156 results
10-Q/A
2024 Q1
PACS
PACS Group Inc.
21 May 24
Quarterly report (amended)
4:10pm
EXHIBIT INDEX
Incorporated by Reference | Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Date | Filed/ Furnished Herewith | 3.1 | Amended and Restated Certificate of Incorporation of PACS Group, Inc. | 8-K | 001-42011 | 3.1 | 4/15/2024 | 3.2 | Amended and Restated Bylaws of PACS Group, Inc. | 8-K | 001-42011 | 3.2 | 4/15/2024 | 4.1 | Form of Certificate of Common Stock | S‑1/A | 333-277893 | 4.1 | 4/8/2024 | 10.1 | Form of Indemnification Agreement between PACS Group, Inc. and its directors and officers | S-1 | 333-277893 | 10.2 | 3/13/2024 | 10.2 | Registration Rights Agreement by and between PACS Group, Inc. and certain securityholders of PACS Group, Inc., dated as of April 10, 2024 | 8-K | 001-42011 | 10.1 | 4/15/2024 | 10.3 | Stockholders Agreement by and between PACS Group, Inc. and certain securityholders of PACS Group, Inc., dated as of April 10, 2024 | 8-K | 001-42011 | 10.2 | 4/15/2024 | 10.4# | PACS Group, Inc. Non-Employee Director Compensation Program | S-1/A | 333-277893 | 10.3 | 4/1/2024 | 10.5# | PACS Group, Inc. 2024 Incentive Award Plan | S‑8 | 333-277893 | 99.1 | 4/11/2024 | 10.6# | Form of Stock Option Agreement under PACS Group, Inc. 2024 Incentive Award Plan | S‑8 | 333-277893 | 99.2 | 4/11/2024 | 10.7# | Form of Restricted Stock Unit Agreement under PACS Group, Inc. 2024 Incentive Award Plan | S‑8 | 333-277893 | 99.3 | 4/11/2024 | 10.8# | Form of Restricted Stock Unit Award Agreement (Executive IPO Awards) under PACS Group, Inc. 2024 Incentive Award Plan | S‑8 | 333-277893 | 99.4 | 4/11/2024 | 10.9# | PACS Group, Inc. 2024 Employee Stock Purchase Plan | S‑8 | 333-277893 | 99.5 | 4/11/2024 | 10.10# | Providence Administrative Consulting Services, Inc. Nonqualified Deferred Compensation Plan | 10-Q | 001-42011 | 10.10 | 5/13/2024 | 10.11# | PACS Group, Inc. Executive Severance Plan | 10-Q | 001-42011 | 10.11 | 5/13/2024 | 31.1 | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer | * | 31.2 | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer | * | 32.1 | Section 1350 Certification of Chief Executive Officer | Q | 10-Q | 001-42011 | 32.1 | 5/13/2024 | 32.2 | Section 1350 Certification of Chief Financial Officer | 10-Q | 001-42011 | 32.2 | 5/13/2024 | 101.INS | Inline XBRL Instance Document | * | 101.SCH | Inline XBRL Taxonomy Extension Schema Document | * | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | * | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | * | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | * |
10-Q
2024 Q1
PACS
PACS Group Inc.
13 May 24
Quarterly report
4:52pm
The following table summarizes supplemental cash flow information related to leases:
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Operating cash paid for amounts included in the measurement of operating lease liabilities | $ | 57,508 | $ | 41,163 | Operating cash paid for amounts included in the measurement of finance lease liabilities | 740 | 132 | Financing cash paid for amounts included in the measurement of finance lease liabilities | 216 | 565 | Operating lease right-of-use assets obtained in exchange for lease liabilities | 251,247 | 210,216 | Financing lease right-of-use assets obtained in exchange for lease liabilities | — | — |
10-Q
2024 Q1
PACS
PACS Group Inc.
