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Hanger, Inc. (HNGR) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Hanger, Inc.

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CIK: 722723 Ticker: HNGR
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Hanger Reports Final 2021 Financial Results
No Changes In Results Since February 7th Pre-announcement

AUSTIN, Texas, February 28, 2022 -
Hanger, Inc. (NYSE: HNGR), a leading provider of orthotic and prosthetic ("O&P") patient care services and solutions, today announced its final financial results for the fourth quarter and year ended December 31, 2021.
Financial Highlights

•Net revenues were $312.4 million for the three months ended December 31, 2021, compared to $277.3 million for the same period in 2020, reflecting growth of 12.6 percent.
•Net income was $14.0 million for the three months ended December 31, 2021, compared to $16.1 million for the same period in 2020. Income from operations was $24.9 million for the quarter compared to $29.1 million for the same period in 2020, a decline of 14.6 percent.
•Adjusted EBITDA was $37.2 million in the fourth quarter of 2021, compared to $35.5 million for the same period in 2020, reflecting an increase of $1.7 million, or 4.9 percent.
•GAAP diluted earnings per share was $0.36 per share for the fourth quarter of 2021, compared to $0.41 per share for the same period in 2020. Adjusted diluted earnings per share was $0.40 for the three months ended December 31, 2021, compared to $0.36 for the same period in 2020, an increase of 11.1 percent.
•Results were consistent with those included in the Company's February 7, 2022 release of preliminary financial results for the year-ended December 31, 2021.

Vinit Asar, President and Chief Executive Officer of Hanger, Inc., stated, "While COVID-19 presented a challenge throughout 2021, I am pleased that we nevertheless achieved strong revenue and Adjusted EBITDA growth during the year. This growth, coupled with our expansion of the Company through key acquisitions of independent O&P clinics during 2021, have positioned us well for the coming year."

Complete reconciliations of GAAP to non-GAAP financial measures are provided in the tables located at the end of this earnings release.

Segment Results for Three Months Ended December 31, 2021
Patient Care Segment
For the three months ended December 31, 2021, Patient Care net revenues were $266.5 million, an increase of $33.6 million, or 14.4 percent, compared to the same period in 2020. For the three month period, acquisitions of O&P clinics that were consummated in 2020 and 2021 contributed $16.4 million of incremental revenue.

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The following information was filed by Hanger, Inc. (HNGR) on Monday, February 28, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hanger, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity (Deficit)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Operations
Accounts Receivable, Net
Accounts Receivable, Net (Tables)
Accounts Receivable, Net - Aging Categories (Details)
Accounts Receivable, Net - Allowance For Doubtful Accounts (Details)
Accounts Receivable, Net - Narrative (Details)
Accounts Receivable, Net - Schedule Of Accounts Receivable, Net (Details)
Accrued Expenses And Other Current Liabilities And Other Liabilities
Accrued Expenses And Other Current Liabilities And Other Liabilities (Tables)
Accrued Expenses And Other Current Liabilities And Other Liabilities - Accrued Expenses And Other Current Liabilities (Details)
Accrued Expenses And Other Current Liabilities And Other Liabilities - Other Liabilities (Details)
Acquisitions
Acquisitions (Tables)
Acquisitions - Aggregate Purchase Price Of Acquisitions (Details)
Acquisitions - Narrative (Details)
Commitments And Contingencies
Debt And Other Obligations
Debt And Other Obligations (Tables)
Debt And Other Obligations - Maturities Of Debt (Details)
Debt And Other Obligations - Narrative (Details)
Debt And Other Obligations - Schedule Of Debt (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Changes In Net Loss On Cash Flow Hedges Included In Accumulated Other Comprehensive Income (Loss) (Details)
Derivative Financial Instruments - Fair Value Of Derivative Assets And Liabilities (Details)
Derivative Financial Instruments - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Calculation Of Basic And Diluted Net Income Per Share (Details)
Earnings Per Share - Narrative (Details)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits - Amounts In Balance Sheets (Details)
Employee Benefits - Assumptions (Details)
Employee Benefits - Benefit Obligation Rollforward (Details)
Employee Benefits - Future Payments (Details)
Employee Benefits - Narrative (Details)
Employee Benefits -Funded Status (Details)
Employee Benefits- Defined Contribution Supplemental Executive Retirement Plan - Dc Serp (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Estimated Amortization (Details)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Intangible Assets (Details)
Goodwill And Other Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Activity In Valuation Allowance (Details)
Income Taxes - Components Of Provision For Income Taxes (Details)
Income Taxes - Narrative (Details)
Income Taxes - Reconciliation Of Federal Statutory Tax Rate To Effective Tax Rate (Details)
Income Taxes - Reconciliation Of Liability For Unrecognized Tax Benefits (Details)
Income Taxes - Significant Components Of Deferred Tax Assets And Liabilities (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Condensed Consolidated Balance Sheet Information (Details)
Leases - Lease Cost Components (Details)
Leases - Lease Term And Discount Rates Information (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Supplemental Cash Flow Information (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Policies)
Organization And Summary Of Significant Accounting Policies - Accounts Receivable, Net (Details)
Organization And Summary Of Significant Accounting Policies - Description Of Business (Details)
Organization And Summary Of Significant Accounting Policies - General And Administrative Expenses (Details)
Organization And Summary Of Significant Accounting Policies - Goodwill And Other Intangible Assets, Net (Details)
Organization And Summary Of Significant Accounting Policies - Income Taxes (Details)
Organization And Summary Of Significant Accounting Policies - Interest Income (Details)
Organization And Summary Of Significant Accounting Policies - Inventories (Details)
Organization And Summary Of Significant Accounting Policies - Other Operating Costs (Details)
Organization And Summary Of Significant Accounting Policies - Property, Plant And Equipment, Net (Details)
Organization And Summary Of Significant Accounting Policies - Recent Accounting Pronouncements (Details)
Organization And Summary Of Significant Accounting Policies - Recent Developments Regarding Covid-19 (Details)
Organization And Summary Of Significant Accounting Policies - Revenue Recognition (Details)
Organization And Summary Of Significant Accounting Policies - Segment Information (Details)
Organization And Summary Of Significant Accounting Policies - Self-Insurance Reserves (Details)
Organization And Summary Of Significant Accounting Policies - Shares Based Compensation (Details)
Other Current Assets And Other Assets
Other Current Assets And Other Assets (Tables)
Other Current Assets And Other Assets - Other Assets (Details)
Other Current Assets And Other Assets - Other Current Assets (Details)
Property, Plant And Equipment, Net - Property, Plant And Equipment, Net (Details)
Property, Plant, And Equipment, Net
Property, Plant, And Equipment, Net (Tables)
Property, Plant, And Equipment, Net - Narrative (Details)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Segment And Related Information
Segment And Related Information (Tables)
Segment And Related Information - Financial Information (Details)
Segment And Related Information - Narrative (Details)
Segment And Related Information - Reconciliation Of The Reportable Segments (Details)
Share Based Compensation (Tables)
Share Based Compensation - Narrative (Details)
Share Based Compensation - Options Activity (Details)
Share Based Compensation - Restricted Stock Units (Details)
Share-Based Compensation
Subsequent Events
Subsequent Events (Details)

Material Contracts, Statements, Certifications & more

Hanger, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32: Section 1350 Certification
Ticker: HNGR
CIK: 722723
Form Type: 10-K Annual Report
Accession Number: 0000722723-22-000006
Submitted to the SEC: Mon Feb 28 2022 4:16:30 PM EST
Accepted by the SEC: Mon Feb 28 2022
Period: Friday, December 31, 2021
Industry: Specialty Outpatient Facilities

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