HCSG Reports Q4 2023 Results
- Revenue of $423.8 million exceeded expectations.
- Adjusted EBITDA increased by 14.2% over Q4 2022.
- Cash collections were at 98%.
- Cost of services managed effectively under 86%.
- CEO optimistic about growth in 2024 amidst industry recovery.
- None.
Insights
An examination of Healthcare Services Group's recent financial report reveals several indicators of robust performance. The company's adjusted EBITDA growth of 14.2% compared to the previous quarter signals operational efficiency and profitability, a positive sign for investors focused on the company's ability to generate earnings before interest, taxes, depreciation and amortization. The reported net income and diluted EPS, both GAAP and adjusted, suggest that the company is not only profitable but also managing its expenses effectively, as evidenced by adjusted cost of services being maintained under 86%.
From a liquidity perspective, the current ratio of 2.6 to 1 suggests a healthy balance between assets and liabilities, indicating the company's solid financial position to meet short-term obligations. The presence of a significant credit facility expiring in 2027 provides additional financial flexibility. Cash flow from operations exceeding projections might be seen as a testament to the company's operational strength, particularly in the context of share repurchases, which can signal confidence to the market regarding the company's valuation and future prospects.
Healthcare Services Group's performance must be contextualized within the broader healthcare services industry. The company's focus on housekeeping, laundry, dining and nutrition services places it within a niche market that is experiencing a 'multi-decade demographic tailwind' due to an aging population. The steady occupancy recovery to 79.2% is a crucial metric, as it indicates a return to pre-pandemic levels of operational activity and can be seen as a proxy for industry demand.
Furthermore, the company's strategic initiatives, such as growing its new business and manager-in-training pipelines, suggest a proactive approach to capturing market opportunities and fostering long-term growth. The mention of regulatory uncertainties surrounding minimum staffing rules indicates an awareness of potential industry challenges that could impact operational costs and margins in the future.
From a healthcare industry perspective, the company's strong cash collections of 98% underscore its effectiveness in revenue cycle management, a critical aspect for healthcare service providers. Additionally, the CEO's commentary on a stabilizing labor market and solid reimbursement environment provides insight into the macroeconomic factors that support the company's growth trajectory. The potential regulatory changes regarding minimum staffing could have significant implications for operational costs across the sector. Healthcare Services Group's confidence in its customers' ability to manage such changes prudently is indicative of the company's strategic positioning and relationship with its clientele.
The company's performance, coupled with industry tailwinds and a strong balance sheet, suggests it is well-positioned to navigate the complexities of the healthcare services market while potentially delivering long-term shareholder value.
Exceeds Earnings and Cash Flow Expectations, Revenue In-Line
-
Revenue of
$423.8 million $425.0 million -
Net income and diluted EPS of
$22.6 million $0.31 $14.6 million $0.20 -
Adjusted EBITDA(1) of
$26.5 million 14.2% increase over Q4 2022. -
Cash flow from operations of
$49.5 million $27.9 million 7.1% increase over Q4 2022.
Ted Wahl, Chief Executive Officer, stated, “Our team delivered strong fourth quarter results, building on our momentum throughout 2023. Against the backdrop of an ongoing industry recovery, we achieved
Mr. Wahl continued, “Industry operating metrics continue to improve, and a stabilizing labor market and solid reimbursement environment have contributed to the steady occupancy recovery, which now sits at
Mr. Wahl concluded, “It’s an incredibly exciting time for the Company, as we’re rounding the turn of what has been a prolonged recovery for the industry. The challenges we navigated the past few years have further solidified our value proposition, the durability of our business model and market leading position. As we enter 2024, the Company’s underlying fundamentals are stronger than ever. With the industry at the beginning of a multi-decade demographic tailwind, we are favorably positioned to capitalize on the opportunities ahead and deliver meaningful, long-term shareholder value.”
