Pennant Reports 2020 Third Quarter Results
The Pennant Group, Inc. (NASDAQ: PNTG) reported strong financial results for Q3 2020, showcasing GAAP diluted earnings per share of $0.15 and adjusted diluted earnings per share of $0.18. Total revenue reached $98.4 million, marking an 11.3% increase year-over-year. The home health and hospice segment saw a revenue boost of 16.7% to $64.4 million, while senior living services revenue grew by 2.4%. The company revised its 2020 adjusted earnings per share guidance upward to $0.75 - $0.80 and provided 2021 revenue guidance of $430 million to $440 million.
- Total revenue increased by 11.3% to $98.4 million.
- GAAP EPS rose by 150% year-over-year to $0.15.
- Adjusted EPS increased by 63.6% to $0.18.
- Home Health and Hospice segment revenue rose 16.7% to $64.4 million.
- Adjusted EBITDA for Q3 was $8.6 million, up 32% from last year.
- Acquired four home health agencies and two hospice agencies.
- Increased adjusted earnings per share guidance for 2020 to $0.75 - $0.80.
- 2021 revenue guidance set between $430 million and $440 million.
- Senior Living Services segment revenue grew only 2.4%, indicating slower growth compared to other segments.
- Home Health revenue increase of 16.7% may not sustain amid ongoing challenges from COVID-19.
Conference Call and Webcast scheduled for tomorrow, November 11, 2020 at 10:00 am MT
EAGLE, Idaho, Nov. 10, 2020 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, today announced its operating results for the third quarter of fiscal year 2020, reporting GAAP diluted earnings per share of
Third Quarter Highlights
- Total revenue was
$98.4 million , an increase of$10.0 million or11.3% over the prior year quarter;
- GAAP earnings per share was
$0.15 , an increase of150.0% over the prior year quarter, adjusted earnings per share was$0.18 , an increase of63.6% over the spin-adjusted prior year quarter(2), and adjusted EBITDA for the third quarter was$8.6 million , an increase of$2.1 million or32.0% over the prior year quarter;
- Home Health and Hospice Services segment revenue was
$64.4 million , an increase of$9.2 million or16.7% over the prior year quarter, and segment adjusted EBITDAR from operations(3) was$13.5 million , an increase of$5.0 or59.2% over the prior year quarter;
- Total home health admissions were 6,771, an increase of
28.8% sequentially over the second quarter and21.9% over the prior year quarter, and total home health Medicare admissions were 3,418, an increase of39.0% sequentially over the second quarter and31.4% over the prior year quarter;
- Hospice average daily census was 2,177, an increase of
21.8% over the prior year quarter, and hospice total admissions were 2,133, an increase of25.4% over the prior year quarter; and
- Senior Living Services segment revenue was
$34.0 million , an increase of$0.8 million or2.4% over the prior year quarter, segment adjusted EBITDAR from operations(3) was$11.7 million , an increase of1.0% over the prior year quarter, and average monthly revenue per occupied unit was$3,173 , an increase of2.0% over the prior year quarter.
| (1) | See "Reconciliation of GAAP to Non-GAAP Financial Information.” | ||
| (2) | Third quarter 2019 spin-adjusted earnings per share of | ||
| (3) | Segment Adjusted EBITDAR from Operations is defined and outlined in Note 6 on Form 10-Q and is the segment GAAP measure of profit and loss. | ||
Operating Results
Daniel Walker, Pennant’s Chief Executive Officer, commented, “We are pleased to report strong third quarter results as our local leaders continue to drive improved clinical and financial outcomes despite a challenging operating environment. Earlier this year we increased our 2020 annual adjusted earnings per share guidance by approximately
Commenting on the operating results, Mr. Walker reported, “Our home health and hospice segment continues to produce impressive results. Segment revenue increased
“In our senior living segment, we are pleased with the resilience demonstrated by our local leaders and the results we have achieved,” said Mr. Walker, "and we believe this will position our senior living business to produce continued strong results as operating conditions improve. In the months leading up to the onset of COVID-19, our senior living communities were experiencing occupancy gains that outpaced national averages as reported by various industry sources. Although we experienced occupancy declines during the early months of the pandemic, our local teams developed programs to attract new residents and improve the care and quality of life experienced by residents within our communities. These efforts led us to achieve slight occupancy increases in September and October and increase segment EBITDAR over the prior year quarter. We remain committed to driving significant long-term value in our senior living segment.”
