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Pennant Reports First Quarter 2025 Results

Conference Call and Webcast scheduled for tomorrow, May 7, 2025 at 10:00 am MT

EAGLE, Idaho – May 6, 2025 (GLOBE NEWSWIRE) - The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, today announced its operating results, reporting GAAP diluted earnings per share of $0.22 for the first quarter of 2025. Pennant also reported adjusted diluted earnings per share of $0.27 for the quarter(1).

First Quarter Highlights

▪Total revenue for the first quarter was $209.8 million, an increase of $52.9 million or 33.7% over the prior year quarter;

▪Net income for the first quarter was $7.8 million, an increase of $2.9 million or 58.5% over the prior year quarter;

▪Adjusted net income for the first quarter was $9.6 million, an increase of $3.7 million or 61.4% over the prior year quarter;

▪Consolidated Adjusted EBITDAR for the first quarter was $28.0 million, an increase of $6.6 million or 31.0% over the prior year quarter;

▪Consolidated Adjusted EBITDA for the first quarter was $16.4 million, an increase of $5.1 million or 45.9% over the prior year quarter;

▪Home Health and Hospice Services segment revenue for the first quarter was $159.9 million, an increase of $43.4 million or 37.2% over the prior year quarter;

▪Home Health and Hospice Services segment adjusted EBITDAR from operations for the first quarter was $27.3 million, an increase of $7.7 million or 39.5% over the prior year quarter; and segment adjusted EBITDA from operations for the first quarter was $25.1 million, an increase of $7.3 million or 40.6% over the prior year quarter;

▪Total home health admissions for the first quarter were 18,878, an increase of 4,229 or 28.9% over the prior year quarter; total Medicare home health admissions for the first quarter were 7,599, an increase of 1,253 or 19.7% over the prior year quarter;

▪Hospice average daily census for the first quarter was 3,794, an increase of 832 or 28.1% compared to the prior year quarter;

▪Senior Living Services segment revenue for the first quarter was $50.0 million, an increase of $9.5 million or 23.6% over the prior year quarter; average occupancy for the first quarter was 78.5%, which is flat with the prior year quarter, and average monthly revenue per occupied room for the first quarter was $5,193, an increase of $526 or 11.3% over the prior year quarter;
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▪Senior Living segment adjusted EBITDAR from operations for the first quarter was $14.4 million, an increase of $2.4 million or 20.3% over the prior year quarter; and segment adjusted EBITDA from operations for the first quarter was $4.9 million, an increase of $1.4 million or 40.8% over the prior year quarter.

(1)
See "Reconciliation of GAAP to Non-GAAP Financial Information.”
(2)
Same store senior living results is defined as all senior living communities excluding affiliate memory care units in transition, and new senior living operations acquired in 2024 or 2025.

Operating Results

“We are off to a strong start in 2025,” said Brent Guerisoli, the Company’s Chief Executive Officer. “Our ongoing investments in leadership development are fueling record operational results. We are encouraged to see positive momentum across all facets of our business, which is showing in our clinical, cultural and financial outcomes.”

“Our home health and hospice segment performance is at all time highs as we add quality acquisitions to robust organic growth,” said John Gochnour, the Company’s President and Chief Operating Officer. “Our senior living segment is anchored by solid leaders whose results continue to improve. We are pleased to begin the year with a quarter that significantly exceeded our targets and commitments across the Company.”

A discussion of the Company’s use of Non-GAAP financial measures is set forth below. A reconciliation of net income to EBITDA, adjusted EBITDAR and adjusted EBITDA, as well as a reconciliation of GAAP earnings per share, net income to adjusted net earnings per share and adjusted net income, appear in the financial data portion of this release. More complete information is contained in the Company’s Form 10-Q for the three months ended March 31, 2025, which has been filed with the SEC today and can be viewed on the Company’s website at www.pennantgroup.com.

