Enhabit, Inc. Files Q2 2024 10-Q
Ticker: EHAB · Form: 10-Q · Filed: Aug 8, 2024
Sentiment: neutral
Topics: 10-Q, healthcare, financials
TL;DR
Enhabit's Q2 2024 10-Q is in. Check financials for home health care performance.
AI Summary
Enhabit, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly Encompass Health Home Health Holdings, Inc., reported financial results for the second quarter of 2024. The filing details their business operations in home health care services and includes financial statements and disclosures relevant to investors.
Why It Matters
This filing provides investors with the latest financial performance and operational details for Enhabit, Inc., crucial for understanding the company's current health and future prospects in the home health care sector.
Risk Assessment
Risk Level: medium — As a publicly traded company in the healthcare sector, Enhabit faces inherent risks related to regulatory changes, competition, and operational execution, which are detailed in its SEC filings.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
- 20240808 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Enhabit, Inc. (company) — Filer of the 10-Q
- Encompass Health Home Health Holdings, Inc. (company) — Former name of Enhabit, Inc.
- 20240630 (date) — End of the reporting period
- 4696216419 (phone_number) — Business phone number
FAQ
What is the primary business of Enhabit, Inc.?
Enhabit, Inc. is primarily involved in providing home health care services, as indicated by its Standard Industrial Classification code [8082].
What was the previous name of Enhabit, Inc.?
Enhabit, Inc. was formerly known as Encompass Health Home Health Holdings, Inc., with a date of name change on 20200218.
For which fiscal period is this 10-Q filing?
This 10-Q filing is for the period ended June 30, 2024.
Where is Enhabit, Inc. headquartered?
Enhabit, Inc.'s business and mailing address is 6688 N. CENTRAL EXPRESSWAY, SUITE 1300, DALLAS, TX 75206.
What is the SEC file number for Enhabit, Inc.?
The SEC file number for Enhabit, Inc. is 001-41406.
Filing Stats: 4,756 words · 19 min read · ~16 pages · Grade level 7.6 · Accepted 2024-08-08 16:40:28
Key Financial Figures
- $0.01 — ich registered Common Stock, par value $0.01 per share EHAB New York Stock Exchange
Filing Documents
- ehab-20240630.htm (10-Q) — 1291KB
- ehab10q6_30x24ex311.htm (EX-31.1) — 15KB
- ehab10q6_30x24ex312.htm (EX-31.2) — 15KB
- ehab10q6_30x24ex321.htm (EX-32.1) — 9KB
- ehab10q6_30x24ex322.htm (EX-32.2) — 9KB
- 0001803737-24-000165.txt ( ) — 5847KB
- ehab-20240630.xsd (EX-101.SCH) — 33KB
- ehab-20240630_cal.xml (EX-101.CAL) — 61KB
- ehab-20240630_def.xml (EX-101.DEF) — 169KB
- ehab-20240630_lab.xml (EX-101.LAB) — 469KB
- ehab-20240630_pre.xml (EX-101.PRE) — 347KB
- ehab-20240630_htm.xml (XML) — 785KB
- 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 17
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 25
Controls and Procedures
Item 4. Controls and Procedures 26
- Other Information
Part II - Other Information 27
Legal Proceedings
Item 1. Legal Proceedings 27
Risk Factors
Item 1A. Risk Factors 27
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27
Other Information
Item 5. Other Information 27
Exhibits
Item 6. Exhibits 28 Signature 29 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In Millions, Except Per Share Data) Net service revenue $ 260.6 $ 262.3 $ 523.0 $ 527.4 Cost of service, excluding depreciation and amortization 131.8 135.5 266.0 268.1 General and administrative expenses 110.0 107.8 217.5 218.3 Depreciation and amortization 7.6 7.7 15.4 15.5 Impairment of goodwill — 85.8 — 85.8 Operating income (loss) 11.2 ( 74.5 ) 24.1 ( 60.3 ) Interest expense and amortization of debt discounts and fees 10.9 10.3 22.0 19.8 Other income — ( 0.1 ) — ( 0.1 ) Income (loss) before income taxes and noncontrolling interests 0.3 ( 84.7 ) 2.1 ( 80.0 ) Income tax (benefit) expense ( 0.1 ) ( 10.6 ) 0.8 ( 9.1 ) Net income (loss) 0.4 ( 74.1 ) 1.3 ( 70.9 ) Less: Net income attributable to noncontrolling interests 0.6 0.3 1.3 0.8 Net loss attributable to Enhabit, Inc. $ ( 0.2 ) $ ( 74.4 ) $ — $ ( 71.7 ) Weighted average common shares outstanding: Basic 50.1 49.8 50.1 49.8 Diluted 50.1 49.8 50.1 49.8 Loss per common share: Basic loss per share attributable to Enhabit, Inc. common stockholders $ — $ ( 1.49 ) $ — $ ( 1.44 ) Diluted loss per share attributable to Enhabit, Inc. common stockholders $ — $ ( 1.49 ) $ — $ ( 1.44 ) 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In Millions) Net income (loss) $ 0.4 $ ( 74.1 ) $ 1.3 $ ( 70.9 ) Other comprehensive income: Unrealized gain on cash flow hedges, net of tax of $ — , $ 0.9 , $ 0.4 , and $ 0.5 , respectively 0.1 2.7 1.4 1.6 Total other comprehensive income 0.1 2.7 1.4 1.6 Comprehensive income (loss) including noncontrolling interests