During the quarter and since, the Company announced that it completed the acquisition of four home health agencies and two hospice agencies, closed on our previously announced home health joint venture with Scripps Health, a leading nonprofit integrated health system based in San Diego, California, and successfully started two hospice agencies. These transactions bring the total number of operations acquired or started in 2019 and since to 27. “These various transactions are just some of many tools for growth that we deploy based on our leadership pipeline and local market conditions. While we are pleased with the depth and pace of our investment activity over the past two years—all through a complex spin-off transaction, a significant reimbursement change and a global pandemic—we are excited about the opportunities on the horizon and have never been better equipped to execute on our disciplined growth strategy. We have the balance sheet strength, access to capital and, most importantly, the talented local teams supported by expert resources to evaluate and transact quickly and smoothly on a number of deals in the foreseeable future,” said Derek Bunker, Pennant’s Chief Investment Officer.
Jennifer Freeman, Pennant’s Chief Financial Officer, noted that the Company ended the third quarter with
A discussion of the company's use of non-GAAP financial measures is set forth below. A reconciliation of net income to EBITDA, adjusted EBITDAR and adjusted EBITDA, as well as a reconciliation of GAAP earnings per share, net income to adjusted net earnings per share and adjusted net income, appear in the financial data portion of this release. More complete information is contained in the company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2020, which has been filed with the SEC today and can be viewed on the company’s website at www.pennantgroup.com.
Management Guidance
Management increased its 2020 annual adjusted earnings per diluted share guidance to a range of
For the full year 2021, the Company provides the following guidance:
- Total revenue is anticipated to be in the range of
$430 million to$440 million , the midpoint of which represents an increase of14.2% over the midpoint of our full year 2020 revenue guidance.
- Adjusted earnings per share is anticipated to be in the range of
$0.89 t o$0.99 per diluted share, the midpoint of which represents an increase of21.3% over the midpoint of our full year 2020 adjusted earnings per share guidance.
The Company’s 2021 annual guidance is based on diluted weighted average shares outstanding of approximately 30.8 million and a
Conference Call
A live webcast will be held tomorrow, November 11, 2020 at 10:00 a.m. Mountain time (12:00 p.m. Eastern time) to discuss Pennant’s third quarter financial results. To listen to the webcast, or to view any financial or statistical information required by SEC Regulation G, please visit the Investors Relations section of Pennant’s website at https://investor.pennantgroup.com. The webcast will be recorded, and will be available for replay via the website until 5:00 p.m. Mountain time on Friday, December 11, 2020.
About Pennant
The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 75 home health and hospice agencies and 54 senior living communities located throughout Arizona, California, Colorado, Idaho, Iowa, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming. Each of these businesses is operated by a separate, independent operating subsidiary that has its own management, employees and assets. References herein to the consolidated "company" and "its" assets and activities, as well as the use of the terms "we," "us," "its" and similar verbiage, are not meant to imply that The Pennant Group, Inc. has direct operating assets, employees or revenue, or that any of the home health and hospice businesses, senior living communities or the Service Center are operated by the same entity. More information about Pennant is available at www.pennantgroup.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains, and the related conference call and webcast will include, forward-looking statements that are based on management’s current expectations, assumptions and beliefs about its business, financial performance, operating results, the industry in which it operates and other future events. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding growth prospects, future operating and financial performance, and acquisition activities. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to materially and adversely differ from those expressed in any forward-looking statement.
