Healthcare Services Group, Inc. (NASDAQ:HCSG) Q1 2024 Earnings Conference Call April 24, 2024 8:30 AM ET
Company Participants
Ted Wahl - President & Chief Executive Officer
Matt McKee - Chief Communication Officer
Conference Call Participants
Bill Sutherland - The Benchmark Company
Sean Dodge - RBC Capital Markets
Andy Wittmann - Baird
Jack Senft - William Blair
Operator
Hello. Welcome to Healthcare Services Group 2024 First Quarter Earnings Conference Call.
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 statement 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 the Healthcare Services Group Inc. other SEC filings. And as indicated in our most recent forward-looking statement notice, additionally, management will be discussing certain non-GAAP financial measures. A reconciliation of these items to U.S. GAAP can be found in this morning's press release.
I'd now like to hand over the conference to the President and CEO, Ted Wahl; and Chief Communication Officer, Matt McKee. Please go ahead.
Ted Wahl
Thank you and good morning, everyone. Matt McKee and I appreciate you joining us today. We released our first quarter results this morning and plan on filing our 10-Q by the end of the week.
Today, in my opening remarks, I'll first discuss our Q1 financial highlights and key accomplishments, including the change health care disruption and the temporary impact it had on our customers, cash collections and cash flow. I'll then share our perspective on the latest industry trends and developments. And then lastly, I'll provide an update on our Q2 priorities and outlook for the rest of the year. I'll then turn the call over to Matt for a more detailed discussion on the quarter. So with that overview, I'd like to now discuss our Q1 financial highlights and key accomplishments.
Our team delivered strong first quarter results, building on our positive momentum in 2023. For the 3 months ended March 31, 2024, we reported revenue of $423.4 million in line with expectations. Net income and diluted EPS of $15.3 million and $0.21, adjusted net income and adjusted diluted EPS of $16.5 million and $0.22 and adjusted EBITDA of $28.9 million, a 10.7% increase over Q1 of 2023.