ENSIGN GROUP, INC. Files 10-Q for Q1 2024
Ticker: ENSG · Form: 10-Q · Filed: May 1, 2024 · CIK: 1125376
Sentiment: neutral
Topics: ENSG, 10-Q, Healthcare, Skilled Nursing, Financials
AI Summary
ENSIGN GROUP, INC (ENSG) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Revenue from contract with customer excluding assessed tax for the three months ended March 31, 2024, was $365 million. Revenue from contract with customer excluding assessed tax for the three months ended March 31, 2023, was $537 million. Service revenue for the three months ended March 31, 2024, was $239 million. The company's fiscal year ends on December 31. The filing covers the period from January 1, 2024, to March 31, 2024.
Why It Matters
For investors and stakeholders tracking ENSIGN GROUP, INC, this filing contains several important signals. This filing provides a quarterly update on the company's financial performance and operational status, crucial for investors to assess recent trends. Understanding the revenue breakdown and year-over-year changes is key to evaluating the company's growth trajectory and market position in the skilled nursing care sector.
Risk Assessment
Risk Level: medium — ENSIGN GROUP, INC shows moderate risk based on this filing. The filing indicates a significant year-over-year decrease in revenue from $537 million in Q1 2023 to $365 million in Q1 2024, suggesting potential market challenges or operational shifts.
Analyst Insight
Investors should analyze the reasons behind the substantial revenue decline and assess management's strategies to address it in future filings.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Service Member | 239 | |
| Rental Member |
Key Numbers
- 365 — Revenue from contract with customer excluding assessed tax (Three months ended March 31, 2024 (in millions))
- 537 — Revenue from contract with customer excluding assessed tax (Three months ended March 31, 2023 (in millions))
- 239 — Service revenue (Three months ended March 31, 2024 (in millions))
Key Players & Entities
- ENSIGN GROUP, INC. (company) — FILER
- 20240331 (date) — CONFORMED PERIOD OF REPORT
- 20240501 (date) — FILED AS OF DATE
- 8051 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
- 330861263 (tax_id) — IRS NUMBER
- 29222 RANCHO VIEJO RD. SUITE 127 (address) — BUSINESS ADDRESS
- 949-487-9500 (phone) — BUSINESS PHONE
- 001-33757 (sec_file_number) — SEC FILE NUMBER
FAQ
When did ENSIGN GROUP, INC file this 10-Q?
ENSIGN GROUP, INC filed this Quarterly Report (10-Q) with the SEC on May 1, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by ENSIGN GROUP, INC (ENSG).
Where can I read the original 10-Q filing from ENSIGN 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 ENSIGN GROUP, INC.
What are the key takeaways from ENSIGN GROUP, INC's 10-Q?
ENSIGN GROUP, INC filed this 10-Q on May 1, 2024. Key takeaways: Revenue from contract with customer excluding assessed tax for the three months ended March 31, 2024, was $365 million.. Revenue from contract with customer excluding assessed tax for the three months ended March 31, 2023, was $537 million.. Service revenue for the three months ended March 31, 2024, was $239 million..
Is ENSIGN GROUP, INC a risky investment based on this filing?
Based on this 10-Q, ENSIGN GROUP, INC presents a moderate-risk profile. The filing indicates a significant year-over-year decrease in revenue from $537 million in Q1 2023 to $365 million in Q1 2024, suggesting potential market challenges or operational shifts.
What should investors do after reading ENSIGN GROUP, INC's 10-Q?
Investors should analyze the reasons behind the substantial revenue decline and assess management's strategies to address it in future filings. The overall sentiment from this filing is neutral.
Risk Factors
- Revenue Concentration Risk [medium — financial]: The company faces customer concentration risk related to sales revenue from Medicaid and Medicare programs for the period January 1, 2024, to March 31, 2024.
Key Dates
- 2024-03-31: End of Reporting Period — Covers Q1 2024 financial data.
- 2024-05-01: Filing Date — Indicates when the 10-Q was submitted to the SEC.
Glossary
- 10-Q
- A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition and performance.)
Filing Stats: 4,507 words · 18 min read · ~15 pages · Grade level 15.7 · Accepted 2024-05-01 16:02:46
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share ENSG NASDAQ Global Select Mar
Filing Documents
- ensg-20240331.htm (10-Q) — 2330KB
- ensgq12024ex311.htm (EX-31.1) — 12KB
- ensgq12024ex312.htm (EX-31.2) — 13KB
- ensgq12024ex321.htm (EX-32.1) — 11KB
- ensgq12024ex322.htm (EX-32.2) — 11KB
- ensg-20240331_g1.jpg (GRAPHIC) — 13KB
- 0001125376-24-000064.txt ( ) — 10361KB
- ensg-20240331.xsd (EX-101.SCH) — 70KB
- ensg-20240331_cal.xml (EX-101.CAL) — 93KB
- ensg-20240331_def.xml (EX-101.DEF) — 402KB
- ensg-20240331_lab.xml (EX-101.LAB) — 819KB
- ensg-20240331_pre.xml (EX-101.PRE) — 643KB
- ensg-20240331_htm.xml (XML) — 1382KB
Financial Information
PART I. Financial Information Pg.
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited): Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 6
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 60
Controls and Procedures
Item 4. Controls and Procedures 60 P ART II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 61
Risk Factors
Item 1A. Risk Factors 64
Other Information
Item 5. Other Information 94
Exhibits
Item 6. Exhibits 95
Signatures
Signatures Table of Contents PART I.
FINANCIAL STATEMENTS
Item 1. FINANCIAL STATEMENTS THE ENSIGN GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par values) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 511,839 $ 509,626 Accounts receivable—less allowance for doubtful accounts of $ 9,463 and $ 9,348 at March 31, 2024 and December 31, 2023, respectively 519,439 485,039 Investments—current 14,459 17,229 Prepaid expenses and other current assets 42,451 35,036 Total current assets 1,088,188 1,046,930 Property and equipment, net 1,101,560 1,090,771 Right-of-use assets 1,821,024 1,756,430 Insurance subsidiary deposits and investments 107,666 92,687 Deferred tax assets 66,486 67,124 Restricted and other assets 39,686 40,205 Intangible assets, net 6,559 6,525 Goodwill 77,241 76,869 TOTAL ASSETS $ 4,308,410 $ 4,177,541 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 82,635 $ 92,811 Accrued wages and related liabilities 294,208 332,568 Lease liabilities—current 85,898 82,526 Accrued self-insurance liabilities—current 62,589 54,664 Other accrued liabilities 180,408 168,228 Current maturities of long-term debt 3,983 3,950 Total current liabilities 709,721 734,747 Long-term debt—less current maturities 144,533 145,497 Long-term lease liabilities—less current portion 1,701,652 1,639,326 Accrued self-insurance liabilities—less current portion 117,364 111,246 Other long-term liabilities 51,673 49,408 TOTAL LIABILITIES $ 2,724,943 $ 2,680,224 Commitments and contingencies (Notes 15 and 20) EQUITY Ensign Group, Inc. stockholders' equity: Common stock: $ 0.001 par value; 150,000 shares authorized; 60,294 and 56,904 shares issued and shares outstanding at March 31, 2024, respectively, and 59,987 and 56,597 shares issued and shares outstanding at December 31, 2023, respectively 60 60 Additional paid-in capital 486,336 465,707 Retained earnings 1,208,074 1,142,653 Common stock in treasury, at cost, 3,39