10-Q Filing

PENNANT GROUP, INC. CIK: 1766400 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001766400-20-000062`
Period End Date	20200331
Filing Date	20200513
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	pntg-20200331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 35 Cash Flow Statement 64 Stockholders Equity 16

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$655.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$677.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash	`Cash`	$4.83M	USD	Point-in-time
Cash	`Cash`	$402.00K	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	28.43M	shares	Point-in-time
Accounts receivableless allowance for doubtful accounts of $655 and $677, respectively	`AccountsReceivableNetCurrent`	$35.55M	USD	Point-in-time
Accounts receivableless allowance for doubtful accounts of $655 and $677, respectively	`AccountsReceivableNetCurrent`	$32.18M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	28.48M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.63M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.10M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.85M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	27.91M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$38.68M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$46.01M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$14.64M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$16.77M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$316.33M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$314.26M	USD	Point-in-time
Escrow deposits	`EscrowDeposit`	$1.40M	USD	Point-in-time
Escrow deposits	`EscrowDeposit`	$2.10M	USD	Point-in-time
Restricted and other assets	`OtherRestrictedAssetsNoncurrent`	$2.15M	USD	Point-in-time
Restricted and other assets	`OtherRestrictedAssetsNoncurrent`	$1.96M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$42.00K	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$45.00K	USD	Point-in-time
Goodwill	`Goodwill`	$41.23M	USD	Point-in-time
Goodwill	`Goodwill`	$42.84M	USD	Point-in-time
Other indefinite-lived intangibles	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$34.83M	USD	Point-in-time
Other indefinite-lived intangibles	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$33.46M	USD	Point-in-time
Total assets	`Assets`	$447.75M	USD	Point-in-time
Total assets	`Assets`	$458.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.65M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.31M	USD	Point-in-time
Accrued wages and related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$13.65M	USD	Point-in-time
Accrued wages and related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$16.34M	USD	Point-in-time
Lease liabilitiescurrent	`OperatingLeaseLiabilityCurrent`	$12.29M	USD	Point-in-time
Lease liabilitiescurrent	`OperatingLeaseLiabilityCurrent`	$12.97M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$14.05M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$13.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$51.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$48.98M	USD	Point-in-time
Long-term lease liabilitiesless current portion	`OperatingLeaseLiabilityNoncurrent`	$304.04M	USD	Point-in-time
Long-term lease liabilitiesless current portion	`OperatingLeaseLiabilityNoncurrent`	$303.38M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.88M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.88M	USD	Point-in-time
Long-term debt, net	`LongTermDebt`	$27.56M	USD	Point-in-time
Long-term debt, net	`LongTermDebt`	$18.53M	USD	Point-in-time
Total liabilities	`Liabilities`	$376.64M	USD	Point-in-time
Total liabilities	`Liabilities`	$382.80M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 100,000 shares authorized; 28,476 and 27,908, shares issued and outstanding at March 31, 2020, respectively, and 28,435 and 27,853 shares issued and outstanding at December 31, 2019, respectively.	`CommonStockValue`	$28.00K	USD	Point-in-time
Common stock, $0.001 par value; 100,000 shares authorized; 28,476 and 27,908, shares issued and outstanding at March 31, 2020, respectively, and 28,435 and 27,853 shares issued and outstanding at December 31, 2019, respectively.	`CommonStockValue`	$28.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$76.98M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$74.88M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.80M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-819.00K	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$71.11M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$71.52M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$76.19M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$65.29M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$458.99M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$447.75M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$77.91M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$91.85M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$58.73M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$70.19M	USD	1 Quarter
Rentcost of services	`OperatingLeaseExpense`	$9.71M	USD	1 Quarter
Rentcost of services	`OperatingLeaseExpense`	$8.30M	USD	1 Quarter
General and administrative expense	`RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty`	$8.24M	USD	Annual
General and administrative expense	`RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty`	$8.24M	USD	1 Quarter
General and administrative expense	`RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty`	$6.66M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$810.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.02M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$87.58M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$76.08M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.27M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.83M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-403.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	-	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.87M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.83M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$343.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$889.00K	USD	1 Quarter
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	`ProfitLoss`	$1.48M	USD	1 Quarter
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest, Total	`ProfitLoss`	$2.98M	USD	1 Quarter
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$150.00K	USD	1 Quarter
Less: net income attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net income and other comprehensive income attributable to The Pennant Group, Inc.	`NetIncomeLoss`	$2.98M	USD	1 Quarter
Net income and other comprehensive income attributable to The Pennant Group, Inc.	`NetIncomeLoss`	$1.33M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.05	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.05	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.83M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.89M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	27.83M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.87M	shares	1 Quarter

