TH experienced a dramatic financial deterioration with net income swinging from $71.3M profit to $37.1M loss while cash position collapsed 96% from $190.7M to $8.3M.
The company has shifted from profitability to significant losses while simultaneously burning through nearly all of its cash reserves, creating potential liquidity concerns. Despite growing their bed count and maintaining contracted revenue streams, the fundamental financial performance has deteriorated severely, suggesting either major one-time charges, operational challenges, or market pressures that weren't adequately disclosed.
TH's financial position deteriorated across all key metrics, with the company moving from $71.3M in net income to a $37.1M loss while operating cash flow fell 51% to $74.1M. Most critically, cash and equivalents plummeted 96% from $190.7M to just $8.3M, while the company simultaneously increased share buybacks to $33.5M and capital expenditures to $15.5M. This combination of negative earnings, reduced cash generation, and a severely depleted cash position creates immediate liquidity concerns despite the reduction in total liabilities.
Share repurchases increased 529.9% — management returning capital, signals confidence in intrinsic value.
Capital expenditure jumped 210% — major investment cycle underway; assess returns on deployment.
Net income declined 152.1% — review whether driven by operations, interest costs, or non-recurring items.
Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.
Cash declined 95.6% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.
Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.
Current assets declined 70.6% — monitor working capital adequacy and short-term liquidity.
Current liabilities reduced — improved short-term financial position and working capital health.
Liabilities reduced 53.7% — deleveraging improves balance sheet strength and financial flexibility.
Operating cash flow fell 51.2% — earnings quality concerns; investigate working capital changes and non-cash items.
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