Enhabit, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Enhabit, Inc. has filed its Q1 2024 10-Q report, detailing its financial performance and operations in home health care services.</b>

AI Summary

Enhabit, Inc. (EHAB) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Enhabit, Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Home Health Care Services. Enhabit, Inc. is incorporated in Delaware. The filing was submitted on May 9, 2024.

Why It Matters

For investors and stakeholders tracking Enhabit, Inc., this filing contains several important signals. This filing provides investors with the latest financial data and operational insights into Enhabit's performance in the home health care sector. Understanding the Q1 2024 results is crucial for assessing the company's current financial health and future prospects in a competitive healthcare market.

Risk Assessment

Risk Level: low — Enhabit, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would alter the company's risk profile.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Enhabit's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-09 — Filing Date (Date the 10-Q was filed)
• 2023-03-31 — Prior Year Period End Date (Comparison period for the prior year)

Key Players & Entities

• Enhabit, Inc. (company) — Filer and subject of the report
• 2024-03-31 (date) — Period of report
• 2024-05-09 (date) — Filing date
• 8082 (other) — Standard Industrial Classification for Home Health Care Services
• DE (other) — State of incorporation
• 4696216419 (other) — Business phone number

FAQ

Industry Context

Enhabit operates within the home health care services industry, a sector focused on providing medical care to patients in their homes.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting by public companies.

What Investors Should Do

1. Analyze Enhabit's revenue and profitability trends for Q1 2024.
2. Examine any disclosed changes in operational costs or service delivery efficiency.
3. Assess management's commentary on future outlook and any identified risks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the first 10-Q filing for the period ending March 31, 2024, following the previous 10-K filing for the fiscal year ending December 31, 2023.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share EHAB New York Stock Exchange

Filing Documents

• ehab-20240331.htm (10-Q) — 901KB
• ehab10q3_31x24ex311.htm (EX-31.1) — 15KB
• ehab10q3_31x24ex312.htm (EX-31.2) — 15KB
• ehab10q3_31x24ex321.htm (EX-32.1) — 9KB
• ehab10q3_31x24ex322.htm (EX-32.2) — 9KB
• 0001803737-24-000055.txt (&nbsp;) — 4843KB
• ehab-20240331.xsd (EX-101.SCH) — 32KB
• ehab-20240331_cal.xml (EX-101.CAL) — 60KB
• ehab-20240331_def.xml (EX-101.DEF) — 168KB
• ehab-20240331_lab.xml (EX-101.LAB) — 446KB
• ehab-20240331_pre.xml (EX-101.PRE) — 333KB
• ehab-20240331_htm.xml (XML) — 527KB

- Financial Information

Part I - Financial Information 1

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1

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 15

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 22

Controls and Procedures

Item 4. Controls and Procedures 23

- Other Information

Part II - Other Information 24

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24

Other Information

Item 5. Other Information 24

Exhibits

Item 6. Exhibits 25 Signature 26 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This quarterly report contains historical information, as well as forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that involve known and unknown risks and relate to, among other things, future events, projections, financial guidance, legislative or regulatory developments, strategy or growth opportunities, our future financial performance, our projected business results, or our projected capital expenditures. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, the reader can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "targets," "potential," or "continue" or the negative of these terms or other comparable terminology. Any forward-looking statement speaks only as of the date of this report, and the Company undertakes no duty to publicly update or revise such forward-looking information, whether as a result of new information, future events, or otherwise. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks and uncertainties, many of which are beyond our control. Actual events or results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors which could cause actual events or results to differ materially from those estimated by the Company include, but are not limited to, our ability to execute on our strategic plans; regulatory and other developments impacting the markets for our services; changes in reimbursement rates; general economic condi

- Financial Information

Part I - Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Enhabit, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) Three Months Ended March 31, 2024 2023 (In Millions, Except Per Share Data) Net service revenue $ 262.4 $ 265.1 Cost of service, excluding depreciation and amortization 134.2 132.6 General and administrative expenses 107.5 110.5 Depreciation and amortization 7.8 7.8 Operating income 12.9 14.2 Interest expense and amortization of debt discounts and fees 11.1 9.5 Income before income taxes and noncontrolling interests 1.8 4.7 Income tax expense 0.9 1.5 Net income 0.9 3.2 Less: Net income attributable to noncontrolling interests 0.7 0.5 Net income attributable to Enhabit, Inc. $ 0.2 $ 2.7 Weighted average common shares outstanding: Basic 50.1 49.8 Diluted 50.4 50.1 Earnings per common share: Basic earnings per share attributable to Enhabit, Inc. common stockholders $ 0.01 $ 0.05 Diluted earnings per share attributable to Enhabit, Inc. common stockholders $ 0.01 $ 0.05 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 Enhabit, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended March 31, 2024 2023 (In Millions) Net income including noncontrolling interests $ 0.9 $ 3.2 Other comprehensive income: Unrealized gain (loss) on cash flow hedge, net of tax expense (benefit) of $ 0.4 and $( 0.3 ), respectively 1.3 ( 1.1 ) Total other comprehensive income (loss) 1.3 ( 1.1 ) Comprehensive income including noncontrolling interests 2.2 2.1 Less: Comprehensive income attributable to noncontrolling interests 0.7 0.5 Comprehensive income attributable to Enhabit, Inc. $ 1.5 $ 1.6 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 Enhabit, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 Dece