National HealthCare Corporation (NYSE American: NHC), the
nation's oldest publicly traded senior health care company,
announced today net operating revenues and government stimulus
income for the quarter ended September 30, 2022 totaled
$270,843,000 compared to $276,737,000 for the quarter ended
September 30, 2021, a decrease of 2.1%. The net operating revenues
decrease during the third quarter of 2022 was primarily driven by
the reduction in government stimulus income of $10.4 million during
the third quarter of 2022 compared to the same period a year ago,
as well as us exiting the seven skilled nursing facilities in
Massachusetts and New Hampshire during the third quarter of 2022.
Excluding the government stimulus income, same-facility net
operating revenues increased 3.8% during the third quarter of 2022
compared to the same period a year ago.
For the quarter ended September 30, 2022, the reported GAAP net
loss attributable to NHC was $2,429,000 compared to a net loss of
$3,348,000 for the same period in 2021. Excluding the unrealized
losses in our marketable equity securities portfolio and other
non-GAAP adjustments, adjusted net income for the quarter ended
September 30, 2022 was $7,783,000 compared to $14,884,000 for the
same period in 2021 (*). The decrease in non-GAAP earnings for the
third quarter of 2022 compared to the same period in 2021 was
primarily due to the $10.4 million less of government stimulus
income recorded, as well as incurring inflationary wage pressures
on our labor costs. GAAP diluted loss per share was $0.16 for the
quarter ended September 30, 2022 compared to a diluted loss per
share of $0.22 for the same period in 2021. Adjusted diluted
earnings per share were $0.50 and $0.96 for the quarters ended
September 30, 2022 and 2021, respectively (*).
(*) - See the tables below that provide a reconciliation of GAAP
to non-GAAP items.
About NHC
NHC affiliates operate for themselves and third parties 68
skilled nursing facilities with 8,726 beds. NHC affiliates also
operate 23 assisted living communities with 1,181 units, five
independent living communities with 475 units, three behavioral
health hospitals, 35 homecare agencies, and 29 hospice agencies.
NHC’s other services include Alzheimer’s and memory care units,
pharmacy services, a rehabilitation services company, and providing
management and accounting services to third party post-acute
operators. Other information about the company can be found on our
web site at www.nhccare.com.
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. NHC cautions investors that any
forward-looking statements made involve risks and uncertainties and
are not guarantees of future performance. The risks and
uncertainties are detailed from time to time in reports filed by
NHC with the S.E.C., including Forms 8-K, 10-Q and 10-K, and
include, among others, the following: liabilities and other claims
asserted against us and patient care liabilities, as well as the
resolution of current litigation; availability of insurance and
assets for indemnification; national and local economic conditions;
including their effect on the availability and cost of labor,
utilities and materials; the effect of government regulations and
changes in regulations governing the healthcare industry, including
our compliance with such regulations; changes in Medicare and
Medicaid payment levels and methodologies and the application of
such methodologies by the government and its fiscal intermediaries;
and other factors referenced or incorporated by reference in the
S.E.C. filings. The risks included here are not exhaustive. All
forward-looking statements represent NHC’s best judgment as of the
date of this release.
