NHC National HealthCare Corp

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Delaware (State or other jurisdiction of incorporation)	001-13489 (Commission File Number)	52-2057472 (I.R.S. Employer Identification No.)
100 E. Vine Street Murfreesboro, Tennessee (Address of Principal Executive Offices)		37130 (Zip Code)

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	NHC	NYSE American

Exhibit No.	Description of Exhibit
99.1	Copy of press release issued on February 27, 2025 by National HealthCare Corporation announcing December 31, 2024 earnings.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

	NATIONAL HEALTHCARE CORPORATION
	By:	/s/	Brian F. Kidd
	Name:		Brian F. Kidd
	Title:		Senior VP/Chief Financial Officer

Exhibit 99.1

 

 

For release: February 27, 2025

Contact: Brian F. Kidd, SVP/CFO

Phone: (615) 890-2020

 

NHC Reports 2024 Year End Earnings

 

MURFREESBORO, Tenn. -- National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues and grant income for the year ended December 31, 2024 totaled $1,307,382,000 compared to $1,141,544,000 for the year ended December 31, 2023, an increase of 14.5%. The increase in net operating revenues for the 2024 year compared to the 2023 year was due to a 9.4% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Manor (“White Oak”). The White Oak operations consist of 22 healthcare operations, which includes 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy.

For the year ended December 31, 2024, the reported GAAP net income attributable to NHC was $101,927,000 compared to $66,798,000 for the 2023 year. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the year ended December 31, 2024 was $76,862,000 compared to $54,934,000 for the 2023 year ^(*), an increase of 39.9%. GAAP diluted earnings per share were $6.53 and $4.34 for the years ended December 31, 2024 and 2023, respectively. Adjusted diluted earnings per share were $4.93 and $3.55 for the years ended December 31, 2024 and 2023, respectively ^(*).

For the quarter ended December 31, 2024, the reported GAAP net income attributable to NHC was $6,081,000 compared to $28,406,000 for the same period in 2023. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended December 31, 2024 was $25,954,000 compared to $15,955,000 for the same period in 2023, an increase of 62.7% ^(*). The GAAP diluted earnings per share were $0.39 and $1.83 for the quarters ended December 31, 2024 and 2023, respectively. Adjusted diluted earnings per share were $1.66 and $1.03 for the quarters ended December 31, 2024 and 2023, 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 80 skilled nursing facilities with 10,341 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 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. All forward-looking statements represent NHC’s best judgment as of the date of this release.

 

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Consolidated Statements of Operations

(in thousands, except share and per share amounts)

 

		Three Months Ended								Years Ended
		December 31								December 31
		2024				2023				2024				2023
Revenues and grant income:
Net patient revenues		$	357,344			$	282,997			$	1,251,759			$	1,087,614
Other revenues			12,006				17,917				46,178				53,930
Government stimulus income			-				-				9,445				-
Net operating revenues and grant income			369,350				300,914				1,307,382				1,141,544
Costs and expenses:
Salaries, wages and benefits			234,321				186,562				810,930				712,344
Other operating			83,298				70,970				321,390				288,183
Facility rent			11,378				11,438				43,182				41,525
Depreciation and amortization			11,442				11,768				41,985				42,034
Interest			2,347				56				4,135				324
Total costs and expenses			342,786				280,794				1,221,622				1,084,410
Income from operations			26,564				20,120				85,760				57,134
Non-operating income			4,825				4,544				19,690				16,660
Unrealized gains/(losses) on marketable equity securities			(25,332	)			12,001				30,958				14,944
Income before income taxes			6,057				36,665				136,408				88,738
Income tax provision			(28	)			(8,700	)			(34,322	)			(23,450	)
Net income			6,029				27,965				102,086				65,288
Net (income)/loss attributable to noncontrolling interest			52				441				(159	)			1,510
Net income attributable to National HealthCare Corporation		$	6,081			$	28,406			$	101,927			$	66,798
Net income per common share
Basic		$	0.39			$	1.86			$	6.62			$	4.36
Diluted		$	0.39			$	1.83			$	6.53			$	4.34
Weighted average common shares outstanding
Basic			15,420,658				15,306,253				15,393,782				15,310,142
Diluted			15,665,025				15,486,573				15,598,528				15,377,343
Dividends declared per common share		$	0.61			$	0.59			$	2.42			$	2.34

 

 

Balance Sheet Data

(in thousands)

 