Conference Call

A live webcast will be held tomorrow, May 7, 2025 at 10:00 a.m. Mountain time (12:00 p.m. Eastern time) to discuss Pennant’s first quarter 2025 financial results. To listen to the webcast, or to view any financial or statistical information required by SEC Regulation G, please visit the Investors Relations section of Pennant’s website at https://investor.pennantgroup.com. The webcast will be recorded and will be available for replay via the website.
About Pennant

The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 137 home health and hospice agencies and 60 senior living communities located throughout Arizona, California, Colorado, Idaho, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming. Each of these businesses is operated by a separate, independent operating subsidiary that has its own management, employees and assets. References herein to the consolidated "company" and "its" assets and activities, as well as the use of the terms "we," "us," "its" and similar verbiage, are not meant to imply that The Pennant Group, Inc. has direct operating assets, employees or revenue, or that any of the home health and hospice businesses, senior living communities or the Service Center are operated by the same entity. More information about Pennant is available at www.pennantgroup.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release contains, and the related conference call and webcast will include, forward-looking statements that are based on management’s current expectations, assumptions and beliefs about its business, financial performance, operating results, the industry in which it operates and other future events. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing,"
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similar expressions, and variations or negatives of these words. These forward-looking statements include, but are not limited to, statements regarding growth prospects, future operating and financial performance, and acquisition activities. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to materially and adversely differ from those expressed in any forward-looking statement.

These risks and uncertainties relate to the company’s business, its industry and its common stock and include: reduced prices and reimbursement rates for its services; its ability to acquire, develop, manage or improve operations, its ability to manage its increasing borrowing costs as it incurs additional indebtedness to fund the acquisition and development of operations; its ability to access capital on a cost-effective basis to continue to successfully implement its growth strategy; its operating margins and profitability could suffer if it is unable to grow and manage effectively its increasing number of operations; competition from other companies in the acquisition, development and operation of facilities; its ability to defend claims and lawsuits, including professional liability claims alleging that our services resulted in personal injury, and other regulatory-related claims; and the application of existing or proposed government regulations, or the adoption of new laws and regulations, that could limit its business operations, require it to incur significant expenditures or limit its ability to relocate its operations if necessary. Readers should not place undue reliance on any forward-looking statements and are encouraged to review the company’s periodic filings with the Securities and Exchange Commission, including its Form 10-Q and/or 10-K, for a more complete discussion of the risks and other factors that could affect Pennant’s business, prospects and any forward-looking statements. Except as required by the federal securities laws, Pennant does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.


Contact Information

Investor Relations
The Pennant Group, Inc.
(208) 506-6100
ir@pennantgroup.com

SOURCE: The Pennant Group, Inc.

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THE PENNANT GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except for per-share amounts)

Three Months Ended March 31,
20252024
Revenue$209,842 $156,915 
Expense
Cost of services168,745 125,995 
Rent—cost of services11,715 10,384 
General and administrative expense14,840 11,436 
Depreciation and amortization1,892 1,331 
Gain on disposition of property and equipment, net— (755)
Total expenses197,192 148,391 
Income from operations12,650 8,524 
Other (expense) income, net:
Other (expense) income(69)85 
Interest expense, net(1,205)(1,792)
Other expense, net(1,274)(1,707)
Income before provision for income taxes11,376 6,817 
Provision for income taxes2,854 1,759 
Net income 8,522 5,058 
Less: Net income attributable to noncontrolling interest747 152 
Net income attributable to The Pennant Group, Inc. $7,775 $4,906 
Earnings per share:
Basic$0.23 $0.16 
Diluted$0.22 $0.16 
Weighted average common shares outstanding:
Basic34,471 30,046 
Diluted35,202 30,403 

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THE PENNANT GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)