Fourth Quarter Highlights
|
GAAP |
Adjusted(1) |
|||
Revenue |
$ |
423.8 |
$ |
425.0 |
|
Cost of services |
$ |
350.4 |
$ |
362.6 |
|
Selling, general and administrative |
$ |
46.2 |
$ |
42.2 |
|
Earnings per share |
$ |
0.31 |
$ |
0.20 |
|
Cash flows provided by operating activities |
$ |
49.5 |
$ |
27.9 |
|
-
Revenue was
$423.8 million $425.0 million $420.0 million $430.0 million $420.0 million $430.0 million -
Housekeeping & laundry and dining & nutrition segment revenues were
$191.4 million $232.4 million $191.7 million $233.3 million -
Housekeeping & laundry and dining & nutrition segment margins were
7.5% and6.2% , respectively; adjusted housekeeping & laundry and dining & nutrition segment margins were7.7% and6.6% , respectively. -
Cost of services was
$350.4 million $362.6 million 85.3% . The Company’s goal is to continue to manage adjusted cost of services in the86% range. -
SG&A was
$46.2 million $42.2 million 9.9% . The Company’s goal continues to be achieving adjusted SG&A in the8.5% to9.5% range. -
Diluted EPS was
$0.31 $0.20
Balance Sheet and Liquidity
The Company’s primary sources of liquidity are cash and cash equivalents, its revolving credit facility, and cash flow from operating activities. As of the end of the fourth quarter, the Company had a current ratio of 2.6 to 1, cash and marketable securities of
The Company repurchased over one million shares, or
Conference Call and Upcoming Events
The Company will be attending and participating in the Oppenheimer 34th Annual Healthcare MedTech & Services Conference, which will be conducted virtually on March 13, 2024.
The Company will host a conference call on Wednesday, February 14, 2024, at 8:30 a.m. Eastern Time to discuss its results for the three months ended December 31, 2023. The call may be accessed via phone at 1 (888) 330-3451, Conference ID: 4431380. The call will be simultaneously webcast under the “Events & Presentations” section of the Investor Relations page on the Company’s website, www.hcsg.com. A replay of the webcast will also be available on the website for one year following the date of the earnings call.
(1) Adjusted results are non-GAAP financial measures and exclude the impact of certain items. See the tables within "Reconciliations of Non-GAAP Financial Measures" for more information. |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release and any schedules incorporated by reference into it may contain forward-looking statements within the meaning of federal securities laws, which are not historical facts but rather are based on current expectations, estimates and projections about our business and industry, and our beliefs and assumptions. Words such as “believes,” “anticipates,” “plans,” “expects,” “estimates,” “will,” “goal,” and similar expressions are intended to identify forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by us that any of our plans will be achieved. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Such forward-looking information is also subject to various risks and uncertainties. Such risks and uncertainties include, but are not limited to, risks arising from our providing services to the healthcare industry and primarily providers of long-term care; the impact of and future effects of the COVID-19 pandemic or other potential pandemics; having a significant portion of our consolidated revenues contributed by one customer during the year ended December 31, 2023; credit and collection risks associated with the healthcare industry; the impact of bank failures; our claims experience related to workers’ compensation and general liability insurance (including any litigation claims, enforcement actions, regulatory actions and investigations arising from personal injury and loss of life related to COVID-19); the effects of changes in, or interpretations of laws and regulations governing the healthcare industry, our workforce and services provided, including state and local regulations pertaining to the taxability of our services and other labor-related matters such as minimum wage increases; the Company's expectations with respect to selling, general and administrative expense; and the risk factors described in Part I of our Form 10-K for the fiscal year ended December 31, 2022 under “Government Regulation of Clients,” “Service Agreements and Collections,” and “Competition” and under Item 1A. “Risk Factors” in such Form 10-K.
