Healthcare Services Group, Inc. (NASDAQ:HCSG) Q2 2023 Earnings Conference Call July 26, 2023 8:30 AM ET
Company Participants
Ted Wahl - President and Chief Executive Officer
Matt McKee - Chief Communications Officer
Conference Call Participants
Sean Dodge - RBC Capital Markets
Andy Wittmann - Baird
Bill Sutherland - Benchmark
Operator
Hello, my name is Kirsten, I will be your conference operator today. At this time, I would like to welcome everyone to the HCSG 2023 Second Quarter Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]
The matters discussed on today's conference call include forward-looking statements about the business prospects of Healthcare Services Group, Inc. For Healthcare Services Group, Inc.’s most recent forward-looking statements notice, please refer to the press release issued this morning which can be found on our website www.hcsg.com.
Actual results may differ materially from those expressed or implied as a result of various risks, uncertainties and important factors, including those discussed in the risk factors MD&A and other sections of the Annual Report on Form 10-K and Healthcare Services Group, Inc.’s other SEC filings. And as indicated our most recent forward-looking statements notice. Additionally, management will be discussing certain non-GAAP financial measures. A reconciliation of these items to US GAAP can be found in this morning's press release. Thank you.
Ted Wahl, Chief Executive Officer, you may begin.
Ted Wahl
Thank you and good morning, everyone. Matt McKee, I appreciate you joining us today. We released our second quarter results this morning and plan on filing our 10-Q by the end of the week. For the three months ended June 30, 2023, we reported revenue of $418.9 9 million, GAAP net income of $8.6 million or $0.12 per share, and adjusted EBITDA of $26.3 million. Today in my opening remarks, I'll discuss our second quarter key accomplishments as well as our outlook for the back half of the year. I'll then turn the call over to Matt for a more detailed discussion on the quarter.
Overall, we delivered strong service execution during the quarter. Our KPIs related to customer experience, systems adherence and regulatory compliance, all trended positively in Q2, leading to high quality and consistent outcomes for our client partners. I'd now like to highlight our second quarter key accomplishments. The first accomplishment I'd like to highlight is our strong core earnings. For the third consecutive quarter, we achieved our direct cost target of 86% excluding CECL, we managed SG&A within our targeted range, and we delivered adjusted EBITDA of $26.3 million.