10-Q Filing

PENNANT GROUP, INC. CIK: 1766400 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001766400-21-000064`
Period End Date	20210331
Filing Date	20210506
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	pntg-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 36 Cash Flow Statement 70 Stockholders Equity 16

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$643.00K	USD	Point-in-time
Allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivableCurrent`	$861.00K	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`	$43.00K	USD	Point-in-time
Cash	`Cash`	$5.61M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	28.70M	shares	Point-in-time
Accounts receivableless allowance for doubtful accounts of $861 and $643, respectively	`AccountsReceivableNetCurrent`	$47.22M	USD	Point-in-time
Accounts receivableless allowance for doubtful accounts of $861 and $643, respectively	`AccountsReceivableNetCurrent`	$50.76M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	28.72M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.34M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	28.24M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.34M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	28.28M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$71.70M	USD	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockShares`	3,000.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$59.60M	USD	Point-in-time
Treasury stock, at cost (in shares)	`TreasuryStockShares`	3,000.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.88M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.14M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$306.15M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$308.65M	USD	Point-in-time
Escrow deposits	`EscrowDeposit`	-	USD	Point-in-time
Escrow deposits	`EscrowDeposit`	$525.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$2.10M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$1.97M	USD	Point-in-time
Restricted and other assets	`OtherRestrictedAssetsNoncurrent`	$4.79M	USD	Point-in-time
Restricted and other assets	`OtherRestrictedAssetsNoncurrent`	$4.29M	USD	Point-in-time
Goodwill	`Goodwill`	$68.18M	USD	Point-in-time
Goodwill	`Goodwill`	$66.44M	USD	Point-in-time
Other indefinite-lived intangibles	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$47.49M	USD	Point-in-time
Other indefinite-lived intangibles	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$49.40M	USD	Point-in-time
Total assets	`Assets`	$506.98M	USD	Point-in-time
Total assets	`Assets`	$519.32M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$8.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$9.76M	USD	Point-in-time
Accrued wages and related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$26.87M	USD	Point-in-time
Accrued wages and related liabilities	`EmployeeRelatedLiabilitiesCurrent`	$20.98M	USD	Point-in-time
Operating lease liabilitiescurrent	`OperatingLeaseLiabilityCurrent`	$14.61M	USD	Point-in-time
Operating lease liabilitiescurrent	`OperatingLeaseLiabilityCurrent`	$14.11M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$44.28M	USD	Point-in-time
Other accrued liabilities	`OtherAccruedLiabilitiesCurrent`	$38.27M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$88.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$89.02M	USD	Point-in-time
Long-term operating lease liabilitiesless current portion	`OperatingLeaseLiabilityNoncurrent`	$294.25M	USD	Point-in-time
Long-term operating lease liabilitiesless current portion	`OperatingLeaseLiabilityNoncurrent`	$296.62M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$6.94M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$11.90M	USD	Point-in-time
Long-term debt, net	`LongTermDebt`	$24.97M	USD	Point-in-time
Long-term debt, net	`LongTermDebt`	$8.28M	USD	Point-in-time
Total liabilities	`Liabilities`	$405.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$414.61M	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; 28,720 and 28,277 shares issued and outstanding at March 31, 2021, respectively, and 28,696 and 28,243 shares issued and outstanding at December 31, 2020, respectively.	`CommonStockValue`	$28.00K	USD	Point-in-time
Common stock, $0.001 par value; 100,000 shares authorized; 28,720 and 28,277 shares issued and outstanding at March 31, 2021, respectively, and 28,696 and 28,243 shares issued and outstanding at December 31, 2020, respectively.	`CommonStockValue`	$28.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$87.31M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$84.67M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$12.89M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$11.95M	USD	Point-in-time
Treasury stock, at cost, 3 shares at March 31, 2021 and December 31, 2020	`TreasuryStockValue`	$65.00K	USD	Point-in-time
Treasury stock, at cost, 3 shares at March 31, 2021 and December 31, 2020	`TreasuryStockValue`	$65.00K	USD	Point-in-time
Total Pennant Group, Inc. stockholders equity	`NetParentInvestment`	$96.58M	USD	Point-in-time
Total Pennant Group, Inc. stockholders equity	`NetParentInvestment`	$100.16M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$4.59M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$4.56M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$104.72M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$101.17M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$76.19M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$71.11M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$519.32M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$506.98M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$91.85M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$105.66M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$70.19M	USD	1 Quarter
Cost of services	`CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization`	$83.62M	USD	1 Quarter
Rentcost of services	`OperatingLeaseExpense`	$9.71M	USD	1 Quarter
Rentcost of services	`OperatingLeaseExpense`	$9.96M	USD	1 Quarter
General and administrative expense	`RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty`	$6.66M	USD	1 Quarter
General and administrative expense	`RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty`	$9.29M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.18M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.02M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$104.05M	USD	1 Quarter
Total expenses	`CostsAndExpenses`	$87.58M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$1.61M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$4.27M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$360.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$403.00K	USD	1 Quarter
Other expense, net	`InterestIncomeExpenseNonoperatingNet`	$-403.00K	USD	1 Quarter
Other expense, net	`InterestIncomeExpenseNonoperatingNet`	$-360.00K	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$3.87M	USD	1 Quarter
Income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$1.25M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$340.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$889.00K	USD	1 Quarter