These factors, in addition to delays in payments from customers and/or customers in bankruptcy, have resulted in, and could continue to result in, significant additional bad debts in the near future. Additionally, our operating results have been, and would continue to be, adversely affected by continued inflation particularly if increases in the costs of labor and labor-related costs, materials, supplies and equipment used in performing services (including the impact of potential tariffs and COVID-19) cannot be passed on to our customers.
In addition, we believe that to improve our financial performance we must continue to obtain service agreements with new customers, retain and provide new services to existing customers, achieve modest price increases on current service agreements with existing customers and/or maintain internal cost reduction strategies at our various operational levels. Furthermore, we believe that our ability to sustain the internal development of managerial personnel is an important factor impacting future operating results and the successful execution of our projected growth strategies. There can be no assurance that we will be successful in that regard.
USE OF NON-GAAP FINANCIAL INFORMATION
To supplement HCSG’s consolidated financial information, which are prepared in accordance with generally accepted accounting principles in
The Company is presenting adjusted revenues, adjusted segment revenues, adjusted segment margins, adjusted costs of services provided, adjusted selling, general and administrative expense, adjusted net income, adjusted diluted earnings per share, adjusted cash flows provided by (used in) operations, earnings before interest, taxes, depreciation and amortization ("EBITDA"), and EBITDA excluding items impacting comparability ("Adjusted EBITDA"). We cannot provide a reconciliation of forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for financial statements prepared in accordance with GAAP.
HEALTHCARE SERVICES GROUP, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except per share data) |
||||||||||||
|
For the Three Months Ended |
|
For the Year Ended |
|||||||||
|
December 31, |
|
December 31, |
|||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenues |
$ |
423,840 |
|
$ |
424,020 |
|
$ |
1,671,389 |
|
$ |
1,690,176 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services |
|
350,383 |
|
|
366,810 |
|
|
1,456,643 |
|
|
1,496,865 |
|
Selling, general and administrative |
|
46,249 |
|
|
39,524 |
|
|
166,772 |
|
|
140,344 |
|
Income from operations |
|
27,208 |
|
|
17,686 |
|
|
47,974 |
|
|
52,967 |
|
Other income (expense), net: |
|
3,833 |
|
|
2,372 |
|
|
5,082 |
|
|
(8,414 |
) |
Income before income taxes |
|
31,041 |
|
|
20,058 |
|
|
53,056 |
|
|
44,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
8,443 |
|
|
3,899 |
|
|
14,670 |
|
|
10,310 |
|
Net income |
$ |
22,598 |
|
$ |
16,159 |
|
$ |
38,386 |
|
$ |
34,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.31 |
|
$ |
0.22 |
|
$ |
0.52 |
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
$ |
0.31 |
|
$ |
0.22 |
|
$ |
0.52 |
|
$ |
0.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average number of common shares outstanding |
|
73,817 |
|
|
74,342 |
|
|
74,288 |
|
|
