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, 2023 totaled $1,141,544,000 compared to
$1,085,738,000 for the year ended December 31, 2022, an increase of
5.1%. Excluding the government stimulus income and the seven
skilled nursing facilities in Massachusetts and New Hampshire in
which we ceased operations in September 2022, same-facility net
operating revenues increased 11.3% for the year ended December 31,
2023 compared to the 2022 year.
For the year ended December 31, 2023, the reported GAAP net
income attributable to NHC was $66,798,000 compared to $22,445,000
for the 2022 year. Excluding the unrealized gains and losses in our
marketable equity securities portfolio and other non-GAAP
adjustments, adjusted net income for the year ended December 31,
2023 was $54,934,000 compared to $37,323,000 for the 2022 year (*),
an increase of 47.2%. GAAP diluted earnings per share were $4.34
compared to $1.45 for the years ended December 31, 2023 and 2022,
respectively. Adjusted diluted earnings per share were $3.55
compared to $2.42 for the years ended December 31, 2023 and 2022,
respectively (*).
For the quarter ended December 31, 2023, the reported GAAP net
income attributable to NHC was $28,406,000 compared to $6,353,000
for the same period in 2022. Excluding the unrealized gains and
losses in our marketable equity securities portfolio and other
non-GAAP adjustments, adjusted net income for the quarter ended
December 31, 2023 was $15,955,000 compared to $11,046,000 for the
same period in 2022 (*), an increase of 44.4%. The GAAP diluted
earnings per share were $1.83 compared to $0.41 for the quarters
ended December 31, 2023 and 2022, respectively. Adjusted diluted
earnings per share were $1.03 compared to $0.72 for the quarters
ended December 31, 2023 and 2022, 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 8,732 beds. NHC affiliates also
operate 26 assisted living communities with 1,501 units, five
independent living communities with 475 units, three behavioral
health hospitals, 35 homecare agencies, and 30 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.
Consolidated Statements of Operations (in thousands,
except share and per share amounts) Three Months Ended Years Ended
December 31 December 31
2023
2022
2023
2022
Revenues and grant income: Net patient revenues
$
282,997
$
252,424
$
1,087,614
$
1,029,085
Other revenues
17,917
11,612
53,930
45,196
Government stimulus income
-
517
-
11,457
Net operating revenues and grant income
300,914
264,553
1,141,544
1,085,738
Costs and expenses: Salaries, wages and benefits
186,562
167,341
712,344
686,169
Other operating
70,970
67,365
288,183
285,644
Facility rent
11,438
10,207
41,525
40,977
Depreciation and amortization
11,768
10,478
42,034
40,489
Interest
56
112
324
563
Total costs and expenses
280,794
255,503
1,084,410
1,053,842
Income from operations
20,120
9,050
57,134
31,896
Non-operating income
4,544
2,690
16,660
11,141
Unrealized gains/(losses) on marketable equity securities
12,001
(4,327
)
14,944
(15,806
)
Income before income taxes
36,665
7,413
88,738
27,231
Income tax provision
(8,700
)
(1,839
)
(23,450
)
(7,254
)
Net income
27,965
5,574
65,288
19,977
Net loss attributable to noncontrolling interest
441
779
1,510
2,468
Net income attributable to National HealthCare Corporation
$
28,406
$
6,353
$
66,798
$
22,445
Net income per common share Basic
$
1.86
$
0.41
$
4.36
$
1.46
Diluted
$
1.83
$
0.41
$
4.34
$
1.45
Weighted average common shares outstanding Basic
15,306,253
15,326,680
15,310,142
15,410,222
Diluted
15,486,573
15,358,488
15,377,343
15,447,211
Dividends declared per common share
$
0.59
$
0.57
$
2.34
$
2.26
Balance Sheet Data Dec 31, Dec 31, (in
thousands)
2023
2022
Cash, cash equivalents and marketable securities
$
223,620
$
182,589
Restricted cash, cash equivalents and marketable securities
167,971
158,067
Current assets
406,235
353,932
Property and equipment, net
493,329
506,532
Total assets
1,310,796
1,275,450
Current liabilities
214,476
197,887
Stockholders' equity
910,480
877,514
Selected Operating Statistics Three Months Ended
Years Ended December 31 December 31
2023
2022
2023
2022
Skilled Nursing Per Diems: Medicare
$
579.84
$
544.11
$
559.07
$
541.23
Managed Care
478.51
482.99
464.89
439.07
Medicaid
268.58
236.86
253.95
232.22
Private Pay and Other
290.85
265.55
282.14
267.50
Average Skilled Nursing Per Diem
$
337.57
$
310.82
$
324.53
$
304.04
(1)
Skilled Nursing Patient Days: Medicare
79,025
82,965
318,253
341,926
Managed Care
62,031
51,003
242,023
214,826
Medicaid
288,538
284,208
1,140,612
1,204,139
Private Pay and Other
170,916
157,174
663,195
646,651
Total Skilled Nursing Patient Days
600,510
575,350
2,364,083
2,407,542
(1)
(1) For the year ended December 31, 2022, the skilled
nursing per diems and patient days listed above include the seven
skilled nursing facilities that were located in Massachusetts and
New Hampshire through August 31, 2022. NHC exited these seven
skilled nursing facilities on September 1, 2022. For the years
ended December 31, 2022, the exited Massachusetts and New Hampshire
skilled nursing facilities had an average skilled nursing per diem
of $294.55 and 140,105 total 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
2023
2022
2023
2022
Net income attributable to National HealthCare
Corporation
$
28,406
$
6,353
$
66,798
$
22,445
Non-GAAP adjustments Unrealized (gains)/losses on marketable equity
securities
(12,001
)
4,327
(14,944
)
15,806
Gain on sale of property and equipment
(6,230
)
-
(6,230
)
-
Operating results for newly opened operations not at full capacity
(2)
742
1,383
2,359
5,416
Impairment/(recovery) of assets
-
-
-
(3,728
)
Stock-based compensation expense
663
632
2,782
2,612
Income tax (benefit)/provision on non-GAAP adjustments
4,375
(1,649
)
4,169
(5,228
)
Non-GAAP Net income
$
15,955
$
11,046
$
54,934
$
37,323
GAAP diluted earnings per share
$
1.83
$
0.41
$
4.34
$
1.45
Non-GAAP adjustments Unrealized (gains)/losses on marketable equity
securities
(0.57
)
0.21
(0.72
)
0.76
Gain on sale of property and equipment
(0.30
)
(0.30
)
Operating results for newly opened operations not at full capacity
(2)
0.04
0.07
0.10
0.26
Impairment/(recovery) of assets
-
-
(0.18
)
Stock-based compensation expense
0.03
0.03
0.13
0.13
Non-GAAP diluted earnings per share
$
1.03
$
0.72
$
3.55
$
2.42
(2) The newly opened operations not at full capacity for the
2023 periods presented consisted of operations opened from 2021
through 2023. This consisted of two behavioral health hospitals,
two homecare agencies, and two hospice agencies. The newly opened
operations for the 2022 periods presented consisted of operations
opened from 2020 through 2022. This consisted of two behavioral
health hospitals, one homecare agency, and one hospice agency.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240216747110/en/
Brian F. Kidd, SVP/CFO Phone: (615) 890-2020
National HealthCare (AMEX:NHC)
過去 株価チャート
から 4 2024 まで 5 2024
National HealthCare (AMEX:NHC)
過去 株価チャート
から 5 2023 まで 5 2024