Healthcare Services Group, Inc. (NASDAQ:HCSG) Q4 2022 Earnings Conference Call February 15, 2023 8:30 AM ET

Company Participants

Ted Wahl - President and CEO

Matt McKee - Chief Communications Officer

Conference Call Participants

Sean Dodge - RBC Capital Markets

Tao Qiu - Stifel

Andy Wittmann - Baird

A.J. Rice - Credit Suisse

Jack Melick - William Blair

Taji Phillips - Jefferies

Operator

Good morning, and welcome to the Healthcare Services Group 2022 Annual Earnings Call. At this time, all lines are in listen-only mode. After 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. Forward-looking statements are often preceded by words such as believes, expects, anticipates, plans, will, goal, may, intends, assumes or similar expressions. Forward-looking statements reflect management's current expectations as of the date of this conference call and involve certain risks and uncertainties.

The forward-looking statements are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments, and other factors that we believe are appropriate under these circumstances. As with any projection or forecast, they are inherently susceptible to uncertainty and changes in circumstances. Healthcare Services Group, Inc.'s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors and the forward-looking statements are not guarantees of performances.

Some of the factors that could cause future results to materially differ from recent results or those projected in forward-looking statements are included in our earnings press release issued prior to this call and in our filings with the Securities and Exchange Commission. We are under no obligation and expressly disclaim any obligation to update or alter the forward-looking statements, whether as a result of such changes, new information, subsequent events or otherwise.

Now I would like to turn the call over to Ted Wahl, President and CEO.

Ted Wahl

Thank you, and good morning, everyone. Matt McKee and I appreciate you joining us today. We released our fourth quarter results this morning and plan on filing our 10-K by the end of the week. We reported for the three months ended December 31, 2022, revenue of $424 million, net income of $16.2 million or $0.22 per share and cash flow provided by operations of $22.9 million.

We also announced as part of our disciplined and balanced approach to managing capital, a rebalancing of our capital allocation strategy. To enhance financial flexibility, invest in organic and inorganic opportunities and to accelerate value creation. As such, the Board of Directors has suspended the quarterly cash dividend and authorized the repurchase of up to 7.5 million shares of our common stock.