PACS Group, Inc. Files Q2 2024 10-Q Report
Ticker: PACS · Form: 10-Q · Filed: Aug 12, 2024 · CIK: 2001184
Sentiment: neutral
Topics: 10-Q, financials, healthcare
TL;DR
PACS Group Q2 10-Q filed. Financials and ops details out.
AI Summary
PACS Group, Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and the first six months of the fiscal year. Key financial data and operational details for PACS Group, Inc. are presented in this report.
Why It Matters
This 10-Q filing provides investors and analysts with the latest financial performance and operational status of PACS Group, Inc., crucial for understanding the company's trajectory.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new risks indicated in the provided snippet.
Key Players & Entities
- PACS Group, Inc. (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240812 (date) — Filing date of the report
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 12, 2024.
What is the Standard Industrial Classification (SIC) code for PACS Group, Inc.?
The SIC code for PACS Group, Inc. is 8051, which corresponds to SERVICES-SKILLED NURSING CARE FACILITIES.
What is the state of incorporation for PACS Group, Inc.?
PACS Group, Inc. is incorporated in Delaware (DE).
What is the fiscal year end for PACS Group, Inc.?
The fiscal year end for PACS Group, Inc. is December 31 (1231).
Filing Stats: 4,557 words · 18 min read · ~15 pages · Grade level 17.9 · Accepted 2024-08-12 16:01:58
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share PACS The New York Stock Exc
Filing Documents
- pacs-20240630.htm (10-Q) — 1936KB
- exhibit311q210-q2024.htm (EX-31.1) — 9KB
- exhibit312q210-q2024.htm (EX-31.2) — 10KB
- exhibit321q210-q2024.htm (EX-32.1) — 5KB
- exhibit322q210-q2024.htm (EX-32.2) — 5KB
- 0002001184-24-000035.txt ( ) — 8271KB
- pacs-20240630.xsd (EX-101.SCH) — 43KB
- pacs-20240630_cal.xml (EX-101.CAL) — 91KB
- pacs-20240630_def.xml (EX-101.DEF) — 278KB
- pacs-20240630_lab.xml (EX-101.LAB) — 696KB
- pacs-20240630_pre.xml (EX-101.PRE) — 492KB
- pacs-20240630_htm.xml (XML) — 915KB
- Financial Information
Part I - Financial Information Pg.
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) Condensed Combined/Consolidated Balance Sheets as of J une 30 , 2024 and December 31, 2023 3 Condensed Combined/Consolidated Statements of (Loss) Income and Comprehensive (Loss) Income for the three and six months ended June 30 , 2024 and 2023 4 Condensed Combined/Consolidated Statements of Stockholders' Equity for the three and six months ended June 30 , 2024 and 2023 5 Condensed Combined/Consolidated Statements of Cash Flows for the six months ended June 30 , 2024 and 2023 6 Notes to the Unaudited Condensed Combined/Consolidated Financial Statements 7
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 Disclosure About Market Risk
Item 3. Quantitative and Qualitative Disclosure About Market Risk 51
Controls and Procedures
Item 4. Controls and Procedures 51
- Other Information
Part II - Other Information
Legal Proceedings
Item 1. Legal Proceedings 53
Risk Factors
Item 1A. Risk Factors 53
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 92
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 92
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 92
Other Information
Item 5. Other Information 92
Exhibits
Item 6. Exhibits 93
Signatures
Signatures 94 Table of Contents
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed in Part II, Item 1A "Risk Factors" in this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to i
Financial Statements
Item 1. Financial Statements PACS GROUP, INC. AND SUBSIDIARIES CONDENSED COMBINED/CONSOLIDATED BALANCE SHEETS (dollars in thousands, except for share and per share values) (unaudited) June 30, December 31, 2024 2023 ASSETS Current Assets: Cash and cash equivalents $ 73,374 $ 73,416 Accounts receivable, net 610,577 547,807 Other receivables 50,396 52,259 Prepaid expenses and other current assets 66,301 48,665 Total Current Assets 800,648 722,147 Property and equipment, net 763,904 577,528 Operating lease right-of-use assets 2,112,914 2,007,812 Insurance subsidiary deposits and investments 35,476 — Escrow funds 19,531 15,649 Goodwill and other indefinite-lived assets 65,291 65,291 Other assets 98,584 124,312 Total Assets $ 3,896,348 $ 3,512,739 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 125,746 $ 140,947 Accrued payroll and benefits 107,077 92,234 Current operating lease liabilities 113,278 109,438 Current maturities of long term debt 15,745 16,822 Current portion of accrued self-insurance liabilities 31,252 27,536 Other accrued expenses 75,003 69,949 Total Current Liabilities 468,101 456,926 Long-term operating lease liabilities 2,068,585 1,961,997 Accrued benefits, less current portion 6,738 6,738 Lines of credit 248,000 520,000 Long-term debt, less current maturities, net of deferred financing fees 227,107 195,708 Accrued self-insurance liabilities, less current portion 172,111 146,167 Other liabilities 127,472 123,477 Total Liabilities $ 3,318,114 $ 3,411,013 Commitments and contingencies (Note 11) Equity: PACS Group, Inc. stockholders' equity: Common stock: $ 0.001 par value; 1,250,000,000 shares authorized, 152,399,733 shares issued and outstanding as of June 30, 2024, and 64,361,693,000 shares authorized, 128,723,386 shares issued and outstanding as of December 31, 2023 152 129 Additional paid-in capital 471,472 — Retained earnings 100,504 95,997 Total stockholders' equity 572,128 96,126 No