13 May 24
Quarterly report
4:52pm
Maturities of lease liabilities as of March 31, 2024 were as follows:
Finance Leases | Operating Leases | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 (remainder) | $ | 2,887 | $ | 176,540 | $ | 179,427 | 2025 | 23,560 | 235,714 | 259,274 | 2026 | 2,241 | 235,489 | 237,730 | 2027 | 17,995 | 233,590 | 251,585 | 2028 | 782 | 235,762 | 236,544 | 2029 | 391 | 237,077 | 237,468 | Thereafter | — | 1,947,078 | 1,947,078 | Total lease payments | $ | 47,856 | $ | 3,301,250 | $ | 3,349,106 | Less: present value discount | (6,364) | (1,063,768) | (1,070,132) | Present value of lease liabilities | $ | 41,492 | $ | 2,237,482 | $ | 2,278,974 |
10-Q
2024 Q1
PACS
PACS Group Inc.
13 May 24
Quarterly report
4:52pm
PACS GROUP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNAUDITED CONDENSED COMBINED/CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities: | Net income | $ | 49,140 | $ | 37,598 | Adjustments to reconcile net income to net cash provided by operating activities | Depreciation and amortization | 7,902 | 5,829 | Amortization and write-off of deferred financing fees | 775 | 615 | Loss on disposition of property and equipment | 343 | 4 | Gain on investment in partnership | (120) | — | Deferred taxes | 4,985 | (5,217) | Noncash lease expense | 7,262 | 4,297 | Change in operating assets and liabilities | Accounts receivable, net | (74,930) | (34,422) | Other receivables | (13,755) | (4,733) | Prepaid expenses and other current assets | (5,009) | 1,478 | Other assets | (1,802) | (1,988) | Escrow funds | (5,807) | (1,673) | Operating lease obligations | (8,572) | (322) | Accounts payable | 13,938 | (2,332) | Accrued payroll and benefits | 51,577 | 29,150 | Accrued self-insurance liabilities | 10,399 | 22,327 | Other accrued expenses | 1,340 | (19,939) | Other liabilities | 21,121 | 48,618 | NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 58,787 | $ | 79,290 | Cash flows from investing activities | Investment in partnership | $ | (5,081) | $ | — | Non-operating distributions from investment in partnership | 673 | 473 | Purchase of investments | (25,000) | — | Acquisition of facilities | (78,500) | (52,091) | Purchase of property and equipment | (10,761) | (5,936) | NET CASH USED IN INVESTING ACTIVITIES | $ | (118,669) | $ | (57,554) | Cash flows from financing activities | Borrowing on lines-of-credit, net of deferred financing fees | 117,000 | 33,179 | Payments on lines-of-credit | (100,000) | (35,060) | Dividends on common stock | (17,474) | (18,513) | Borrowings of long-term debt, net of deferred financing fees | 39,786 | 44,501 | Payments on long-term debt | (4,859) | (9,192) | NET CASH PROVIDED BY FINANCING ACTIVITIES | $ | 34,453 | $ | 14,915 | PACS GROUP, INC. AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||||||||
UNAUDITED CONDENSED COMBINED/CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in cash | (25,429) | 36,651 | Cash, cash equivalents, and restricted cash - beginning of period | 118,704 | 98,206 | Cash, cash equivalents, and restricted cash - end of period | $ | 93,275 | $ | 134,857 | Supplemental disclosures of cash flow information | Cash paid during the period for: | Interest | 15,638 | 9,926 | Income taxes | — | — | Non-cash financing and investing activity | Accrued capital expenditures | 4,112 | 2,495 | Assets acquired in operation expansions in exchange for notes payable | — | 3,909 | Assets acquired in operation expansions through settlement of notes receivable | 500 | — |
10-Q
2024 Q1
PACS
PACS Group Inc.
13 May 24
Quarterly report
4:52pm
The following presents all cash and cash equivalents and restricted cash on the condensed combined/consolidated balance sheets and reconcile to total cash included the condensed combined/consolidated statements of cash flows as of March 31, 2024, December 31, 2023, March 31, 2023:
March 31, 2024 | December 31, 2023 | March 31, 2023 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 81,213 | $ | 73,416 | $ | 94,256 | Restricted cash (included in prepaid expenses and other current assets) | 12,062 | 4,977 | 7,876 | Restricted cash (included in other assets) | — | 40,311 | 32,725 | Total cash, cash equivalents, and restricted cash | $ | 93,275 | $ | 118,704 | $ | 134,857 |
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