These risks and uncertainties relate to the company’s business, its industry and its common stock and include: reduced prices and reimbursement rates for its services; its ability to acquire, develop, manage or improve operations, its ability to manage its increasing borrowing costs as it incurs additional indebtedness to fund the acquisition and development of operations; its ability to access capital on a cost-effective basis to continue to successfully implement its growth strategy; its operating margins and profitability could suffer if it is unable to grow and manage effectively its increasing number of operations; competition from other companies in the acquisition, development and operation of facilities; its ability to defend claims and lawsuits, including professional liability claims alleging that our services resulted in personal injury, and other regulatory-related claims; and the application of existing or proposed government regulations, or the adoption of new laws and regulations, that could limit its business operations, require it to incur significant expenditures or limit its ability to relocate its operations if necessary. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the company’s periodic filings with the Securities and Exchange Commission, including its Form 10-Q, for a more complete discussion of the risks and other factors that could affect Pennant’s business, prospects and any forward-looking statements. Except as required by the federal securities laws, Pennant does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.
Contact Information
The Pennant Group, Inc.
(208) 506-6100
ir@pennantgroup.com
SOURCE: The Pennant Group, Inc.
THE PENNANT GROUP, INC.
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME
(unaudited, in thousands, except for per-share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||
| Revenue | $ | 98,397 | $ | 88,398 | $ | 282,986 | $ | 249,039 | |||||||||
| Expense | |||||||||||||||||
| Cost of services | 75,486 | 68,286 | 213,834 | 190,053 | |||||||||||||
| Rent—cost of services | 9,721 | 8,538 | 29,194 | 25,368 | |||||||||||||
| General and administrative expense | 7,500 | 8,577 | 21,699 | 23,710 | |||||||||||||
| Depreciation and amortization | 1,212 | 1,071 | 3,434 | 2,843 | |||||||||||||
| Total expenses | 93,919 | 86,472 | 268,161 | 241,974 | |||||||||||||
| Income from operations | 4,478 | 1,926 | 14,825 | 7,065 | |||||||||||||
| Other income (expense): | |||||||||||||||||
| Other income | 225 | — | 225 | — | |||||||||||||
| Interest expense, net | (192 | ) | — | (896 | ) | — | |||||||||||
| Other expense, net | 33 | — | (671 | ) | — | ||||||||||||
| Income before provision for income taxes | 4,511 | 1,926 | 14,154 | 7,065 | |||||||||||||
| Provision for income taxes | 104 | 123 | 2,430 | 91 | |||||||||||||
| Net income | 4,407 | 1,803 | 11,724 | 6,974 | |||||||||||||
| Less: net income attributable to noncontrolling interest | — | 279 | — | 629 | |||||||||||||
| Net income and other comprehensive income attributable to The Pennant Group, Inc. | $ | 4,407 | $ | 1,524 | $ | 11,724 | $ | 6,345 | |||||||||
| Earnings per share(1): | |||||||||||||||||
| Basic | $ | 0.16 | $ | 0.06 | $ | 0.42 | $ | 0.25 | |||||||||
| Dilutive | $ | 0.15 | $ | 0.06 | $ | 0.39 | $ | 0.25 | |||||||||
| Weighted average common shares outstanding: | |||||||||||||||||
| Basic | 28,055 | 27,834 | 27,967 | 27,834 | |||||||||||||
| Dilutive | 30,243 | 27,834 | 29,955 | 27,834 | |||||||||||||
| (1) | The total number of common shares distributed on October 1, 2019 of 27,834 is being utilized for the calculation of basic and diluted earnings per share for all prior periods, as no common stock was outstanding prior to the date of the Spin-Off. | |
THE PENNANT GROUP, INC.