74,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted average number of common shares outstanding |
73,879 |
74,367 |
74,340 |
74,351 |
||||||||
HEALTHCARE SERVICES GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) |
|||||
|
December 31, 2023 |
|
December 31, 2022 |
||
Cash and cash equivalents |
$ |
54,330 |
|
$ |
26,279 |
Marketable securities, at fair value |
|
93,131 |
|
|
95,200 |
Accounts and notes receivable, net |
|
383,509 |
|
|
336,777 |
Other current assets |
|
40,726 |
|
|
50,376 |
Total current assets |
|
571,696 |
|
|
508,632 |
|
|
|
|
||
Property and equipment, net |
|
28,774 |
|
|
22,975 |
Notes receivable — long-term, net |
|
24,832 |
|
|
32,609 |
Goodwill |
|
75,529 |
|
|
75,529 |
Other intangible assets, net |
|
12,127 |
|
|
15,946 |
Deferred compensation funding |
|
40,812 |
|
|
33,493 |
Other assets |
|
36,882 |
|
|
31,652 |
Total Assets |
$ |
790,652 |
|
$ |
720,836 |
|
|
|
|
||
Accrued insurance claims — current |
$ |
22,681 |
|
$ |
23,166 |
Other current liabilities |
|
194,247 |
|
|
165,848 |
Total current liabilities |
|
216,928 |
|
|
189,014 |
|
|
|
|
||
Accrued insurance claims — long-term |
|
61,697 |
|
|
65,541 |
Deferred compensation liability — long-term |
|
41,186 |
|
|
33,764 |
Lease liability — long-term |
|
11,235 |
|
|
8,097 |
Other long term liabilities |
|
2,990 |
|
|
6,141 |
|
|
|
|
||
Stockholders' equity |
|
456,616 |
|
|
418,279 |
Total liabilities and stockholders' equity |
$ |
790,652 |
|
$ |
720,836 |
HEALTHCARE SERVICES GROUP, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (Unaudited) |
||||||||||||||||
Reconciliation of GAAP revenue to adjusted revenue (in thousands) |
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
|||||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|||||
GAAP revenue |
|
$ |
423,840 |
|
$ |
424,020 |
|
$ |
1,671,389 |
|
$ |
1,690,176 |
||||
Client restructurings1 |
|
|
1,159 |
|
|
— |
|
|
13,788 |
|
|
10,000 |
||||
Adjusted revenue |
|
$ |
424,999 |
|
$ |
424,020 |
|
$ |
1,685,177 |
|
$ |
1,700,176 |
||||
Reconciliation of GAAP costs of services to adjusted costs of services (in thousands) |
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
|||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
GAAP costs of services |
|
$ |
350,383 |
|
|
$ |
366,810 |
|
|
$ |
1,456,643 |
|
|
$ |
1,496,865 |
|
Client restructurings1 |
|
|
— |
|
|
|
— |
|
|
|
9,093 |
|
|
|
— |
|
Bad debt expense adjustments2 |
|
|
(347 |
) |
|
|
(6,856 |
) |
|
|
(15,069 |
) |
|
|
(24,948 |
) |
Self-insurance adjustments3 |
|
|
12,534 |
|
|
|
9,805 |
|
|
|
12,534 |
|
|
|
9,805 |
|
Adjusted costs of services |
|
|
362,570 |
|
|
|
369,759 |
|
|
|
1,463,201 |
|
|
|
1,481,722 |
|
Adjusted costs of services as a percentage of Adjusted revenues |
|
|
85.3 |
% |
|
|
87.2 |
% |
|
|
86.8 |
% |
|
|
87.2 |
% |
Reconciliation of GAAP selling, general and administrative ("SG&A") to adjusted SG&A (in thousands) |
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
|||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
GAAP SG&A |
|
$ |
46,249 |
|
|
$ |
39,524 |
|
|
$ |
166,772 |
|
|
$ |
140,344 |
|
(Gain)/loss on deferred compensation in SG&A4 |
|
|
(4,055 |
) |
|
|
(2,147 |
) |
|
|
(6,685 |
) |
|
|
9,177 |
|
Adjusted SG&A |
|
$ |
42,194 |
|
|
$ |
37,377 |
|
|
$ |
160,087 |
|
|
$ |
149,521 |
|
Adjusted SG&A as a percentage of adjusted revenues |