March 31, 2025December 31, 2024
Assets
Current assets:
Cash $5,221 $24,246 
Accounts receivable—less allowance for doubtful accounts of $373 and $232, respectively
94,992 81,302 
Prepaid expenses and other current assets23,676 17,308 
Total current assets123,889 122,856 
Property and equipment, net43,524 43,296 
Operating lease right-of-use assets278,210 270,586 
Restricted and other assets24,214 17,477 
Goodwill154,904 129,124 
Other indefinite-lived intangibles118,882 96,182 
Total assets$743,623 $679,521 
Liabilities and equity
Current liabilities:
Accounts payable$18,800 $18,737 
Accrued wages and related liabilities27,691 43,106 
Operating lease liabilities—current20,557 19,671 
Other accrued liabilities20,925 20,186 
Total current liabilities87,973 101,700 
Long-term operating lease liabilities—less current portion260,236 253,420 
Deferred tax liabilities, net2,776 1,861 
Other long-term liabilities17,112 10,575 
Long-term debt52,500 — 
Total liabilities420,597 367,556 
Commitments and contingencies
Equity:
Common stock, $0.001 par value; 100,000 shares authorized; 34,736 and 34,445 shares issued and outstanding at March 31, 2025, respectively; and 34,670 and 34,373 shares issued and outstanding at December 31, 2024, respectively
35 35 
Additional paid-in capital238,630 236,091 
Retained earnings64,997 57,222 
Treasury stock, at cost, 3 shares at March 31, 2025 and December 31, 2024
(65)(65)
Total The Pennant Group, Inc. stockholders’ equity303,597 293,283 
Noncontrolling interest19,429 18,682 
Total equity323,026 311,965 
Total liabilities and equity$743,623 $679,521 
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THE PENNANT GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
The following table presents selected data from our condensed consolidated statements of cash flows for the periods presented:
Three Months Ended March 31,
20252024
Net cash (used in) provided by operating activities$(21,229)$545 
Net cash used in investing activities(50,301)(23,636)
Net cash provided by financing activities52,505 19,754 
Net decrease in cash (19,025)(3,337)
Cash beginning of period24,246 6,059 
Cash end of period$5,221 $2,722 

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THE PENNANT GROUP, INC.
REVENUE BY SEGMENT
(unaudited, dollars in thousands)

The following table sets forth our total revenue by segment and as a percentage of total revenue for the periods indicated:

Three Months Ended March 31,
20252024
Revenue DollarsRevenue PercentageRevenue DollarsRevenue Percentage
Home health and hospice services
Home health$74,118 35.3 %$57,212 36.5 %
Hospice70,586 33.6 54,607 34.8 
Home care and other(a)
15,166 7.2 4,671 3.0 
Total home health and hospice services159,870 76.1 116,490 74.3 
Senior living services49,972 23.9 40,425 25.7 
Total revenue$209,842 100.0 %$156,915 100.0 %
(a)Home care and other revenue is included with home health revenue in other disclosures in this press release.

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THE PENNANT GROUP, INC.
SELECT PERFORMANCE INDICATORS
(unaudited, total revenue dollars in thousands)

The following table summarizes our overall home health and hospice performance indicators for the each of the dates or periods indicated:

Three Months Ended March 31,
20252024Change% Change
Total agency results:
Home health and hospice revenue$159,870 $116,490 43,380 37.2 %
Home health services:
Total home health admissions18,878 14,649 4,229 28.9 %
Total Medicare home health admissions7,599 6,346 1,253 19.7 %
Average Medicare revenue per 60-day completed episode(a)
$3,801 $3,477 $324 9.3 %
Hospice services:
Total hospice admissions3,783 3,080 703 22.8 %
Average daily census3,794 2,962 832 28.1 %
Hospice Medicare revenue per day$190 $187 $3 1.6 %

(a)The year to date average for Medicare revenue per 60-day completed episode includes post period claim adjustments for prior periods.
Three Months Ended March 31,
20252024Change% Change
Same agency(b) results:
Home health and hospice revenue$122,451 $110,015 $12,436 11.3 %
Home health services:
Total home health admissions14,082 12,554 1,528 12.2 %
Total Medicare home health admissions5,812 5,536 276 5.0 %
Average Medicare revenue per 60-day completed episode(a)
$3,623 $3,422 $201 5.9 %
Hospice services:
Total hospice admissions3,181 3,080 101 3.3 %
Average daily census3,270 2,962 308 10.4 %
Hospice Medicare revenue per day$190 $187 $3 1.6 %
(a)The year to date average for Medicare revenue per 60-day completed episode includes post period claim adjustments for prior periods.
(b)
Same agency results represent all agencies purchased or licensed prior to January 1, 2024.