CONDENSED CONSOLIDATED AND COMBINED BALANCE SHEETS
(unaudited, in thousands, except par value)
| September 30, 2020 | December 31, 2019 | ||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash | $ | 8,320 | $ | 402 | |||||
| Accounts receivable—less allowance for doubtful accounts of | 35,865 | 32,183 | |||||||
| Prepaid expenses and other current assets | 9,266 | 6,098 | |||||||
| Total current assets | 53,451 | 38,683 | |||||||
| Property and equipment, net | 19,056 | 14,644 | |||||||
| Right-of-use assets | 309,621 | 316,328 | |||||||
| Escrow deposits | 6,287 | 1,400 | |||||||
| Restricted and other assets | 2,469 | 1,955 | |||||||
| Intangible assets, net | 35 | 45 | |||||||
| Goodwill | 49,093 | 41,233 | |||||||
| Other indefinite-lived intangibles | 40,098 | 33,462 | |||||||
| Total assets | $ | 480,110 | $ | 447,750 | |||||
| Liabilities and equity | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 7,773 | $ | 8,653 | |||||
| Accrued wages and related liabilities | 18,443 | 16,343 | |||||||
| Lease liabilities—current | 13,897 | 12,285 | |||||||
| Other accrued liabilities | 43,156 | 13,911 | |||||||
| Total current liabilities | 83,269 | 51,192 | |||||||
| Long-term lease liabilities—less current portion | 297,903 | 304,044 | |||||||
| Other long-term liabilities | 8,903 | 2,877 | |||||||
| Long-term debt, net | 696 | 18,526 | |||||||
| Total liabilities | 390,771 | 376,639 | |||||||
| Commitments and contingencies | |||||||||
| Equity: | |||||||||
| Common stock, | 28 | 28 | |||||||
| Additional paid-in capital | 81,451 | 74,882 | |||||||
| Retained Earnings (Accumulated Deficit) | 7,925 | (3,799 | ) | ||||||
| Treasury Stock, at cost, 3 shares at September 30, 2020 | (65 | ) | — | ||||||
| Total equity | 89,339 | 71,111 | |||||||
| Total liabilities and equity | $ | 480,110 | $ | 447,750 | |||||
THE PENNANT GROUP, INC.
CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)
The following table presents selected data from our condensed consolidated and combined statement of cash flows for the periods presented:
| Nine Months Ended September 30, | |||||||||
| 2020 | 2019 | ||||||||
| Net cash provided by operating activities | $ | 53,087 | $ | 12,196 | |||||
| Net cash used in investing activities | (27,578 | ) | (22,506 | ) | |||||
| Net cash (used in)/provided by financing activities | (17,591 | ) | 10,316 | ||||||
| Net increase in cash | 7,918 | 6 | |||||||
| Cash at beginning of year | 402 | 41 | |||||||
| Cash at end of year | $ | 8,320 | $ | 47 | |||||
THE PENNANT GROUP, INC.
REVENUE BY SEGMENT
(unaudited, dollars in thousands)
The following tables sets forth our total revenue by segment and as a percentage of total revenue for the periods indicated:
| Three Months Ended September 30, | |||||||||||||
| 2020 | 2019 | ||||||||||||
| Revenue Dollars | Revenue Percentage | Revenue Dollars | Revenue Percentage | ||||||||||
| Home health and hospice services | |||||||||||||
| Home health | $ | 25,162 | 25.5 | % | $ | 21,307 | 24.1 | % | |||||
| Hospice | 33,440 | 34.0 | 29,188 | 33.0 | |||||||||
| Home care and other(a) | 5,777 | 5.9 | 4,676 | 5.3 | |||||||||
| Total home health and hospice services | 64,379 | 65.4 | 55,171 | 62.4 | |||||||||
| Senior living services | 34,018 | 34.6 | 33,227 | 37.6 | |||||||||
| Total revenue | $ | 98,397 | 100.0 | % | $ | 88,398 | 100.0 | % | |||||
| (a) | Home care and other revenue is included with home health revenue in other disclosures in this press release. | |
| Nine Months Ended September 30, | |||||||||||||
| 2020 | 2019 | ||||||||||||
| Revenue Dollars | Revenue Percentage | Revenue Dollars | Revenue Percentage | ||||||||||
| Home health and hospice services | |||||||||||||
| Home health | $ | 67,430 | 23.8 | % | $ | 61,532 | 24.7 | % | |||||
| Hospice | 96,503 | 34.1 | 76,866 | 30.8 | |||||||||
| Home care and other(a) | 15,192 | 5.4 | 13,098 | 5.3 | |||||||||
| Total home health and hospice services | 179,125 | 63.3 | 151,496 | 60.8 | |||||||||
| Senior living services | 103,861 | 36.7 | 97,543 | 39.2 | |||||||||
| Total revenue | $ | 282,986 | 100.0 | % | $ | 249,039 | 100.0 | % | |||||
| (a) | Home care and other revenue is included with home health revenue in other disclosures in this press release. | |
THE PENNANT GROUP, INC.