Cash Flow Statement 64 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$1.48M	USD	1 Quarter
Net income	`ProfitLoss`	$2.98M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$810.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.02M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$198.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$186.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.96M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$619.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.66M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.11M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$402.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-584.00K	USD	1 Quarter
Operating lease obligations	`IncreaseDecreaseInOperatingLeaseLiability`	$2.09M	USD	1 Quarter
Operating lease obligations	`IncreaseDecreaseInOperatingLeaseLiability`	$-104.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-116.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-551.00K	USD	1 Quarter
Accrued wages and related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-3.41M	USD	1 Quarter
Accrued wages and related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-2.16M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$813.00K	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$372.00K	USD	1 Quarter
Net cash provided by/ (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.41M	USD	1 Quarter
Net cash provided by/ (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.09M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.92M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$901.00K	USD	1 Quarter
Cash payments for business acquisitions	`PaymentsToAcquireBusinessesGross`	$2.97M	USD	1 Quarter
Cash payments for business acquisitions	`PaymentsToAcquireBusinessesGross`	$1.50M	USD	1 Quarter
Escrow deposits	`PaymentsForDepositsOnAcquisition`	$700.00K	USD	1 Quarter
Escrow deposits	`PaymentsForDepositsOnAcquisition`	-	USD	1 Quarter
Restricted and other assets	`PaymentsForProceedsFromPropertyReserveRequirements`	$188.00K	USD	1 Quarter
Restricted and other assets	`PaymentsForProceedsFromPropertyReserveRequirements`	$164.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.77M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.56M	USD	1 Quarter
Net investment from parent	`DistributionToFromParent`	$3.98M	USD	1 Quarter
Net investment from parent	`DistributionToFromParent`	-	USD	1 Quarter
Proceeds from revolver agreement	`ProceedsFromLongTermLinesOfCredit`	-	USD	1 Quarter
Proceeds from revolver agreement	`ProceedsFromLongTermLinesOfCredit`	$23.50M	USD	1 Quarter
Payments on revolver agreement	`RepaymentsOfLongTermLinesOfCredit`	$14.50M	USD	1 Quarter
Payments on revolver agreement	`RepaymentsOfLongTermLinesOfCredit`	-	USD	1 Quarter
Payments for deferred financing costs	`PaymentsOfFinancingCosts`	-	USD	1 Quarter
Payments for deferred financing costs	`PaymentsOfFinancingCosts`	$26.00K	USD	1 Quarter
Issuance of common stock upon the exercise of options	`ProceedsFromStockOptionsExercised`	$138.00K	USD	1 Quarter
Issuance of common stock upon the exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.98M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.11M	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	-	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.43M	USD	1 Quarter
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.83M	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.00K	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.00K	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$402.00K	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.83M	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.00K	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.00K	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$402.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$483.00K	USD	1 Quarter
Interest	`InterestPaidNet`	-	USD	1 Quarter
Lease liabilities	`OperatingLeasePayments`	$8.30M	USD	1 Quarter
Lease liabilities	`OperatingLeasePayments`	$8.09M	USD	1 Quarter
Right-of-use assets obtained in exchange for new operating lease obligations	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$187.00K	USD	1 Quarter
Right-of-use assets obtained in exchange for new operating lease obligations	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$2.85M	USD	1 Quarter
Net non-cash adjustment to right-of-use assets and lease liabilities from lease modifications	`AdjustmentOperatingLeaseRightOfUseAssetAndOperatingLeaseLiability`	$233.00K	USD	1 Quarter
Net non-cash adjustment to right-of-use assets and lease liabilities from lease modifications	`AdjustmentOperatingLeaseRightOfUseAssetAndOperatingLeaseLiability`	-	USD	1 Quarter
Capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$400.00K	USD	1 Quarter
Capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$655.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$71.11M	USD	Point-in-time
Equity, beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$71.52M	USD	Point-in-time
Equity, beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$76.19M	USD	Point-in-time
Equity, beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$65.29M	USD	Point-in-time
Net income attributable to The Pennant Group, Inc.	`NetIncomeLoss`	$2.98M	USD	1 Quarter
Net income attributable to The Pennant Group, Inc.	`NetIncomeLoss`	$1.33M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.96M	USD	1 Quarter
Issuance of common stock from the exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$138.00K	USD	1 Quarter
Noncontrolling interest attributable to subsidiary equity plan	`NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance`	$341.00K	USD	1 Quarter
Net Income (Loss) Attributable to Noncontrolling Interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$150.00K	USD	1 Quarter
Net Income (Loss) Attributable to Noncontrolling Interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net transfer from parent	`StockholdersEquityDistributionsFromParent`	$4.41M	USD	1 Quarter
Equity, ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$71.11M	USD	Point-in-time
Equity, ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$71.52M	USD	Point-in-time
Equity, ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$76.19M	USD	Point-in-time
Equity, ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$65.29M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.