Encompass Health Files Q2 2024 10-Q
Ticker: EHC · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 785161
Sentiment: neutral
Topics: 10-Q, financials, healthcare
TL;DR
**EHC Q2 10-Q FILED: Financials and operations update for investors.**
AI Summary
Encompass Health Corp filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors and stakeholders are presented.
Why It Matters
This filing provides crucial insights into Encompass Health's financial health and operational performance during the second quarter of 2024, impacting investor decisions and market perception.
Risk Assessment
Risk Level: medium — 10-Q filings are standard disclosures for public companies, but the specific financial details and any forward-looking statements within can carry inherent investment risks.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 20240806 — Filing Date (The date the report was officially submitted to the SEC.)
Key Players & Entities
- Encompass Health Corp (company) — Filer of the 10-Q
- 20240630 (date) — End of the reporting period
- 20240806 (date) — Filing date
- HEALTHSOUTH CORP (company) — Former company name
- HEALTHSOUTH REHABILITATION CORP (company) — Former company name
FAQ
What is the primary business of Encompass Health Corp?
Encompass Health Corp operates in the SERVICES-HOSPITALS sector, SIC code 8060.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
When was this 10-Q filing submitted to the SEC?
This 10-Q filing was submitted on August 6, 2024.
Has Encompass Health Corp operated under different names previously?
Yes, Encompass Health Corp was formerly known as HEALTHSOUTH CORP and HEALTHSOUTH REHABILITATION CORP.
What is the state of incorporation for Encompass Health Corp?
Encompass Health Corp is incorporated in Delaware (DE).
Filing Stats: 4,604 words · 18 min read · ~15 pages · Grade level 8.7 · Accepted 2024-08-06 16:34:01
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share EHC New York Stock Exchange
Filing Documents
- ehc-20240630.htm (10-Q) — 1270KB
- ehc10q63024ex22.htm (EX-22) — 49KB
- ehc10q63024ex311.htm (EX-31.1) — 14KB
- ehc10q63024ex312.htm (EX-31.2) — 14KB
- ehc10q63024ex321.htm (EX-32.1) — 10KB
- ehc10q63024ex322.htm (EX-32.2) — 10KB
- 0000785161-24-000043.txt ( ) — 5703KB
- ehc-20240630.xsd (EX-101.SCH) — 31KB
- ehc-20240630_cal.xml (EX-101.CAL) — 72KB
- ehc-20240630_def.xml (EX-101.DEF) — 144KB
- ehc-20240630_lab.xml (EX-101.LAB) — 473KB
- ehc-20240630_pre.xml (EX-101.PRE) — 342KB
- ehc-20240630_htm.xml (XML) — 702KB
Financial Statements (Unaudited)
Financial Statements (Unaudited) 1 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 4.
Controls and Procedures
Controls and Procedures 29 PART II Other Information Item 1.
Legal Proceedings
Legal Proceedings 30 Item 1A.
Risk Factors
Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other Information 31 Item 6. Exhibits 31 Exhibit Index NOTE TO READERS As used in this report, the terms "Encompass Health," "we," "us," "our," and the "Company" refer to Encompass Health Corporation and its consolidated subsidiaries, unless otherwise stated or indicated by context. This drafting style is suggested by the Securities and Exchange Commission and is not meant to imply that Encompass Health Corporation, the publicly traded parent company, owns or operates any specific asset, business, or property. The hospitals, operations, and businesses described in this filing are primarily owned and operated by subsidiaries of the parent company. In addition, we use the term "Encompass Health Corporation" to refer to Encompass Health Corporation alone wherever a distinction between Encompass Health Corporation and its subsidiaries is required or aids in the understanding of this filing. i CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This quarterly report contains historical information, as well as forward-looking statements that involve known and unknown risks and relate to, among other things, future events, changes to Medicare reimbursement and other healthcare laws and regulations from time to time, our business strategy, labor cost trends, our dividend and stock repurchase strategies, our financial plans, our growth plans, our future financial performance, our projected business results, or our projected capital expenditures. 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. Such forward-looking statements are necessarily estimates based upon current information and involve a number of risks
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (Unaudited)
Item 1. Financial Statements (Unaudited) Encompass Health Corporation and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In Millions, Except Per Share Data) Net operating revenues $ 1,301.2 $ 1,187.1 $ 2,617.2 $ 2,347.5 Operating expenses: Salaries and benefits 700.5 636.2 1,412.1 1,265.2 Other operating expenses 189.9 172.7 393.8 350.6 Occupancy costs 14.2 14.3 28.2 28.1 Supplies 57.6 52.0 116.1 105.8 General and administrative expenses 50.5 55.4 100.7 98.8 Depreciation and amortization 72.9 72.6 143.2 136.5 Total operating expenses 1,085.6 1,003.2 2,194.1 1,985.0 Interest expense and amortization of debt discounts and fees 34.3 36.3 69.5 72.7 Other income ( 3.3 ) ( 2.7 ) ( 8.7 ) ( 6.3 ) Equity in net income of nonconsolidated affiliates ( 1.4 ) ( 0.9 ) ( 2.1 ) ( 1.3 ) Income from continuing operations before income tax expense 186.0 151.2 364.4 297.4 Provision for income tax expense 38.3 32.8 76.6 64.7 Income from continuing operations 147.7 118.4 287.8 232.7 Loss from discontinued operations, net of tax ( 1.2 ) ( 1.2 ) ( 2.5 ) ( 2.2 ) Net and comprehensive income 146.5 117.2 285.3 230.5 Less: Net and comprehensive income attributable to noncontrolling interests ( 32.4 ) ( 25.8 ) ( 58.7 ) ( 51.4 ) Net and comprehensive income attributable to Encompass Health $ 114.1 $ 91.4 $ 226.6 $ 179.1 Weighted average common shares outstanding: Basic 99.9 99.5 99.9 99.5 Diluted 102.0 101.1 102.1 101.0 Earnings per common share: Basic earnings per share attributable to Encompass Health common shareholders: Continuing operations $ 1.14 $ 0.92 $ 2.28 $ 1.81 Discontinued operations ( 0.01 ) ( 0.01 ) ( 0.03 ) ( 0.02 ) Net income $ 1.13 $ 0.91 $ 2.25 $ 1.79 Diluted earnings per share attributable to Encompass Health common shareholders: Continuing operations $ 1.13 $ 0.91 $ 2.24 $ 1.79 Discontinued operations ( 0.01 ) ( 0.01