SELECT PERFORMANCE INDICATORS
(unaudited)
The following table summarizes our overall home health and hospice performance indicators for the periods indicated:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Home health services: | |||||||||||||||
| Total home health admissions | 6,771 | 5,556 | 18,166 | 16,723 | |||||||||||
| Total Medicare home health admissions | 3,418 | 2,601 | 8,686 | 7,879 | |||||||||||
| Average Medicare revenue per 60-day completed episode(a) | $ | 3,448 | $ | 3,122 | $ | 3,311 | $ | 3,130 | |||||||
| Hospice services: | |||||||||||||||
| Total hospice admissions | 2,133 | 1,701 | 5,763 | 4,654 | |||||||||||
| Average daily census | 2,177 | 1,788 | 1,934 | 1,625 | |||||||||||
| Hospice Medicare revenue per day | $ | 164 | $ | 163 | $ | 164 | $ | 164 | |||||||
| (a) | Recast prior period metrics based upon current methodology. | |
The following table summarizes our senior living performance indicators for the periods indicated:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Occupancy | 76.8 | % | 79.6 | % | 78.5 | % | 79.9 | % | |||||||
| Average monthly revenue per occupied unit | $ | 3,173 | $ | 3,111 | $ | 3,195 | $ | 3,110 | |||||||
THE PENNANT GROUP, INC.
REVENUE BY PAYOR SOURCE
(unaudited, dollars in thousands)
The following table presents our total revenue by payor source and as a percentage of total revenue for the periods indicated:
| Three Months Ended September 30, | ||||||||||||||
| 2020 | 2019 | |||||||||||||
| Revenue Dollars | Revenue Percentage | Revenue Dollars | Revenue Percentage | |||||||||||
| Revenue: | ||||||||||||||
| Medicare | $ | 45,477 | 46.2 | % | $ | 37,413 | 42.3 | % | ||||||
| Medicaid | 13,932 | 14.2 | 12,780 | 14.5 | ||||||||||
| Subtotal | 59,409 | 60.4 | 50,193 | 56.8 | ||||||||||
| Managed Care | 8,174 | 8.3 | 7,553 | 8.5 | ||||||||||
| Private and Other(a) | 30,814 | 31.3 | 30,652 | 34.7 | ||||||||||
| Total revenue | $ | 98,397 | 100.0 | % | $ | 88,398 | 100.0 | % | ||||||
| (a) | Private and other payors in our home health and hospice services segment includes revenue from all payors generated in home care operations. | |
| Nine Months Ended September 30, | ||||||||||||||
| 2020 | 2019 | |||||||||||||
| Revenue Dollars | Revenue Percentage | Revenue Dollars | Revenue Percentage | |||||||||||
| Revenue: | ||||||||||||||
| Medicare | $ | 125,091 | 44.2 | % | $ | 102,812 | 41.3 | % | ||||||
| Medicaid | 42,639 | 15.1 | 34,317 | 13.8 | ||||||||||
| Subtotal | 167,730 | 59.3 | 137,129 | 55.1 | ||||||||||
| Managed Care | 22,949 | 8.1 | 21,428 | 8.6 | ||||||||||
| Private and Other(a) | 92,307 | 32.6 | 90,482 | 36.3 | ||||||||||
| Total revenue | $ | 282,986 | 100.0 | % | $ | 249,039 | 100.0 | % | ||||||
| (a) | Private and other payors in our home health and hospice services segment includes revenue from all payors generated in home care operations. | |
THE PENNANT GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(unaudited, in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||
| Net income (loss) attributable to The Pennant Group, Inc. | $ | 4,407 | $ | 1,524 | $ | 11,724 | $ | 6,345 | |||||||||||
| Add: Net income attributable to noncontrolling interest | — | 279 | — | 629 | |||||||||||||||
