HCSG Q2 2022 revenue $424.9M, net income $6.8M ($0.09 EPS); cost of services 89.3% due to $7M AR reserve

HEALTHCARE SERVICES GROUP INC

2022-Q2 EPS reported $0.24 revenue$851,668,000

Revenue $424.9M; housekeeping & laundry $199.1M, dining & nutrition $225.8M; segment margins 9.0% and 4.5%.
Cost of services 89.3% (target 86% by year-end) impacted by $7M AR reserve from client in receivership; adjusted SG&A 8.4%.
Cash from operations $9.0M; DSO 71 days; effective tax rate 17.3% (2022 guidance 24-26%).
Quarterly dividend $0.21375/share payable Sep 23 to holders of record Aug 19; 76th consecutive increase.
CEO says service agreement modifications ongoing; expects cost of services to align with 86% target by year-end.

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