Ensign Group Q3 Revenue Dips Slightly to $270M
Ticker: ENSG · Form: 10-Q · Filed: Oct 24, 2024 · CIK: 1125376
Sentiment: neutral
Topics: healthcare, skilled-nursing, financials, revenue
TL;DR
ENSG Q3 revenue down slightly YoY to $270M. Watch for margin trends.
AI Summary
Ensign Group, Inc. reported its third-quarter results for the period ending September 30, 2024. The company's revenue from contracts with customers, excluding assessed taxes, for the nine months ended September 30, 2024, was $270 million. For the same period in 2023, the revenue was $273 million. The company operates skilled nursing facilities and is based in San Juan Capistrano, CA.
Why It Matters
This filing provides insight into Ensign Group's recent financial performance, indicating a slight decrease in revenue compared to the previous year, which could impact investor sentiment and future growth expectations.
Risk Assessment
Risk Level: medium — The slight year-over-year decrease in revenue suggests potential headwinds or increased competition in the skilled nursing sector.
Key Numbers
- $270M — Revenue (9 months ended 9/30/2024) (Represents the company's top-line performance for the year-to-date period.)
- $273M — Revenue (9 months ended 9/30/2023) (Provides a year-over-year comparison point for revenue.)
Key Players & Entities
- ENSIGN GROUP, INC (company) — Filer of the 10-Q
- 2024-09-30 (date) — End of the reporting period
- $270 million (dollar_amount) — Revenue for the nine months ended September 30, 2024
- $273 million (dollar_amount) — Revenue for the nine months ended September 30, 2023
- San Juan Capistrano, CA (location) — Company's business and mailing address
FAQ
What was Ensign Group's revenue for the nine months ended September 30, 2024?
Ensign Group's revenue from contracts with customers, excluding assessed taxes, for the nine months ended September 30, 2024, was $270 million.
How does the 2024 nine-month revenue compare to the same period in 2023?
The revenue for the nine months ended September 30, 2024 ($270 million) was slightly lower than the revenue for the same period in 2023 ($273 million).
What is the primary business of Ensign Group, Inc.?
Ensign Group, Inc. operates in the Services-Skilled Nursing Care Facilities sector, as indicated by its Standard Industrial Classification code [8051].
Where is Ensign Group, Inc. headquartered?
Ensign Group, Inc. is located at 29222 Rancho Viejo Rd., Suite 127, San Juan Capistrano, CA 92675.
What is the fiscal year end for Ensign Group, Inc.?
The fiscal year end for Ensign Group, Inc. is December 31.
Filing Stats: 4,704 words · 19 min read · ~16 pages · Grade level 15 · Accepted 2024-10-24 16:04:38
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share ENSG NASDAQ Global Select Mar
Filing Documents
- ensg-20240930.htm (10-Q) — 3186KB
- ensgq32024ex311.htm (EX-31.1) — 12KB
- ensgq32024ex312.htm (EX-31.2) — 13KB
- ensgq32024ex321.htm (EX-32.1) — 11KB
- ensgq32024ex322.htm (EX-32.2) — 11KB
- ensg-20240930_g1.jpg (GRAPHIC) — 13KB
- 0001125376-24-000171.txt ( ) — 12435KB
- ensg-20240930.xsd (EX-101.SCH) — 71KB
- ensg-20240930_cal.xml (EX-101.CAL) — 97KB
- ensg-20240930_def.xml (EX-101.DEF) — 401KB
- ensg-20240930_lab.xml (EX-101.LAB) — 848KB
- ensg-20240930_pre.xml (EX-101.PRE) — 655KB
- ensg-20240930_htm.xml (XML) — 1909KB
Financial Information
PART I. Financial Information Pg.
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited): Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 5 Notes to Condensed 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 30
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 70
Controls and Procedures
Item 4. Controls and Procedures 71 P ART II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 71
Risk Factors
Item 1A. Risk Factors 74
Other Information
Item 5. Other Information 104
Exhibits
Item 6. Exhibits 105
Signatures
Signatures Table of Contents PART I.
FINANCIAL STATEMENTS
Item 1. FINANCIAL STATEMENTS THE ENSIGN GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par values) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 532,066 $ 509,626 Accounts receivable—less allowance for doubtful accounts of $ 9,822 and $ 9,348 at September 30, 2024 and December 31, 2023, respectively 554,091 485,039 Investments—current 38,969 17,229 Prepaid income taxes 25,960 3,830 Prepaid expenses and other current assets 45,844 31,206 Total current assets $ 1,196,930 $ 1,046,930 Property and equipment, net 1,217,689 1,090,771 Right-of-use assets 1,904,181 1,756,430 Insurance subsidiary deposits and investments 115,496 92,687 Deferred tax assets 65,193 67,124 Restricted and other assets 45,753 40,205 Intangible assets, net 6,676 6,525 Goodwill 77,241 76,869 TOTAL ASSETS $ 4,629,159 $ 4,177,541 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 90,274 $ 92,811 Accrued wages and related liabilities 353,563 332,568 Lease liabilities—current 93,868 82,526 Accrued self-insurance liabilities—current 57,989 54,664 Other accrued liabilities 169,195 168,228 Current maturities of long-term debt 4,051 3,950 Total current liabilities $ 768,940 $ 734,747 Long-term debt—less current maturities 142,577 145,497 Long-term lease liabilities—less current portion 1,777,566 1,639,326 Accrued self-insurance liabilities—less current portion 126,037 111,246 Other long-term liabilities 63,092 49,408 TOTAL LIABILITIES $ 2,878,212 $ 2,680,224 Commitments and contingencies (Notes 15 and 20) EQUITY Ensign Group, Inc. stockholders' equity: Common stock: $ 0.001 par value; 150,000 shares authorized; 60,681 and 57,281 shares issued and shares outstanding at September 30, 2024, respectively, and 59,987 and 56,597 shares issued and shares outstanding at December 31, 2023, respectively 61 60 Additional paid-in capital 514,336 465,707 Retained earnings 1,350,