as long as the current mgmt team is running the show here, you should probably plan to hold this one forever, assuming you hold in a taxable account. Its rare to find a mgmt team this good, they have knocked it out of the park.

here we go again...

woot. grabbed some more when it dropped below 44 yesterday...nice way to end the week. Was worth the hassle of having to call in to etrade and sitting on hold for 20 minutes.

very aggressive share repurchases from PRSC last quarter:

"During the first quarter of 2016, the Company repurchased 435,735 common shares for $19.5 million, or for an average price of $44.71 per share"

BCI23 -- Not sure if Ahnuld is going to update but were you able to listen to conf call?

cc was pretty boring i thought. I think it didn't even last half an hour and there were only like one or two questions.
stuff i noted:
-pretty happy with the quarter
-mission providence is a little slower than expected but they think they will get it to profitability in this year
-they closed operations in sweden and poland but don't plan on closing anywhere else
-they were and are still looking for acquisitions but things are pretty expensive so they just bought back shares
-some logistics contracts ended and they won some other so nothing big changed from what i remember

maybe someone else can add something, i listened to so many of those in the last weeks and if there's no fancy stuff happening it all becomes a big blur

selling 60% of Matrix for $400m, they paid $393m for 100% of Matrix two years ago. Not bad.

ya pretty good sales price. the discrepancy between the 60% stake, the EV and the cash coming out is matrix is doing a leveraged recap at the subsidiary level so prsc is getting 418mm cash and matrix will carry debt that is non recourse to providence. Financials wont be consolidated but they will include some information for investors to determine their own valuation going forward. Id just use the implied stub equity value for the next year and then I guess run new ev/ebitda calculations on matrix for a prsc SOTP.

All in all pretty happy and can easily get to about $70 share price next year

Although numbers weren't great in November, it seems as if the market is a little bit harsh on PRSC. What are your thoughts, Ahnuld?

Well wasn't their NET segment a big beneficiary of Obamacare and this is now threatened to be repealed by the Trump administration?

I think, based on their CC, it's because they lost a contract to a competitor that basically accounts for 1/3rd of their revenue.
Suddenly my exiting PRSC at 45 to chase ACW when it was 1.50 wasn't such a bad move

I wasn't a fan of the move but congrats!

Admittedly I sorta luckboxed out. But why be good when you can luckbox instead!

listened to the call, not sure what you mean. which contract? Largest is NJ and that hasnt been decided yet.

On the UK division they're barely profitable so doesnt matter a ton

yes but its unclear if trump will repeal completely. hes stated he likes the expanded coverage.

At the same time PRSC pays a 43% tax rate so if they lower corporate taxes it more than makes up for full obamacare repeal

My bad, I misread the conference call.
I saw that they lost their NYC contract and then for some reason when I skimmed through the Q&A, I thought they said that it was comparable to the NJ contract.

Ahnuld/BC123 - with the new admin and their earnings in Nov has your 2017 view changed significantly?

What is this providence stockholder settlement I just got?

I ended up selling out my position this week. Good company, but pretty fully valued at this point. And coliseum selling down their stake is a headwind on the trading at the very least and a warning sign at the worst.

Still, been a great ride. Im keeping the prefs

I converted my prefs and sold the underlying common last week at $77ish.

TY very much for this tip back in the day, ahnuld. Been a great ride and I learned a lot.

PRSC down to $65 on earnings numbers

Bumping this thread, does anyone still follow?

I beleive PRSC bids on contracts based on expected utilization of their services. Nobody is going to the doctor right now unless they have covid and i'm thinking utilization rates are running very low which should be a big boost for PRSC earnings. The stock hasn't moved, this might not be priced in?

caveat I havent followed the company in a couple years. Generally thats true (a snowstorm decreases utilization which helps margins) but I cant imagine in this environment they arent going to be asked to give a lot of that back to the states. They often ask for rate adjustments mid contract when utilization runs higher than they modeled, I dont see why it would be different if utilization plummeted 50% from Coronavirus.

I still own the convertible preferred stock. I thought all those stocks would be converted if the stock price remainened over $78 for four weeks. Does anyone know whether this will happen shortly?