PACS Group Files S-1 for IPO
Ticker: PACS · Form: S-1 · Filed: Sep 3, 2024 · CIK: 2001184
Sentiment: neutral
Topics: ipo, sec-filing, healthcare
TL;DR
PACS Group is going public, filing S-1 on 9/3/24. Get ready for skilled nursing IPO.
AI Summary
PACS Group, Inc. filed an S-1 form on September 3, 2024, indicating its intention to go public. The company, based in Farmington, UT, operates in the skilled nursing care facilities sector. The filing provides financial data for the periods ending December 31, 2020, 2021, 2022, and 2023, as well as interim periods in 2023 and 2024.
Why It Matters
This S-1 filing marks the initial step for PACS Group, Inc. to become a publicly traded company, potentially impacting the skilled nursing care sector and investor opportunities.
Risk Assessment
Risk Level: medium — As an S-1 filing, it represents a company seeking to enter the public market, which inherently carries risks associated with IPOs and the specific industry.
Key Numbers
- 2020-12-31 — Fiscal Year End (Financial data reported up to this date.)
- 2023-12-31 — Fiscal Year End (Financial data reported up to this date.)
- 2024-06-30 — Interim Period End (Financial data reported up to this date.)
Key Players & Entities
- PACS Group, Inc. (company) — Filer of the S-1 document
- 20240903 (date) — Filing date of the S-1
- Farmington, UT (location) — Company's business address
- 8051 (industry_code) — Standard Industrial Classification for Skilled Nursing Care Facilities
FAQ
What is the primary business of PACS Group, Inc.?
PACS Group, Inc. operates within the Services-Skilled Nursing Care Facilities sector, as indicated by its SIC code 8051.
When was the S-1 filing submitted?
The S-1 filing was submitted on September 3, 2024.
Where is PACS Group, Inc. located?
The company's business and mailing address is located at 262 N. University Avenue, Farmington, UT 84025.
What fiscal periods are covered by the financial data in the filing?
The filing includes financial data for fiscal years ending December 31, 2020, 2021, 2022, and 2023, as well as interim periods in 2023 and 2024.
What is the SEC file number for this S-1 filing?
The SEC file number for this S-1 filing is 333-281904.
Filing Stats: 4,555 words · 18 min read · ~15 pages · Grade level 14.2 · Accepted 2024-09-03 16:08:04
Key Financial Figures
- $39.67 — rted on the New York Stock Exchange was $39.67 per share. The selling stockholders ha
- $209.3 billion — industry expenditures to increase from $209.3 billion in 2023 to $337.4 billion in 2032, repr
- $337.4 billion — increase from $209.3 billion in 2023 to $337.4 billion in 2032, representing a compound annual
- $1.9 billion — and 2023, we generated total revenue of $1.9 billion and $1.5 billion, respectively. A subst
- $1.5 b — rated total revenue of $1.9 billion and $1.5 billion, respectively. A substantial port
- $38.2 m — 2024, we generated total net income of $38.2 million, total operating expense of $1.8
- $1.8 billion — 8.2 million, total operating expense of $1.8 billion and Adjusted EBITDA of $188.2 million.
- $188.2 million — of $1.8 billion and Adjusted EBITDA of $188.2 million. For the six months ended June 30, 2023
- $58.8 m — 2023, we generated total net income of $58.8 million, total operating expense of $1.4
- $1.4 billion — 8.8 million, total operating expense of $1.4 billion and Adjusted EBITDA of $122.4 million.
- $122.4 million — of $1.4 billion and Adjusted EBITDA of $122.4 million. For the year ended December 31, 2023,
- $3.1 b — 31, 2023, we generated total revenue of $3.1 billion, and Medicare and Medicaid accoun
- $2.4 b — 31, 2022, we generated total revenue of $2.4 billion, and Medicare and Medicaid accoun
- $112.9 m — 2023, we generated total net income of $112.9 million, total operating expense of $2.9
- $2.9 billion — 2.9 million, total operating expense of $2.9 billion and Adjusted EBITDA of $237.5 million.
Filing Documents
- pacs-20240903.htm (S-1) — 4040KB
- exhibit107-followonsx1.htm (EX-FILING FEES) — 21KB
- exhibit11-followonsx1.htm (EX-1.1) — 255KB
- exhibit51-followonsx1.htm (EX-5.1) — 19KB
- exhibit211-followonsx1.htm (EX-21.1) — 318KB
- exhibit232-followonsx1.htm (EX-23.2) — 2KB
- image_1.jpg (GRAPHIC) — 54KB
- pacs-20240903_g1.jpg (GRAPHIC) — 7KB
- pacs-20240903_g2.jpg (GRAPHIC) — 182KB
- pacs-20240903_g3.jpg (GRAPHIC) — 302KB
- pacs-20240903_g4.jpg (GRAPHIC) — 66KB
- pacs-20240903_g5.jpg (GRAPHIC) — 99KB
- pacs-20240903_g6.jpg (GRAPHIC) — 972KB
- pacs-20240903_g7.jpg (GRAPHIC) — 71KB
- pacs-20240903_g8.jpg (GRAPHIC) — 14KB
- 0001628280-24-039113.txt ( ) — 21637KB
- pacs-20240903.xsd (EX-101.SCH) — 86KB
- pacs-20240903_cal.xml (EX-101.CAL) — 134KB
- pacs-20240903_def.xml (EX-101.DEF) — 502KB
- pacs-20240903_lab.xml (EX-101.LAB) — 788KB
- pacs-20240903_pre.xml (EX-101.PRE) — 882KB
- pacs-20240903_htm.xml (XML) — 1888KB
RISK FACTORS
RISK FACTORS 21 SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS 66
USE OF PROCEEDS
USE OF PROCEEDS 68 DIVIDEND POLICY 69 CAPITALIZATION 70
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 74
BUSINESS
BUSINESS 105 MANAGEMENT 132 COMPENSATION DISCUSSION AND ANALYSIS 140 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS 155 PRINCIPAL AND SELLING STOCKHOLDERS 158
DESCRIPTION OF CAPITAL STOCK
DESCRIPTION OF CAPITAL STOCK 160 SHARES ELIGIBLE FOR FUTURE SALE 167 MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS 170 UNDERWRITING (CONFLICTS OF INTEREST) 174 LEGAL MATTERS 184 EXPERTS 184 WHERE YOU CAN FIND MORE INFORMATION 184 INDEX TO FINANCIAL STATEMENTS F- 1 You should rely only on the information contained in this prospectus or contained in any free writing prospectus filed with the Securities and Exchange Commission (SEC) prepared by or on behalf of us that we have referred to you. Neither we, the selling stockholders, nor the underwriters have authorized anyone to provide you with any information other than that contained in this prospectus, any amendment or supplement to this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. Neither we, the selling stockholders, nor the underwriters take responsibility for, and can provide assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares of our common stock offered by this prospectus, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or of any sale of shares of our common stock. Our business, financial condition, results of operations, and prospects may have changed since such date. For investors outside of the United States: We have not, the selling stockholders have not, and the underwriters have not, done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside of the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, this offering and the d