NHC Reports Third Quarter 2019 Earnings
For the quarter ended
(1) 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 |
|
Nine Months Ended |
||||||||||||
|
|
|
||||||||||||
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
(unaudited) |
|
(unaudited) |
||||||||||||
Revenues: | ||||||||||||||
Net patient revenues |
$ 235,090 |
|
$ 234,827 |
|
$ 706,465 |
|
$ 697,173 |
|
||||||
Other revenues |
11,977 |
|
11,499 |
|
36,038 |
|
34,256 |
|
||||||
Net operating revenues |
247,067 |
|
246,326 |
|
742,503 |
|
731,429 |
|
||||||
Costs and expenses: | ||||||||||||||
Salaries, wages and benefits |
152,175 |
|
149,188 |
|
441,441 |
|
434,749 |
|
||||||
Other operating |
66,730 |
|
64,507 |
|
203,760 |
|
192,268 |
|
||||||
Facility rent |
10,167 |
|
10,190 |
|
30,602 |
|
30,691 |
|
||||||
Depreciation and amortization |
10,663 |
|
10,437 |
|
31,515 |
|
31,176 |
|
||||||
Interest |
764 |
|
1,170 |
|
2,644 |
|
3,663 |
|
||||||
Total costs and expenses |
240,499 |
|
235,492 |
|
709,962 |
|
692,547 |
|
||||||
Income from operations |
6,568 |
|
10,834 |
|
32,541 |
|
38,882 |
|
||||||
Non-operating income |
6,663 |
|
8,467 |
|
20,936 |
|
11,056 |
|
||||||
Unrealized gains on marketable equity securities |
9,312 |
|
3,486 |
|
16,096 |
|
417 |
|
||||||
Income before income taxes |
22,543 |
|
22,787 |
|
69,573 |
|
50,355 |
|
||||||
Income tax provision |
(3,167 |
) |
(1,700 |
) |
(15,284 |
) |
(9,792 |
) |
||||||
Net income |
19,376 |
|
21,087 |
|
54,289 |
|
40,563 |
|
||||||
Net loss attributable to noncontrolling interest |
85 |
|
55 |
|
152 |
|
249 |
|
||||||
Net income attributable to |
$ 19,461 |
|
$ 21,142 |
|
$ 54,441 |
|
$ 40,812 |
|
||||||
Net income per common share | ||||||||||||||
Basic |
$ 1.27 |
|
$ 1.39 |
|
$ 3.57 |
|
$ 2.68 |
|
||||||
Diluted |
$ 1.27 |
|
$ 1.39 |
|
$ 3.55 |
|
$ 2.68 |
|
||||||
Weighted average common shares outstanding | ||||||||||||||
Basic |
15,275,709 |
|
15,225,654 |
|
15,267,250 |
|
15,221,217 |
|
||||||
Diluted |
15,373,617 |
|
15,242,086 |
|
15,350,308 |
|
15,230,692 |
|
||||||
Dividends declared per common share |
$ 0.52 |
|
$ 0.50 |
|
$ 1.54 |
|
$ 1.48 |
|
||||||
Balance Sheet Data | ||||||||||||||
(in thousands) |
|
|
|
|||||||||||
2019 |
|
2018 |
||||||||||||
(unaudited) |
|
|
||||||||||||
Cash, cash equivalents and marketable equity securities |
$ 215,580 |
|
$ 183,470 |
|
||||||||||
Restricted cash, cash equivalents and marketable debt securities |
158,378 |
|
184,266 |
|
||||||||||
Current assets |
351,190 |
|
322,009 |
|
||||||||||
Property and equipment, net |
539,604 |
|
534,650 |
|
||||||||||
Total assets |
1,307,231 |
|
1,080,948 |
|
||||||||||
Current liabilities |
181,088 |
|
157,924 |
|
||||||||||
Long-term debt |
30,000 |
|
55,000 |
|
||||||||||
771,570 |
|
733,278 |
|
Selected Operating Statistics | |||||||||||
Three Months Ended |
|
Nine Months Ended |
|||||||||
|
|
|
|||||||||
2019 |
|
2018(1) |
|
2019 |
|
2018(1) |
|||||
(unaudited) | (unaudited) | ||||||||||
Skilled Nursing Per Diems: | |||||||||||
Medicare |
$ 466.90 |
|
$ 463.38 |
|
$ 461.72 |
|
$ 462.50 |