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The following table summarizes our senior living performance indicators for the periods indicated:

Three Months Ended March 31,
20252024Change% Change
Total senior living results:
Senior living revenue$49,972 $40,425 $9,547 23.6 %
Occupancy78.5 %78.5 %— %
Average monthly revenue per occupied unit$5,193 $4,667 $526 11.3 %

Three Months Ended March 31,
20252024Change% Change
Same store senior living(a) results:
Senior living revenue$43,263 $39,739 $3,524 8.9 %
Occupancy79.2 %79.4 %(0.2)%
Average monthly revenue per occupied unit$5,093 $4,641 $452 9.7 %

(a)
Same store senior living results is defined as all senior living communities excluding affiliate memory care units in transition, and new senior living operations acquired in 2024 or 2025.
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THE PENNANT GROUP, INC.
REVENUE BY PAYOR SOURCE
(unaudited, dollars in thousands)

The following table presents our total revenue by payor source as a percentage of total revenue for the periods indicated:

 Three Months Ended March 31,
20252024
 Revenue DollarsRevenue PercentageRevenue DollarsRevenue Percentage
 
Revenue:    
Medicare$101,125 48.2 %$76,981 49.1 %
Medicaid27,338 13.0 25,066 16.0 
Subtotal128,463 61.2 102,047 65.1 
Managed Care30,714 14.6 20,122 12.8 
Private and Other(a)
50,665 24.2 34,746 22.1 
Total revenue$209,842 100.0 %$156,915 100.0 %
(a)Private and other payors includes revenue from all payors generated in the Company’s home care operations and management services agreement.
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THE PENNANT GROUP, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(unaudited, in thousands, except per share data)

The following table reconciles net income to Non-GAAP net income for the periods presented:
Three Months Ended March 31,
20252024
Net income attributable to The Pennant Group, Inc.$7,775 $4,906 
Non-GAAP adjustments
Costs at start-up operations(a)
93 80 
Share-based compensation expense(b)
2,167 1,526 
Acquisition related costs and credit allowances(c)
272 137 
Costs associated with transitioning operations(d)
75 (573)
Unusual, non-recurring or redundant charges(e)
51 275 
Provision for income taxes on Non-GAAP adjustments(f)
(809)(389)
Non-GAAP net income$9,624 $5,962 
Dilutive Earnings Per Share As Reported
Net Income$0.22 $0.16 
Average number of shares outstanding35,202 30,403 
Adjusted Diluted Earnings Per Share
Net Income$0.27 $0.20 
Average number of shares outstanding35,202 30,403 
(a)Represents results related to start-up operations.
Three Months Ended March 31,
20252024
Revenue $(865)$(2,410)
Cost of services 943 2,328 
Rent 7 156 
Depreciation & amortization8 6 
Total Non-GAAP adjustment$93 $80 
(b)Represents share-based compensation expense incurred for the periods presented.
Three Months Ended March 31,
20252024
Cost of services$1,195 $762 
General and administrative972 764 
Total Non-GAAP adjustment$2,167 $1,526 
(c)Represents costs incurred to acquire an operation that are not capitalizable.



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(d)During the year ended December 31, 2023, an affiliate of the Company placed its memory care units into transition and is converting the facility into an assisted living community. We received insurance proceeds related to the property in 2024 which were recorded as a gain on asset disposition on the consolidated statements of income.
Three Months Ended March 31,
20252024
Cost of services20 (628)
Rent52 52 
Depreciation3 3 
Total Non-GAAP adjustment$75 $(573)
(e)Represents unusual or non-recurring charges for legal services, implementation costs, integration costs, and consulting fees in general and administrative and cost of services expenses.
(f)
Represents an adjustment to the provision for income tax to the year-to-date effective tax rate of 26.1% and 26.0% for the three months ended March 31, 2025 and 2024, respectively. This rate excludes the tax benefit of share-based payment awards.

