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 June 30, 2022 totaled $271,359,000
compared to $263,158,000 for the quarter ended June 30, 2021, an
increase of 3.1%. The net operating revenues increase during the
second quarter of 2022 was primarily driven by the continued
occupancy increase in our skilled nursing facilities, as well as
the June 2021 acquisition of Caris HealthCare, a hospice provider.
The net patient revenue increases were offset by the reduction in
government stimulus income of $14.8 million during the second
quarter of 2022 compared to the same period a year ago.
For the quarter ended June 30, 2022, the reported GAAP net
income attributable to NHC was $3,203,000 compared to $104,883,000
for the same period in 2021. The large increase in our reported
GAAP net income for the second quarter of 2021 was primarily due to
the gain recorded from the acquisition of Caris HealthCare, L.P.
Excluding the gain on the Caris HealthCare, L.P. acquisition, as
well as the unrealized losses in our marketable equity securities
portfolio and other non-GAAP adjustments, adjusted net income for
the quarter ended June 30, 2022 was $7,172,000 compared to
$15,077,000 for the same period in 2021 (*). The decrease in
non-GAAP earnings for the second quarter of 2022 compared to the
same period in 2021 was primarily due to the $14.8 million less of
government stimulus income recorded, as well as incurring
inflationary wage pressures on our labor costs. GAAP diluted
earnings per share was $0.21 for the quarter ended June 30, 2022
compared to $6.80 for the same period in 2021. Adjusted diluted
earnings per share were $0.46 and $0.98 for the quarters ended June
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 75
skilled nursing facilities with 9,447 beds. NHC affiliates also
operate 24 assisted living communities with 1,210 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 Six Months Ended
June 30 June 30
2022
2021
2022
2021
(unaudited) (unaudited) Revenues and grant income: Net patient
revenues
$
260,077
$
236,976
$
516,414
$
453,831
Other revenues
10,962
11,056
22,988
22,425
Government stimulus income
320
15,126
10,940
37,875
Net operating revenues and grant income
271,359
263,158
550,342
514,131
Costs and expenses: Salaries, wages and benefits
174,936
163,868
345,630
313,025
Other operating
71,311
64,979
145,396
131,105
Facility rent
10,411
10,170
20,476
20,233
Depreciation and amortization
10,001
10,131
19,758
20,292
Interest
149
215
314
459
Total costs and expenses
266,808
249,363
531,574
485,114
Income from operations
4,551
13,795
18,768
29,017
Non-operating income
2,521
5,586
5,720
11,846
Gain on acquisition of equity method investment
-
95,202
-
95,202
Unrealized gains/(losses) on marketable equity securities
(3,549
)
(6,489
)
(423
)
570
Income before income taxes
3,523
108,094
24,065
136,635
Income tax provision
(1,362
)
(2,764
)
(6,555
)
(9,997
)
Net income
2,161
105,330
17,510
126,638
Net (income)/loss attributable to noncontrolling interest
1,042
(447
)
1,011
(488
)
Net income attributable to National HealthCare Corporation
$
3,203
$
104,883
$
18,521
$
126,150
Net income per common share Basic
$
0.21
$
6.83
$
1.20
$
8.22
Diluted
$
0.21
$
6.80
$
1.20
$
8.19
Weighted average common shares outstanding Basic
15,452,402
15,349,162
15,434,718
15,338,400
Diluted
15,487,123
15,419,012
15,475,553
15,404,634
Dividends declared per common share
$
0.57
$
0.52
$
1.12
$
1.04
Balance Sheet Data June 30 Dec. 31 (in
thousands)
2022
2021
(unaudited) Cash, cash equivalents and marketable securities
$
219,831
$
256,025
Restricted cash, cash equivalents and marketable securities
167,071
175,884
Current assets
394,781
426,638
Property and equipment, net
515,771
520,996
Total assets
1,350,469
1,403,396
Current liabilities
224,365
263,201
NHC stockholders' equity
897,915
903,004
Selected Operating Statistics Three Months Ended Six Months
Ended June 30 June 30
2022
2021
2022
2021
(unaudited) (unaudited)
Skilled Nursing Per Diems: Medicare
$
540.15
$
523.70
$
542.48
$
530.80
Managed Care
413.58
408.81
423.56
407.18
Medicaid
226.40
226.75
227.45
222.57
Private Pay and Other
268.70
256.58
269.42
252.28
Average Skilled Nursing Per Diem
$
297.63
$
298.55
$
301.66
$
297.90
Skilled Nursing Patient Days: Medicare
85,438
92,163
177,021
183,490
Managed Care
55,230
64,196
110,867
126,107
Medicaid
313,171
300,875
617,431
579,976
Private Pay and Other
166,454
148,247
320,409
281,214
Total Skilled Nursing Patient Days
620,293
605,481
1,225,728
1,170,787
The tables below provide reconciliations of GAAP to
non-GAAP items (in thousands, except per share amounts): Three
Months Ended Six Months Ended June 30 June 30
2022
2021
2022
2021
(unaudited) (unaudited)
Net income attributable to
National Healthcare Corporation
$
3,203
$
104,883
$
18,521
$
126,150
Non-GAAP adjustments Unrealized (gains)/losses on marketable equity
securities
3,549
6,489
423
(570
)
Operating results for newly opened facilities not at full capacity
(1)
1,185
120
1,928
365
Gain on acquisition of equity method investment
-
(95,202
)
-
(95,202
)
Stock-based compensation expense
629
683
1,341
1,179
Income tax benefit on non-GAAP adjustments
(1,394
)
(1,896
)
(960
)
(253
)
Non-GAAP Net income
$
7,172
$
15,077
$
21,253
$
31,669
GAAP diluted earnings per share
$
0.21
$
6.80
$
1.20
$
8.19
Non-GAAP adjustments Unrealized (gains)/losses on marketable equity
securities
0.16
0.31
0.02
(0.03
)
Operating results for newly opened facilities not at full capacity
(1)
0.06
0.01
0.09
0.02
Gain on acquisition of equity method investment
-
(6.17
)
-
(6.18
)
Stock-based compensation expense
0.03
0.03
0.06
0.06
Non-GAAP diluted earnings per share
$
0.46
$
0.98
$
1.37
$
2.06
(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/20220805005037/en/
Brian F. Kidd, SVP/Controller Phone: (615) 890-2020
National HealthCare (AMEX:NHC)
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