PACS Group, Inc. Files S-1 Registration Statement

TL;DR

<b>PACS Group, Inc. has filed an S-1 registration statement, signaling potential public offering plans.</b>

AI Summary

PACS Group, Inc. (PACS) filed a IPO Registration (S-1) with the SEC on March 13, 2024. PACS Group, Inc. filed an S-1 registration statement with the SEC on March 13, 2024. The company is incorporated in Delaware and its fiscal year ends on December 31. Its primary SIC code is 8051 (Skilled Nursing Care Facilities). The principal executive offices are located at 262 N. University Avenue, Farmington, Utah 84025. The filing indicates PACS Group, Inc. is a non-accelerated filer and a smaller reporting company.

Why It Matters

For investors and stakeholders tracking PACS Group, Inc., this filing contains several important signals. This S-1 filing is a prerequisite for PACS Group, Inc. to conduct an Initial Public Offering (IPO), allowing it to raise capital from public investors. The filing provides detailed information about the company's business, financial condition, and management, which is crucial for potential investors to assess the investment opportunity and associated risks.

Risk Assessment

Risk Level: low — PACS Group, Inc. shows low risk based on this filing. The risk level is low as this is a preliminary S-1 filing, which typically contains standard disclosures and does not yet include specific financial performance data or detailed risk factors beyond general business descriptions.

Analyst Insight

Monitor for subsequent filings (amended S-1s, prospectuses) that will contain specific financial details, offering terms, and a more comprehensive risk assessment.

Key Numbers

• 8051 — SIC Code (Primary Standard Industrial Classification Code)
• 923144268 — IRS Number (IRS Employer Identification No.)
• 333-277893 — SEC File Number (SEC registration file number)
• 24746795 — Film Number (SEC film number)

Key Players & Entities

• PACS Group, Inc. (company) — Registrant name
• Jason Murray (person) — Chief Executive Officer
• John Mitchell (person) — Chief Legal Officer and General Counsel
• Latham & Watkins LLP (company) — Legal counsel
• Goodwin Procter LLP (company) — Legal counsel
• Delaware (jurisdiction) — State of incorporation
• Farmington, Utah (location) — Principal executive offices
• March 13, 2024 (date) — Filing date

FAQ

Industry Context

PACS Group, Inc. operates within the skilled nursing care facilities sector, indicated by its SIC code 8051.

Regulatory Implications

The filing is made under the Securities Act of 1933, which governs the registration of securities offered to the public.

What Investors Should Do

1. Review the full S-1 filing for detailed business descriptions and preliminary financial information.
2. Track future amendments to the S-1 for updated financial data and offering details.
3. Analyze the company's business model and competitive landscape within the skilled nursing care industry.

Key Dates

• 2024-03-13: S-1 Filing — Initial registration statement filed with the SEC, indicating intent to offer securities to the public.

Year-Over-Year Comparison

This is the initial S-1 filing, so no prior filing data is available for comparison.

Key Financial Figures

• $193.6 billion — industry expenditures to increase from $193.6 billion in 2022 to $283.3 billion in 2031, repr
• $283.3 billion — increase from $193.6 billion in 2022 to $283.3 billion in 2031, representing a compound annual
• $3.1 b — 31, 2023, we generated total revenue of $3.1 billion, representing a CAGR of 63.3% ove
• $2.4 b — ember 31, 2022, we generated revenue of $2.4 billion, and Medicare and Medicaid accoun
• $112.9 m — 2023, we generated total net income of $112.9 million, total operating expense of $2.9
• $2.9 billion — 2.9 million, total operating expense of $2.9 billion and Adjusted EBITDA of $276.5 million,
• $276.5 m — of $2.9 billion and Adjusted EBITDA of $276.5 million, representing a CAGR of 53.4%, 63
• $2.2 b — 2022, our total operating expenses were $2.2 billion, and we generated net income of $
• $150.5 million — billion, and we generated net income of $150.5 million and Adjusted EBITDA of $255.5 million.
• $255.5 million — f $150.5 million and Adjusted EBITDA of $255.5 million. As of December 31, 2023, we had total
• $3.0 billion — , we had total long-term liabilities of $3.0 billion. Adjusted EBITDA is a non-GAAP financia

Filing Documents

• pacs-sx1.htm (S-1) — 2392KB
• exhibit1071-sx1.htm (EX-FILING FEES) — 15KB
• exhibit31-sx1.htm (EX-3.1) — 18KB
• exhibit33-sx1.htm (EX-3.3) — 174KB
• exhibit41-sx1a.htm (EX-4.1) — 1KB
• exhibit101-sx1.htm (EX-10.1) — 1481KB
• exhibit102-sx1.htm (EX-10.2) — 104KB
• exhibit1010-sx1.htm (EX-10.10) — 12KB
• exhibit211-sx1.htm (EX-21.1) — 289KB
• exhibit232-sx1.htm (EX-23.2) — 2KB
• business1a.jpg (GRAPHIC) — 106KB
• business3a.jpg (GRAPHIC) — 60KB
• business4a.jpg (GRAPHIC) — 972KB
• business5a.jpg (GRAPHIC) — 540KB
• capture1a.jpg (GRAPHIC) — 85KB
• companylogo1a.jpg (GRAPHIC) — 14KB
• companylogo1a1.jpg (GRAPHIC) — 7KB
• exhibit41001a.jpg (GRAPHIC) — 312KB
• exhibit41002a.jpg (GRAPHIC) — 131KB
• image.jpg (GRAPHIC) — 30KB
• prospectussummary1ba.jpg (GRAPHIC) — 182KB
• 0001628280-24-010947.txt (&nbsp;) — 7737KB

RISK FACTORS

RISK FACTORS 19 SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS 62

USE OF PROCEEDS

USE OF PROCEEDS 64 DIVIDEND POLICY 65 CAPITALIZATION 66

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 70

BUSINESS

BUSINESS 93 MANAGEMENT 117 COMPENSATION DISCUSSION AND ANALYSIS 124 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS 140 PRINCIPAL STOCKHOLDERS 142

DESCRIPTION OF CAPITAL STOCK

DESCRIPTION OF CAPITAL STOCK 143 SHARES ELIGIBLE FOR FUTURE SALE 149 MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS 152 UNDERWRIT ING 156 LEGAL MATTERS 165 EXPERTS 165 WHERE YOU CAN FIND MORE INFORMATION 165 INDEX TO COMBINEDCONSOLIDATED FINANCIAL STATEMENTS F- 1 You should rely only on the information contained in this prospectus or contained in any free writing prospectus filed with the Securities and Exchange Commission (SEC) prepared by or on behalf of us that we have referred to you. Neither we nor the underwriters have authorized anyone to provide you with any information other than that contained in this prospectus, any amendment or supplement to this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. Neither we nor the underwriters take responsibility for, and can provide assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares of our common stock offered by this prospectus, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of shares of our common stock. Our business, financial condition, results of operations, and prospects may have changed since such date. For investors outside of the United States We have not, and the underwriters have not, done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, this offering and the distribution of this prospectus outside of the United States. i GENERAL INFORMATION Indus

View Full Filing

View this S-1 filing on SEC EDGAR