The table below reconciles Consolidated net income to the Consolidated Non-GAAP financial measures, Consolidated Adjusted EBITDA, and to the Non-GAAP valuation measure, Consolidated Adjusted EBITDAR, for the periods presented:

Three Months Ended March 31,
20252024
Consolidated net income
$8,522 $5,058 
Less: Net income attributable to noncontrolling interest747 152 
Add: Provision for income taxes
2,854 1,759 
Net interest expense1,205 1,792 
Depreciation and amortization1,892 1,331 
Consolidated EBITDA13,726 9,788 
Adjustments to Consolidated EBITDA
Add: Start-up operations(a)
78 (82)
Share-based compensation expense(b)
2,167 1,526 
Acquisition related costs and credit allowances(c)
272 137 
Activities associated with transitioning operations(d)
20 (628)
Unusual, non-recurring or redundant charges(e)
51 275 
Rent related to items (a) and (d) above59 208 
Consolidated Adjusted EBITDA16,373 11,224 
Rent—cost of services11,715 10,384 
Rent related to items (a) and (d) above(59)(208)
Adjusted rent—cost of services11,656 10,176 
Consolidated Adjusted EBITDAR(f)
$28,029 
(a)Represents results related to start-up operations. This amount excludes rent and depreciation and amortization expense related to such operations.
(b)Share-based compensation expense and related payroll taxes incurred. Share-based compensation expense and related payroll taxes are included in cost of services and general and administrative expense.
(c)Non-capitalizable costs associated with acquisitions, credit allowances, and write offs for amounts in dispute with the prior owners of certain acquired operations.
(d)During the year ended December 31, 2023, an affiliate of the Company placed its memory care units into transition and is converting the facility into an assisted living community. We received insurance proceeds related to the property in 2024 which were recorded as a gain on asset disposition on the consolidated statements of income.
(e)
Represents unusual or non-recurring charges for legal services, implementation costs, integration costs, and consulting fees in general and administrative and cost of services expenses.
(f)This measure is a valuation measure and is displayed thusly, it is not a performance measure as it excludes rent expense, which is a normal and recurring operating expense and, as such, does not reflect our cash requirements for leasing commitments. Our presentation of Consolidated Adjusted EBITDAR should not be construed as a financial performance measure.

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The following table present certain financial information regarding our reportable segments. General and administrative expenses are not allocated to the reportable segments:

Home Health and Hospice ServicesSenior Living ServicesAll OtherTotal
Three Months Ended March 31, 2025
Revenue$159,443 $49,534 $865 $209,842 
Segment Cost of Services$132,169 $35,085 
Segment Adjusted EBITDAR from Operations$27,274 $14,449 $41,723 
Three Months Ended March 31, 2024
Revenue$114,490 $40,015 $2,410 $156,915 
Segment Cost of Services$94,940 $28,004 
Segment Adjusted EBITDAR from Operations$19,550 $12,011 $31,561 

The table below provides a reconciliation of Segment Adjusted EBITDAR from Operations above to income from operations:

Three Months Ended March 31,
20252024
Segment Adjusted EBITDAR from Operations(a)
$41,723 $31,561 
Less: Unallocated corporate expenses13,694 10,161 
Less: Depreciation and amortization1,892 1,331 
Rent—cost of services11,715 10,384 
Other income(69)85 
Adjustments to Segment EBITDAR from Operations:
Less: Start-up operations(b)
78 (82)
Share-based compensation expense(c)
2,167 1,526 
Acquisition related costs and credit allowances(d)
272 137 
Activities associated with transitioning operations(e)
20 (628)
Unusual, non-recurring or redundant charges(f)
51 275 
Add: Net income attributable to noncontrolling interest
747 0152 
Income from operations$12,650 $8,524 