| Net income (loss) | 4,407 | 1,803 | 11,724 | 6,974 | |||||||||||||||
| Non-GAAP adjustments | |||||||||||||||||||
| Costs at start-up operations(a) | 767 | 64 | 1,523 | 390 | |||||||||||||||
| Share-based compensation expense(b) | 2,102 | 268 | 6,017 | 1,395 | |||||||||||||||
| Depreciation and amortization - patient base(c) | — | 6 | — | 35 | |||||||||||||||
| Acquisition related costs(d) | — | 72 | — | 613 | |||||||||||||||
| Spin-off related transaction costs(e) | — | 3,372 | — | 8,020 | |||||||||||||||
| Transition services costs(f) | 387 | 158 | 1,197 | 208 | |||||||||||||||
| Net COVID-19 related costs(g) | (307 | ) | — | 853 | — | ||||||||||||||
| Provision for income taxes on Non-GAAP adjustments(h) | (1,788 | ) | (1,355 | ) | (3,696 | ) | (4,376 | ) | |||||||||||
| Non-GAAP net income | $ | 5,568 | $ | 4,388 | $ | 17,618 | $ | 13,259 | |||||||||||
| Dilutive Earnings Per Share As Reported | |||||||||||||||||||
| Net Income | $ | 0.15 | $ | 0.06 | $ | 0.39 | $ | 0.25 | |||||||||||
| Average number of shares outstanding | 30,243 | 27,834 | 29,955 | 27,834 | |||||||||||||||
| Adjusted Diluted Earnings Per Share | |||||||||||||||||||
| Net Income | $ | 0.18 | $ | 0.16 | $ | 0.59 | $ | 0.48 | |||||||||||
| Average number of shares outstanding | 30,243 | 27,834 | 29,955 | 27,834 | |||||||||||||||
| (a) | Represents results related to start-up operations and acquisition costs that are not capitalizable. This amount excludes rent and depreciation and amortization expense related to such operations. | ||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
| Revenue | $ | (687 | ) | $ | (73 | ) | $ | (1,572 | ) | $ | (325 | ) | |||||||||
| Cost of services | 1,404 | 133 | 2,994 | 702 | |||||||||||||||||
| Rent | 48 | 4 | 97 | 13 | |||||||||||||||||
| Depreciation | $ | 2 | $ | — | $ | 4 | $ | — | |||||||||||||
| Total Non-GAAP adjustment | $ | 767 | $ | 64 | $ | 1,523 | $ | 390 | |||||||||||||
| (b) | Represents share-based compensation expense incurred for the periods presented. | ||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
| Cost of services | $ | 296 | $ | 113 | $ | 734 | $ | 337 | |||||||||||||
| General and administrative | 1,806 | 155 | 5,283 | 1,058 | |||||||||||||||||
| Total Non-GAAP adjustment | $ | 2,102 | $ | 268 | $ | 6,017 | $ | 1,395 | |||||||||||||
HE PENNANT GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(unaudited, in thousands, except per share data)
| (c) | Included in depreciation and amortization expenses related to patient base intangible assets at newly acquired senior living facilities. | |||||||||||||||||||
| (d) | Represents costs incurred to acquire an operation that are not capitalizable. | |||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||||||
| Cost of services | $ | — | $ | 67 | $ | — | $ | 505 | ||||||||||||
| General and administrative | — | 5 | — | 108 | ||||||||||||||||
| Total Non-GAAP adjustment | $ | — | $ | |||||||||||||||||
FAQ
What were the Q3 2020 earnings for Pennant Group (PNTG)?
How much revenue did Pennant Group generate in Q3 2020?
What is the updated earnings guidance for Pennant Group in 2020?
What is the revenue guidance for Pennant Group for 2021?
How did the home health and hospice segment perform in Q3 2020?
