. (company) — Filer of the 10-K
- 2023-12-31 (date) — Fiscal year end
- 2024-02-28 (date) — Filing date
- 1675 E. Riverside Drive, Suite 150, Eagle, ID 83616 (address) — Business address
- Brent J. Guerisoli (person) — Executive
- John J. Gochnour (person) — Executive
- 8000 (industry_code) — Standard Industrial Classification for Health Services
- 001-38900 (filing_number) — SEC file number
FAQ
When did Pennant Group, Inc. file this 10-K?
Pennant Group, Inc. filed this Annual Report (10-K) with the SEC on February 28, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Pennant Group, Inc. (PNTG).
Where can I read the original 10-K filing from Pennant Group, Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Pennant Group, Inc..
What are the key takeaways from Pennant Group, Inc.'s 10-K?
Pennant Group, Inc. filed this 10-K on February 28, 2024. Key takeaways: Pennant Group, Inc. filed its 2023 Form 10-K on February 28, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal business address is 1675 E. Riverside Drive, Suite 150, Eagle, ID 83616..
Is Pennant Group, Inc. a risky investment based on this filing?
Based on this 10-K, Pennant Group, Inc. presents a moderate-risk profile. The company operates in the healthcare services sector, which is subject to significant regulatory changes and reimbursement risks that could impact financial performance.
What should investors do after reading Pennant Group, Inc.'s 10-K?
Investors should review the detailed financial statements and risk factors in the 10-K to understand Pennant Group's performance and potential challenges in the healthcare services industry. The overall sentiment from this filing is neutral.
Risk Factors
- Regulatory Compliance [medium — regulatory]: The company must comply with numerous federal, state, and local laws and regulations related to healthcare services, which could change and impact operations.
- Reimbursement Risks [medium — financial]: Changes in reimbursement rates and policies from government healthcare programs (Medicare, Medicaid) and private payors can significantly affect revenue and profitability.
- Staffing and Labor Costs [medium — operational]: The ability to attract and retain qualified healthcare professionals is critical, and rising labor costs or shortages can impact service delivery and profitability.
Key Dates
- 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
- 2024-02-28: 10-K Filing Date — Official date the annual report was submitted to the SEC.
Filing Stats: 4,414 words · 18 min read · ~15 pages · Grade level 13.8 · Accepted 2024-02-28 16:16:35
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share PNTG Nasdaq Global Select Mar
- $253 b — ing increased from 8.9% of U.S. GDP, or $253 billion, in 1980 to an estimated 17.3% of
- $4.5 — n 1980 to an estimated 17.3% of GDP, or $4.5 trillion, in 2022. CMS projects nationa
- $6.8 — ely 19.6% of U.S. GDP, or approximately $6.8 trillion, in 2030. The home health an
- $142.9 billion — th market is estimated at approximately $142.9 billion and is expected to grow at a compounded
- $34.5 billion — industry is estimated at approximately $34.5 billion and is projected to grow at an estimate
- $91.8 billion — ng market is estimated at approximately $91.8 billion and is expected to expand at an estimat
Filing Documents
- pntg-20231231.htm (10-K) — 1978KB
- listofsubsidiariesofpntgq4.htm (EX-21.1) — 88KB
- deloitteconsentq423-ex231.htm (EX-23.1) — 2KB
- ceocert-exhibit311q42023.htm (EX-31.1) — 12KB
- cfocert-exhibit312q42023.htm (EX-31.2) — 12KB
- ceocert-exhibit321q42023.htm (EX-32.1) — 10KB
- cfocert-exhibit322q42023.htm (EX-32.2) — 10KB
- pntg-20231231_g1.jpg (GRAPHIC) — 134KB
- pntg-20231231_g2.jpg (GRAPHIC) — 26KB
- pntg-20231231_g3.jpg (GRAPHIC) — 25KB
- pntg-20231231_g4.jpg (GRAPHIC) — 82KB
- 0001766400-24-000022.txt ( ) — 10102KB
- pntg-20231231.xsd (EX-101.SCH) — 59KB
- pntg-20231231_cal.xml (EX-101.CAL) — 98KB
- pntg-20231231_def.xml (EX-101.DEF) — 308KB
- pntg-20231231_lab.xml (EX-101.LAB) — 812KB
- pntg-20231231_pre.xml (EX-101.PRE) — 563KB
- pntg-20231231_htm.xml (XML) — 1354KB
Business
Business 2 Item1A.
Risk Factors
Risk Factors 17 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.
Properties
Properties 28 Item 3.
Legal Proceedings
Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 30 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 30 Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data 45 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45 Item 9A.
Controls and Procedures
Controls and Procedures 45 Item 9B. Other Information 47 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 Part III. Item 10. Directors, Executive Officers and Corporate Governance 48 Item 11.
Executive Compensation
Executive Compensation 48 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 48 Item 13. Certain Relationships and Related Transactions and Director Independence 48 Item 14. Principal Accountant Fees and Services 48 Part IV. Item 15. Exhibits, Financial Statements and Schedules 49 Item 16. Form 10-K Summary 51
Signatures
Signatures 52 Table of Contents Cautionary Note Regarding Forward-Looking Statements Our reports, filings and other public announcements, including this Annual Report on Form 10-K may from time to time contain statements that do not directly or exclusively relate to historical facts. Such statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, and typically include, but are not limited to, our expected future financial position, results of operations, cash flows, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities and plans and objectives of management. Forward-looking statements can often be identified by words such as "anticipate," "expect," "intend," "plan," "predict," "believe," "seek," "estimate," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These statements are subject to the safe harbors created under the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors, some of which are listed in Part I, Item 1A., Risk Factors , of this Annual Report on Form 10-K for the year ended December 31, 2023. Accordingly, you should not rely upon forward-looking statements as predictions of future events. These forward-looking statements speak only as of the date of this Annual Report, and are based on our current expectations, estimates and projections about our industry and business, management's beliefs, and certain assumptions made by us, all of which are subject to change. We u
Business
Item 1. Business Overview The Pennant Group, Inc. is a leading provider of high-quality healthcare services to patients or residents of all ages, including the growing senior population, in the United States. Through our innovative operating model, we strive to be the provider of choice in the communities we serve. As of December 31, 2023, we operate multiple lines of business, including home health, hospice and senior living, throughout Arizona, California, Colorado, Idaho, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming. We provide home health and hospice services through 111 agencies, and senior living services at 51 communities with 3,588 total units in our assisted living, independent living and memory care business. We derive revenue from a diversified blend of payors including Medicare and Medicaid programs, private pay patients and residents and managed care payors. We believe our key differentiators are our (1) innovative operating model that focuses on empowering and developing strong local leaders, (2) disciplined growth strategy, and (3) ability to achieve quality care outcomes in cost effective settings. In our experience, healthcare is a local endeavor, largely dependent upon personal and professional relationships, community reputation and an ability to adapt to the changing needs of patients, residents, partners and communities. As our operational leaders build strong relationships with key partners in their local communities, they are empowered to make informed and critical operational decisions that produce quality care outcomes and more effectively meet the needs of our patients and residents. We believe our home health and hospice businesses are able to achieve quality outcomes—as measured by multiple industry and value-based metrics (such as hospital readmission rates)—in cost-effective settings. We believe our senior living business is able to offer our residents a safe and tailored quality-of-life at