(a)
Segment Adjusted EBITDAR from Operations is net income attributable to the Company's reportable segments excluding interest expense, provision for income taxes, depreciation and amortization expense, rent, unallocated corporate and administrative expenses, and, in order to view the operations’ performance on a comparable basis from period to period, certain adjustments including: (1) start-up operations, (2) share-based compensation expense, (3) acquisition related costs and credit allowances, (4) costs associated with transitioning operations, (5) unusual, non-recurring, or redundant charges, and (6) net income attributable to noncontrolling interest. “All Other” consists of revenues generated at operating locations not included in the segment financial information reviewed by the CODM. Revenue included in the “All Other” category is insignificant individually, and therefore does not constitute a reportable segment. General and administrative expenses are not allocated to the reportable segments, and are included as “Unallocated corporate expenses”, accordingly the segment earnings measure reported is before allocation of corporate general and administrative expenses. The Company's segment measures may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
(b)Represents results related to start-up operations. This amount excludes rent and depreciation and amortization expense related to such operations.
(c)Share-based compensation expense and related payroll taxes incurred. Share-based compensation expense and related payroll taxes are included in cost of services and general and administrative expense.
(d)Non-capitalizable costs associated with acquisitions, credit allowances, and write offs for amounts in dispute with the prior owners of certain acquired operations.
(e)During the year ended December 31, 2023, an affiliate of the Company placed its memory care units into transition and is converting the facility into an assisted living community. We received insurance proceeds related to the property in 2024 which were recorded as a gain on asset disposition on the consolidated statements of income.
(f)Represents unusual or non-recurring charges for legal services, implementation costs, integration costs, and consulting fees in general and administrative and cost of services expenses.

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The tables below reconcile Segment Adjusted EBITDAR from Operations to Segment Adjusted EBITDA from Operations for each reportable segment for the periods presented:

Three Months Ended March 31,
Home Health and HospiceSenior Living
2025202420252024
Segment Adjusted EBITDAR from Operations$27,274 $19,550 $14,449 $12,011 
Less: Rent—cost of services2,142 1,729 9,573 8,655 
Rent related to start-up and transitioning operations(7)(65)(52)(143)
Segment Adjusted EBITDA from Operations$25,139 $17,886 $4,928 $3,499 
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Discussion of Non-GAAP Financial Measures

EBITDA consists of net income before (a) interest expense, net, (b) provisions for income taxes, and (c) depreciation and amortization. Adjusted EBITDA consists of net income attributable to the Company before (a) interest expense, net (b) provisions for income taxes, (c) depreciation and amortization, (d) results related to start-up operations, including rent and excluding depreciation, interest and income taxes, (e) share-based compensation expense, (f) non-capitalizable acquisition related costs and credit allowances, (g) activities associated with transitioning operations, (h) unusual, non-recurring or redundant charges and (i) net income attributable to noncontrolling interest. Consolidated Adjusted EBITDAR is a valuation measure applicable to current periods only and consists of net income attributable to the Company before (a) interest expense, net, (b) provisions for income taxes, (c) depreciation and amortization, (d) rent-cost of services, (e) results related to start-up operations, excluding rent, depreciation, interest and income taxes, (f) share-based compensation expense, (g) acquisition related costs and credit allowances, (h) activities associated with transitioning operations, (i) unusual, non-recurring or redundant charges and (j) net income attributable to noncontrolling interest. The company believes that the presentation of EBITDA, adjusted EBITDA, consolidated adjusted EBITDAR, adjusted net income and adjusted earnings per share provides important supplemental information to management and investors to evaluate the company’s operating performance. The company believes disclosure of adjusted net income, adjusted net income per share, EBITDA, adjusted EBITDA and consolidated adjusted EBITDAR has economic substance because the excluded revenues and expenses are infrequent in nature and are variable in nature, or do not represent current revenues or cash expenditures. A material limitation associated with the use of these measures as compared to the GAAP measures of net income and diluted earnings per share is that they may not be comparable with the calculation of net income and diluted earnings per share for other companies in the company's industry. These non-GAAP financial measures should not be relied upon to the exclusion of GAAP financial measures. For further information regarding why the company believes that this non-GAAP measure provides useful information to investors, the specific manner in which management uses this measure, and some of the limitations associated with the use of this measure, please refer to the company's periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The company’s periodic filings are available on the SEC's website at www.sec.gov or under the "Financial Information" link of the Investor Relations section on Pennant’s website at http://www.pennantgroup.com.



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