|
|||
Managed Care |
394.49 |
|
400.52 |
|
393.27 |
|
400.32 |
|
|||
Medicaid |
199.02 |
|
192.11 |
|
197.18 |
|
190.31 |
|
|||
Private Pay and Other |
244.77 |
|
240.48 |
|
245.35 |
|
238.82 |
|
|||
Average Skilled Nursing Per Diem |
$ 270.24 |
|
$ 269.51 |
|
$ 270.69 |
|
$ 270.49 |
|
|||
Skilled |
|||||||||||
Medicare |
103,838 |
|
114,462 |
|
325,832 |
|
359,246 |
|
|||
Managed Care |
63,693 |
|
62,811 |
|
188,986 |
|
182,109 |
|
|||
Medicaid |
333,362 |
|
325,326 |
|
977,882 |
|
945,089 |
|
|||
Private Pay and Other |
180,258 |
|
180,460 |
|
534,067 |
|
532,071 |
|
|||
Total Skilled |
681,151 |
|
683,059 |
|
2,026,767 |
|
2,018,515 |
|
|||
(1) A skilled nursing facility in |
|||||||||||
The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts; unaudited): | |||||||||||
Three Months Ended |
|
Nine Months Ended |
|||||||||
|
|
|
|||||||||
2019 |
|
2018 |
|
2019 |
|
2018 |
|||||
Net income attributable to |
$ 19,461 |
|
$ 21,142 |
|
$ 54,441 |
|
$ 40,812 |
|
|||
Non-GAAP adjustments | |||||||||||
Unrealized gains on marketable equity securities |
(9,312 |
) |
(3,486 |
) |
(16,096 |
) |
(417 |
) |
|||
Gain on acquisitions of equity method investments |
- |
|
(2,050 |
) |
(1,975 |
) |
(2,050 |
) |
|||
Operating results for newly opened facilities not at full capacity (2) |
152 |
|
917 |
|
884 |
|
1,972 |
|
|||
Stock-based compensation expense |
340 |
|
361 |
|
1,448 |
|
1,538 |
|
|||
Legal costs and charges related to Caris' legal investigation |
- |
|
- |
|
- |
|
8,364 |
|
|||
Tax Cuts and Jobs Act of 2017 adjustment |
- |
|
(1,434 |
) |
- |
|
(1,434 |
) |
|||
Provision of income taxes on non-GAAP adjustments |
2,293 |
|
574 |
|
4,092 |
|
(2,150 |
) |
|||
Non-GAAP Net income |
$ 12,934 |
|
$ 16,024 |
|
$ 42,794 |
|
$ 46,635 |
|
|||
GAAP diluted earnings per share |
$ 1.27 |
|
$ 1.39 |
|
$ 3.55 |
|
$ 2.68 |
|
|||
Non-GAAP adjustments | |||||||||||
Unrealized gains on marketable equity securities |
(0.45 |
) |
(0.17 |
) |
(0.78 |
) |
(0.02 |
) |
|||
Gain on acquisitions of equity method investments |
- |
|
(0.13 |
) |
(0.09 |
) |
(0.13 |
) |
|||
Operating results for newly opened facilities not at full capacity (2) |
- |
|
0.04 |
|
0.04 |
|
0.10 |
|
|||
Stock-based compensation expense |
0.02 |
|
0.02 |
|
0.07 |
|
0.07 |
|
|||
Legal costs and charges related to Caris' legal investigation |
- |
|
- |
|
- |
|
0.46 |
|
|||
Tax Cuts and Jobs Act of 2017 adjustment |
- |
|
(0.10 |
) |
- |
|
(0.10 |
) |
|||
Non-GAAP diluted earnings per share |
$ 0.84 |
|
$ 1.05 |
|
$ 2.79 |
|
$ 3.06 |
|
|||
(2) 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). The newly opened facilities for the 2018 period presented consist of facilities opened from 2016 through 2018 (two skilled nursing facilities and three assisted living facilities). | |||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20191105006166/en/
Phone: (615) 890-2020
Source:
Assurant Reports Third Quarter 2019 Financial Results
Alleghany Corporation Reports 2019 Third Quarter Results — Notice
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