Consolidated Statements of Operations (in thousands, except
share and per share amounts) Three Months Ended Nine Months Ended
September 30 September 30
2022
2021
2022
2021
(unaudited) (unaudited) Revenues and grant income: Net patient
revenues
$
260,247
$
254,817
$
776,661
$
708,648
Other revenues
10,596
11,491
33,584
33,916
Government stimulus income
-
10,429
10,940
48,304
Net operating revenues and grant income
270,843
276,737
821,185
790,868
Costs and expenses: Salaries, wages and benefits
173,198
170,235
518,828
483,263
Other operating
72,883
73,109
218,279
204,211
Facility rent
10,294
10,204
30,770
30,437
Depreciation and amortization
10,253
10,229
30,011
30,521
Interest
137
198
451
657
Total costs and expenses
266,765
263,975
798,339
749,089
Income from operations
4,078
12,762
22,846
41,779
Non-operating income
2,731
3,399
8,451
15,245
Gain on acquisition of equity method investment
-
-
-
95,202
Unrealized losses on marketable equity securities
(11,056
)
(23,797
)
(11,479
)
(23,227
)
Income/(loss) before income taxes
(4,247
)
(7,636
)
19,818
128,999
Income tax (provision)/benefit
1,140
4,090
(5,415
)
(5,907
)
Net income/(loss)
(3,107
)
(3,546
)
14,403
123,092
Net (income)/loss attributable to noncontrolling interest
678
198
1,689
(290
)
Net income/(loss) attributable to National HealthCare
Corporation
$
(2,429
)
$
(3,348
)
$
16,092
$
122,802
Net income/(loss) per common share Basic
$
(0.16
)
$
(0.22
)
$
1.04
$
8.00
Diluted
$
(0.16
)
$
(0.22
)
$
1.04
$
7.97
Weighted average common shares outstanding Basic
15,445,569
15,364,043
15,438,375
15,347,042
Diluted
15,445,569
15,364,043
14,577,103
15,414,683
Dividends declared per common share
$
0.57
$
0.52
$
1.69
$
1.56
Balance Sheet Data Sept. 30 Dec. 31 (in
thousands)
2022
2021
(unaudited) Cash, cash equivalents and marketable securities
$
176,729
$
256,025
Restricted cash, cash equivalents and marketable securities
171,898
175,884
Current assets
344,529
426,638
Property and equipment, net
511,373
520,996
Total assets
1,295,559
1,403,396
Current liabilities
210,156
263,201
NHC stockholders' equity
877,311
903,004
Selected Operating Statistics Three Months Ended Nine
Months Ended September 30 September 30
2022
2021
2022
2021
(unaudited) (unaudited)
Skilled Nursing Per Diems: Medicare
$
535.60
$
523.98
$
540.30
$
528.60
Managed Care
429.22
404.43
425.39
406.32
Medicaid
237.61
231.39
230.79
225.68
Private Pay and Other
265.68
257.13
268.13
254.03
Average Skilled Nursing Per Diem
$
302.43
$
295.40
$
301.91
$
297.04
Skilled Nursing Patient Days: Medicare
81,940
87,534
258,961
271,024
Managed Care
52,956
57,486
163,823
183,593
Medicaid
302,500
315,979
919,931
895,955
Private Pay and Other
169,068
158,011
489,477
439,225
Total Skilled Nursing Patient Days
606,464
619,010
1,832,192
1,789,797
The tables below provide reconciliations of GAAP to
non-GAAP items (in thousands, except per share amounts): Three
Months Ended Nine Months Ended September 30 September 30
2022
2021
2022
2021
(unaudited) (unaudited)
Net income/(loss) attributable to
National Healthcare Corporation
$
(2,429
)
$
(3,348
)
$
16,092
$
122,802
Non-GAAP adjustments Unrealized losses on marketable equity
securities
11,056
23,797
11,479
23,227
Operating results for newly opened facilities not at full capacity
(1)
2,105
115
4,033
480
Gain on acquisition of equity method investment
-
-
-
(95,202
)
Stock-based compensation expense
639
726
1,980
1,905
Income tax benefit on non-GAAP adjustments
(3,588
)
(6,406
)
(4,548
)
(6,369
)
Non-GAAP Net income
$
7,783
$
14,884
$
29,036
$
46,843
GAAP diluted earnings/(loss) per share
$
(0.16
)
$
(0.22
)
$
1.04
$
7.97
Non-GAAP adjustments Unrealized losses on marketable equity
securities
0.53
1.14
0.56
1.12
Operating results for newly opened facilities not at full capacity
(1)
0.10
0.01
0.19
0.02
Gain on acquisition of equity method investment
-
-
-
(6.16
)
Stock-based compensation expense
0.03
0.03
0.09
0.09
Non-GAAP diluted earnings per share
$
0.50
$
0.96
$
1.88
$
3.04
(1) The newly opened facilities not at full capacity for the
2022 period presented consisted of operations opened from 2020
through 2022. This consisted of two behavioral health hospitals,
one homecare agency, and one hospice agency. The newly opened
facilities for the 2021 period presented consisted of operations
opened from 2019 through 2021. The 2021 period consisted of one
memory care facility.
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version on businesswire.com: https://www.businesswire.com/news/home/20221103006385/en/
Brian F. Kidd, SVP/Controller Phone: (615) 890-2020
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