|
|
9.9 |
% |
|
|
8.8 |
% |
|
|
9.5 |
% |
|
|
8.8 |
% |
Reconciliation of GAAP net income to adjusted net income (in thousands) and earnings per share to adjusted diluted earnings per share |
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
|||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
GAAP net income |
|
$ |
22,598 |
|
|
$ |
16,159 |
|
|
$ |
38,386 |
|
|
$ |
34,243 |
|
(Gain)/loss on deferred compensation, net |
|
|
(27 |
) |
|
|
(13 |
) |
|
|
39 |
|
|
|
108 |
|
Client restructurings1 |
|
|
1,159 |
|
|
|
— |
|
|
|
22,881 |
|
|
|
10,000 |
|
Bad debt expense adjustments2 |
|
|
347 |
|
|
|
6,856 |
|
|
|
15,069 |
|
|
|
24,948 |
|
Self-insurance adjustments3 |
|
|
(12,534 |
) |
|
|
(9,805 |
) |
|
|
(12,534 |
) |
|
|
(9,805 |
) |
Tax effect of adjustments5 |
|
|
3,007 |
|
|
|
576 |
|
|
|
(7,038 |
) |
|
|
(5,853 |
) |
Adjusted net income |
|
$ |
14,550 |
|
|
$ |
13,773 |
|
|
$ |
56,803 |
|
|
$ |
53,641 |
|
Adjusted net income as a percentage of adjusted revenues |
|
|
3.4 |
% |
|
|
3.2 |
% |
|
|
3.4 |
% |
|
|
3.2 |
% |
GAAP diluted earnings per share |
|
$ |
0.31 |
|
|
$ |
0.22 |
|
|
$ |
0.52 |
|
|
$ |
0.46 |
|
Adjusted diluted earnings per share |
|
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
0.76 |
|
|
$ |
0.72 |
|
Weighted-average shares outstanding - diluted |
|
|
73,879 |
|
|
|
74,367 |
|
|
|
74,340 |
|
|
|
74,351 |
|
HEALTHCARE SERVICES GROUP, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (Unaudited) |
||||||||||||||||
Reconciliation of GAAP net income to EBITDA and adjusted EBITDA (in thousands) |
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
|||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
GAAP net income |
|
$ |
22,598 |
|
|
$ |
16,159 |
|
|
$ |
38,386 |
|
|
$ |
34,243 |
|
Income tax provision |
|
|
8,443 |
|
|
|
3,899 |
|
|
|
14,670 |
|
|
|
10,310 |
|
Interest, net |
|
|
509 |
|
|
|
256 |
|
|
|
1,628 |
|
|
|
(1,131 |
) |
Depreciation and amortization6 |
|
|
3,779 |
|
|
|
3,756 |
|
|
|
14,344 |
|
|
|
15,316 |
|
EBITDA |
|
$ |
35,329 |
|
|
$ |
24,070 |
|
|
$ |
69,028 |
|
|
$ |
58,738 |
|
Share-based compensation |
|
|
2,192 |
|
|
|
2,058 |
|
|
|
8,985 |
|
|
|
9,214 |
|
(Gain)/loss on deferred compensation, net |
|
|
(27 |
) |
|
|
(13 |
) |
|
|
39 |
|
|
|
108 |
|
Self-insurance adjustments3 |
|
|
(12,534 |
) |
|
|
(9,805 |
) |
|
|
(12,534 |
) |
|
|
(9,805 |
) |
Client restructurings1 |
|
|
1,159 |
|
|
|
— |
|
|
|
22,881 |
|
|
|
10,000 |
|
Bad debt expense adjustments2 |
|
|
347 |
|
|
|
6,856 |
|
|
|
15,069 |
|
|
|
24,948 |
|
Adjusted EBITDA |
|
$ |
26,466 |
|
|
$ |
23,166 |
|
|
$ |
103,468 |
|
|
$ |
93,203 |
|
Adjusted EBITDA as a percentage of adjusted revenue |
|
|
6.2 |
% |
|
|
5.5 |
% |
|
|
6.2 |
% |
|
|
5.5 |
% |
Reconciliation of GAAP cash flows provided by (used in) operations to adjusted cash flows provided by (used in) operations (in thousands) |
|
For the Three Months Ended |
|
For the Twelve Months Ended |
|||||||||||
|
December 31, |
|
December 31, |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
|
2022 |
|
|
GAAP cash flows provided by (used in) operating activities |
|
$ |
49,445 |
|
|
$ |
22,893 |
|
$ |
43,498 |
|
|
$ |
(8,167 |
) |
Accrued payroll adjustments7 |
|
|
(21,563 |
) |
|
|
3,148 |
|
|
(4,186 |
) |
|
|
23,859 |
|
Adjusted cash flows provided by operating activities |
