NHC Reports First Quarter 2020 Earnings
For the quarter ended
(*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items.
About
Non-GAAP Financial Presentation
The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company’s operations and measure the Company’s performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements.
Consolidated Statements of Income | |||||||||
(in thousands, except share and per share amounts) | |||||||||
Three Months Ended | |||||||||
2020 |
2019 |
||||||||
(unaudited) | |||||||||
Revenues: | |||||||||
Net patient revenues |
$ |
244,095 |
|
$ |
236,111 |
|
|||
Other revenues |
|
12,029 |
|
|
12,174 |
|
|||
Net operating revenues |
|
256,124 |
|
|
248,285 |
|
|||
Costs and expenses: | |||||||||
Salaries, wages and benefits |
|
147,469 |
|
|
141,388 |
|
|||
Other operating |
|
71,668 |
|
|
69,432 |
|
|||
Facility rent |
|
10,332 |
|
|
10,238 |
|
|||
Depreciation and amortization |
|
10,438 |
|
|
10,517 |
|
|||
Interest |
|
412 |
|
|
926 |
|
|||
Total costs and expenses |
|
240,319 |
|
|
232,501 |
|
|||
Income from operations |
|
15,805 |
|
|
15,784 |
|
|||
Non-operating income |
|
8,146 |
|
|
6,001 |
|
|||
Unrealized gains/(losses) on marketable equity securities |
|
(60,392 |
) |
|
6,838 |
|
|||
Income/(loss) before income taxes |
|
(36,441 |
) |
|
28,623 |
|
|||
Income tax (provision)/benefit |
|
9,625 |
|
|
(7,392 |
) |
|||
Net income/(loss) |
|
(26,816 |
) |
|
21,231 |
|
|||
(Income)/loss attributable to noncontrolling interest |
|
(36 |
) |
|
38 |
|
|||
Net income/(loss) attributable to |
$ |
(26,852 |
) |
$ |
21,269 |
|
|||
Net income/(loss) per common share | |||||||||
Basic |
$ |
(1.76 |
) |
$ |
1.39 |
|
|||
Diluted |
$ |
(1.76 |
) |
$ |
1.39 |
|
|||
Weighted average common shares outstanding | |||||||||
Basic |
|
15,294,777 |
|
|
15,256,189 |
|
|||
Diluted |
|
15,294,777 |
|
|
15,324,125 |
|
|||
Dividends declared per common share |
$ |
0.52 |
|
$ |
0.50 |
|
|||
Balance Sheet Data | |||||||||
(in thousands) |
2020 |
2019 |
|||||||
(unaudited) | |||||||||
Cash, cash equivalents and marketable equity securities |
$ |
161,553 |
|
$ |
202,787 |
|
|||
Restricted cash, cash equivalents and marketable debt securities |
|
162,499 |
|
|
158,082 |
|
|||
Current assets |
|
306,682 |
|
|
341,053 |
|
|||
Property and equipment, net |
|
540,620 |
|
|
535,430 |
|
|||
Total assets |
|
1,256,307 |
|
|
1,286,648 |
|
|||
Current liabilities |
|
217,982 |
|
|
194,763 |
|
|||
|
742,562 |
|
|
778,593 |
|
||||
Selected Operating Statistics | |||||||
Three Months Ended | |||||||
2020 |
2019 |
||||||
(unaudited) | |||||||
Skilled Nursing Per Diems: | |||||||
Medicare |
$ |
506.02 |
|
$ |
461.50 |
|
|
Managed Care |
|
402.78 |
|
|
395.50 |
|
|
Medicaid |
|
201.09 |
|
|
195.89 |
|
|
Private Pay and Other |
|
251.61 |
|
|
245.76 |
|
|
Average Skilled Nursing Per Diem |
$ |
279.07 |
|
$ |
272.40 |
|
|
Skilled |
|||||||
Medicare |
|
105,543 |
|
|
112,854 |
|
|
Managed Care |
|
61,556 |
|
|
62,427 |
|
|
Medicaid |
|
344,526 |
|
|
318,286 |
|
|
Private Pay and Other |
|
171,307 |
|
|
175,356 |
|
|
Total Skilled |
|
682,932 |
|
|
668,923 |
|
|
The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts): | |||||||
Three Months Ended | |||||||
2020 |
2019 |
||||||
(unaudited) | |||||||
Net income/(loss) attributable to |
$ |
(26,852 |
) |
$ |
21,269 |
|
|
Non-GAAP adjustments | |||||||
Unrealized (gains)/losses on marketable equity securities |
|
60,392 |
|
|
(6,838 |
) |
|
Operating results for newly opened facilities not at full capacity (1) |
|
203 |
|
|
595 |
|
|
Gain on acquisition of equity method investment |
|
(1,707 |
) |
|
- |
|
|
Stock-based compensation expense |
|
466 |
|
|
424 |
|
|
Income tax (benefit)/provision on non-GAAP adjustments |
|
(15,432 |
) |
|
1,501 |
|
|
Non-GAAP Net income |
$ |
17,070 |
|
$ |
16,951 |
|
|
GAAP diluted earnings/(loss) per share |
$ |
(1.76 |
) |
$ |
1.39 |
|
|
Non-GAAP adjustments | |||||||
Unrealized (gains)/losses on marketable equity securities |
|
2.92 |
|
|
(0.33 |
) |
|
Operating results for newly opened facilities not at full capacity (1) |
|
0.01 |
|
|
0.03 |
|
|
Gain on acquisition of equity method investment |
|
(0.08 |
) |
|
- |
|
|
Stock-based compensation expense |
|
0.02 |
|
|
0.02 |
|
|
Non-GAAP diluted earnings per share |
$ |
1.11 |
|
$ |
1.11 |
|
|
(1) The newly opened facilities not at full capacity for the 2020 period presented consist of facilities opened from 2018 through 2020 (one memory care facility). The newly opened facilities for the 2019 period presented consist of facilities opened from 2017 through 2019 (one skilled nursing facility, two assisted living facilities, and one memory care facility). |
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Phone: (615) 890-2020
Source:
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