		December 31				December 31
		2024				2023
Cash, cash equivalents and marketable securities		$	216,185			$	223,620
Restricted cash, cash equivalents and marketable securities			163,795				167,971
Current assets			424,408				406,235
Property and equipment, net			684,289				493,329
Total assets			1,524,429				1,310,796
Current liabilities, excluding long-term debt due within one year			227,297				214,476
Current and long-term debt			137,000				-
NHC stockholders' equity			980,161				908,752

 

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Selected Operating Statistics

 

		Three Months Ended								Years Ended
		December 31								December 31
		2024				2023				2024				2023
Skilled Nursing Per Diems:
Medicare		$	607.67			$	579.84			$	586.76			$	559.07
Managed Care			490.41				478.51				468.23				464.89
Medicaid			279.02				268.58				275.78				253.95
Private Pay and Other			321.12				290.85				316.80				282.14
Average Skilled Nursing Per Diem		$	350.72			$	337.57	(1)		$	346.46	(1)		$	324.53	(1)
Skilled Nursing Patient Days:
Medicare			84,809				79,025				320,524				318,253
Managed Care			76,996				62,031				276,019				242,023
Medicaid			374,755				288,538				1,281,020				1,140,612
Private Pay and Other			191,926				170,916				677,449				663,195
Total Skilled Nursing Patient Days			728,486				600,510	(1)			2,555,012	(1)			2,364,083	(1)

 

⁽¹⁾ NHC exited three skilled nursing facilities in Missouri on March 1, 2024. For the first quarter of 2024, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $259.56 and 20,267 patient days. For the three months ended December 31, 2023, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $253.84 and 31,761 patient days. For the year ended December 31, 2023, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $249.85 and 126,791 patient days. 

 

The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):

 

		Three Months Ended								Years Ended
		December 31								December 31
		2024				2023				2024				2023
Net income attributable to National Healthcare Corporation		$	6,081			$	28,406			$	101,927			$	66,798
Non-GAAP adjustments
Unrealized (gains)/losses on marketable equity securities			25,332				(12,001	)			(30,958	)			(14,944	)
Gain on sale of property and equipment			-				(6,230	)			-				(6,230	)
Gain on sale of unconsolidated company			-				-				(1,024	)			-
Operating results for newly opened operations not at full capacity (2)			(10	)			742				130				2,359
Stock-based compensation expense			1,098				663				4,160				2,782
Acquisition-related expenses (3)			435				-				3,266				-
Employee retention credit			-				-				(9,445	)			-
Income tax provision on non-GAAP adjustments			(6,982	)			4,375				8,806				4,169
Non-GAAP Net income		$	25,954			$	15,955			$	76,862			$	54,934
GAAP diluted earnings per share		$	0.39			$	1.83			$	6.53			$	4.34
Non-GAAP adjustments
Unrealized (gains)/losses on marketable equity securities			1.20				(0.57	)			(1.47	)			(0.72	)
Gain on sale of property and equipment			-				(0.30	)			-				(0.30	)
Gain on sale of unconsolidated company			-				-				(0.05	)			-
Operating results for newly opened operations not at full capacity (2)			-				0.04				0.01				0.10
Stock-based compensation expense			0.05				0.03				0.20				0.13
Acquisition-related expenses (3)			0.02				-				0.16				-
Employee retention credit			-				-				(0.45	)			-
Non-GAAP diluted earnings per share		$	1.66			$	1.03			$	4.93			$	3.55

 

⁽²⁾ The operating results for newly opened facilities or agencies not at full capacity include healthcare operations that are still considered in the start-up phase, which are two hospice agencies for the fourth quarter and year ended December 31, 3024. For the fourth quarter and year ended December 31, 2023, included are two behavioral health hospitals, two homecare agencies, and two hospice agencies.

⁽³⁾ Represents expenses incurred to acquire the White Oak operations that are not capitalizable.

 

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v3.25.0.1

Document And Entity Information	Feb. 27, 2025
Document Information [Line Items]
Entity, Registrant Name	NATIONAL HEALTHCARE CORPORATION
Document, Type	8-K
Document, Period End Date	Feb. 27, 2025
Entity, Incorporation, State or Country Code	DE
Entity, File Number	001-13489
Entity, Tax Identification Number	52-2057472
Entity, Address, Address Line One	100 E. Vine Street
Entity, Address, City or Town	Murfreesboro
Entity, Address, State or Province	TN
Entity, Address, Postal Zip Code	37130
City Area Code	615
Local Phone Number	890-2020
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	NHC
Security Exchange Name	NYSE
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0001047335

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