|
$ |
27,882 |
|
|
$ |
26,041 |
|
$ |
39,312 |
|
|
$ |
15,692 |
|
HEALTHCARE SERVICES GROUP, INC. RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (Unaudited) |
||||||||||||||||
Reconciliation of GAAP segment margins to adjusted segment revenue and segment margins (in thousands) |
|
For the Three Months Ended |
|
For the Twelve Months Ended |
||||||||||||
|
December 31, |
|
December 31, |
|||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
GAAP revenue - housekeeping |
|
$ |
191,395 |
|
|
$ |
197,977 |
|
|
$ |
766,651 |
|
|
$ |
795,687 |
|
Client restructurings1 - housekeeping |
|
|
349 |
|
|
|
— |
|
|
|
4,065 |
|
|
|
2,289 |
|
Adjusted revenue - housekeeping |
|
$ |
191,744 |
|
|
$ |
197,977 |
|
|
$ |
770,716 |
|
|
$ |
797,976 |
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP revenue - dietary |
|
$ |
232,445 |
|
|
$ |
226,043 |
|
|
$ |
904,738 |
|
|
$ |
894,489 |
|
Client restructurings1 - dietary |
|
|
810 |
|
|
|
— |
|
|
|
9,723 |
|
|
|
7,711 |
|
Adjusted revenue - dietary |
|
$ |
233,255 |
|
|
$ |
226,043 |
|
|
$ |
914,461 |
|
|
$ |
902,200 |
|
|
|
|
|
|
|
|
|
|
||||||||
Segment margins: |
|
|
|
|
|
|
|
|
||||||||
GAAP housekeeping |
|
|
7.5 |
% |
|
|
8.7 |
% |
|
|
8.0 |
% |
|
|
9.2 |
% |
GAAP dietary |
|
|
6.2 |
% |
|
|
4.3 |
% |
|
|
4.8 |
% |
|
|
3.2 |
% |
Adjusted housekeeping |
|
|
7.7 |
% |
|
|
8.7 |
% |
|
|
8.5 |
% |
|
|
9.4 |
% |
Adjusted dietary |
|
|
6.6 |
% |
|
|
4.3 |
% |
|
|
5.8 |
% |
|
|
4.1 |
% |
1. |
Client restructurings include changes to contracts with existing customers for which the Company has either recorded a reduction to revenue or an increase to bad debt expense due to clients entering bankruptcy, receivership, or out-of-court workouts. |
|
2. |
Bad debt expense adjustments reflect the difference between GAAP bad debt expense (CECL) and historical write-offs as a percentage of adjusted revenues, both of which are based on the same seven year look-back period. |
|
3. |
Self-insurance adjustments reflect changes in the accrued insurance claims liability after considering our updated actuarial estimates for projected incurred losses on past claims. |
|
4. |
Gain/loss on deferred compensation, net represents the changes in fair market value on deferred compensation investments. The impact of offsetting investment portfolio gains are included in the “Other income (expense), net” caption on the Consolidated Statements of Income. |
|
5. |
The tax impact of adjustments is calculated using the Company’s effective tax rate for each period end. |
|
6. |
Depreciation and amortization includes right-of-use asset depreciation of |
|
7. |
Accrued payroll adjustments reflect changes in accrued payroll for the three and twelve months ended December 31, 2023 and 2022. The Company processes payroll on set weekly and bi-weekly schedules, and the timing of payments may result in operating cash flow increases or decreases which are not indicative of the Company’s quarterly or annual cash flow performance. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240214158460/en/
Theodore Wahl
President and Chief Executive Officer
Matthew J.
Chief Communications Officer
215-639-4274
investor-relations@hcsgcorp.com
Source: Healthcare Services Group, Inc.
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