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Dec 31, 2022
Ensign Group Q4 2022 Earnings Report
Ensign Group reported record operating results driven by occupancy and skilled revenue growth.
Key Takeaways
Ensign Group reported record fourth-quarter results with GAAP diluted earnings per share of $1.06 and adjusted earnings per share of $1.10. Consolidated GAAP revenues for the year were $3.025 billion. The company issued 2023 earnings guidance of $4.60 to $4.74 per diluted share and revenue guidance of $3.55 billion to $3.62 billion.
GAAP diluted earnings per share for the quarter was $1.06, an increase of 23.3% over the prior year quarter.
Adjusted diluted earnings per share was $1.10, an increase of 13.4% over the prior year quarter.
Total skilled services revenue was $777.6 million for the quarter, an increase of 16.5% over the prior year quarter.
Standard Bearer revenue was $19.4 million for the quarter, an increase of 26.0% from prior year quarter.
Ensign Group
Ensign Group
Ensign Group Revenue by Segment
Revenue by Segment
Skilled Services Revenue
CapyFin.comStandard Bearer Revenue
CapyFin.com Forward Guidance
The company issued annual 2023 earnings guidance of $4.60 to $4.74 per diluted share and annual revenue guidance of $3.55 billion to $3.62 billion. The midpoint of this 2023 earnings guidance represents an increase of 12.8% over our 2022 results and is 28.3% higher than our 2021 results.
Positive Outlook
- Earnings guidance of $4.60 to $4.74 per diluted share for 2023.
- Revenue guidance of $3.55 billion to $3.62 billion for 2023.
- Midpoint of earnings guidance represents an increase of 12.8% over 2022 results.
- Midpoint of earnings guidance is 28.3% higher than 2021 results.
- Liquidity remains strong with approximately $316.3 million of cash on hand and $593.3 million of available capacity under its line-of-credit.
Challenges Ahead
- Guidance assumes normalized health insurance costs.
- Guidance assumes current expectations regarding reimbursement rates and recovery of the COVID-19 pandemic.
- Guidance excludes one-time charges.
- Guidance excludes acquisition-related costs.
- Guidance excludes amortization costs related to intangible assets acquired and share-based compensation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income