Net income	`ProfitLoss`	$2.98M	USD	1 Quarter
Net income	`ProfitLoss`	$913.00K	USD	1 Quarter
Net loss attributable to Non-Controlling Interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-37.00K	USD	1 Quarter
Net loss attributable to Non-Controlling Interests	`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`	$950.00K	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.11	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.10	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	28.29M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	27.89M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	30.91M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	29.87M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$2.98M	USD	1 Quarter
Net income	`ProfitLoss`	$913.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.02M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.18M	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$87.00K	USD	1 Quarter
Amortization of deferred financing fees	`AmortizationOfFinancingCosts`	$82.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$261.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$186.00K	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$2.42M	USD	1 Quarter
Share-based compensation	`ShareBasedCompensation`	$1.96M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	-	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$128.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.79M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.66M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-584.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.31M	USD	1 Quarter
Operating lease obligations	`IncreaseDecreaseInOperatingLeaseLiability`	$639.00K	USD	1 Quarter
Operating lease obligations	`IncreaseDecreaseInOperatingLeaseLiability`	$2.09M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-551.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-930.00K	USD	1 Quarter
Accrued wages and related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-3.41M	USD	1 Quarter
Accrued wages and related liabilities	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-5.90M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$1.30M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$813.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$-261.00K	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	-	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.27M	USD	1 Quarter
Net cash (used in) provided by 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`	$754.00K	USD	1 Quarter
Cash payments for business acquisitions, net of escrow	`PaymentsToAcquireBusinessesGross`	$2.97M	USD	1 Quarter
Cash payments for business acquisitions, net of escrow	`PaymentsToAcquireBusinessesGross`	$3.10M	USD	1 Quarter
Escrow deposits	`PaymentsForDepositsOnAcquisition`	-	USD	1 Quarter
Escrow deposits	`PaymentsForDepositsOnAcquisition`	$700.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromPropertyReserveRequirements`	$188.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromPropertyReserveRequirements`	$141.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.77M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.00M	USD	1 Quarter
Proceeds from revolver agreement	`ProceedsFromLongTermLinesOfCredit`	$39.00M	USD	1 Quarter
Proceeds from revolver agreement	`ProceedsFromLongTermLinesOfCredit`	$23.50M	USD	1 Quarter
Payments on revolver agreement	`RepaymentsOfLongTermLinesOfCredit`	$21.00M	USD	1 Quarter
Payments on revolver agreement	`RepaymentsOfLongTermLinesOfCredit`	$14.50M	USD	1 Quarter
Payments for deferred financing costs	`PaymentsOfFinancingCosts`	$26.00K	USD	1 Quarter
Payments for deferred financing costs	`PaymentsOfFinancingCosts`	$1.39M	USD	1 Quarter
Issuance of common stock upon the exercise of options	`ProceedsFromStockOptionsExercised`	$218.00K	USD	1 Quarter
Issuance of common stock upon the exercise of options	`ProceedsFromStockOptionsExercised`	$138.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.11M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$16.82M	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.43M	USD	1 Quarter
Net increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$5.56M	USD	1 Quarter
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.83M	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.61M	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$402.00K	USD	Point-in-time
Cash beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.00K	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$4.83M	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.61M	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$402.00K	USD	Point-in-time
Cash end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.00K	USD	Point-in-time
Interest	`InterestPaidNet`	$269.00K	USD	1 Quarter
Interest	`InterestPaidNet`	$483.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$133.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	-	USD	1 Quarter
Lease liabilities	`OperatingLeasePayments`	$9.71M	USD	1 Quarter
Lease liabilities	`OperatingLeasePayments`	$8.09M	USD	1 Quarter
Right-of-use assets obtained in exchange for new operating lease obligations	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$2.85M	USD	1 Quarter
Right-of-use assets obtained in exchange for new operating lease obligations	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$1.68M	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`	$655.00K	USD	1 Quarter
Capital expenditures	`CapitalExpendituresIncurredButNotYetPaid`	$250.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Equity, beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$104.72M	USD	Point-in-time
Equity, beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$101.17M	USD	Point-in-time
Equity, beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$76.19M	USD	Point-in-time
Equity, beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$71.11M	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`	$950.00K	USD	1 Quarter
Net loss attributable to Non-Controlling Interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-37.00K	USD	1 Quarter
Net loss attributable to Non-Controlling Interests	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.96M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.42M	USD	1 Quarter
Issuance of common stock from the exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$218.00K	USD	1 Quarter
Issuance of common stock from the exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$138.00K	USD	1 Quarter
Equity, ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$104.72M	USD	Point-in-time
Equity, ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$101.17M	USD	Point-in-time
Equity, ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$76.19M	USD	Point-in-time
Equity, ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$71.11M	USD	Point-in-time

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