ATLANTA, Aug. 11, 2014 /PRNewswire/ -- AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PRA) a recognized provider of senior living and healthcare facility management, today reported results for the second quarter ended June 30, 2014.
Business and Financial Highlights
- Board of Directors approved a strategic plan to transition the Company's business from owning and operating healthcare properties to owning and leasing healthcare properties, effectively creating a facilities holding company. Signed agreement to sublease skilled nursing and rehabilitation facility located in south Georgia to a local nursing home operator effective July 1, 2014.
- Revenues reflecting the historical business model as an owner and operator of skilled nursing facilities were $55.7 million, up 1.6% compared with $54.9 million in the second quarter of 2013.
- Adjusted EBITDAR from continuing operations was $5.4 million, up 12.9% compared with $4.8 million in the second quarter of 2013 (see "Use of Non-GAAP Financial Information" below for the definition of Adjusted EBITDAR from continuing operations and its reconciliation to GAAP net loss).
- Net loss attributable to AdCare common shareholders of $3.3 million compared with net loss of $7.0 million in the second quarter of 2013.
- Board of Directors declared a quarterly cash dividend payment of $0.68 per share on the Company's 10.875% Series A Preferred Stock which was paid on June 30, 2014 to holders of record at the close of business on June 20, 2014.
"Our strategic vision is to establish AdCare Health as a healthcare property holding and leasing company, with the objective of stabilizing free cash flow and returning us to profitability," stated David Tenwick, AdCare's Chairman and Interim Chief Executive Officer. "Subsequent to the end of the second quarter, we took a significant step towards this vision as the Board of Directors approved management's plan to execute a series of leasing transactions which will transition our currently owned and operated healthcare facilities, principally skilled nursing facilities, to third party operators and sub-lease our existing leased facilities."
Mr. Tenwick continued, "By setting out our strategic plan to exit the day-to-day management of our healthcare facilities, we established a clear goal to return cash to the shareholders in the near-term and provide additional return on investment down the road. After our transition to a facilities holding company is completed, then we expect a more expeditious return to profitability and lower working capital requirements resulting in the generation of positive free cash flow. We believe that this, in turn, will enable us to return cash to shareholders through an increasing quarterly dividend, while setting the stage for the pursuit of other strategic alternatives at improved valuations."
Second Quarter and Six Month 2014 Summary of Financial Results
The results below do not reflect any significant changes in the business model and primarily are related to the historical business model of owning and operating healthcare facilities.
Revenues in the second quarter of 2014 were $55.7 million, up 1.6% from $54.9 million in the second quarter of 2013. Revenues for the first six months of 2014 increased by 1% to $110.7 million from $109.5 million in 2013.
The net loss attributable to AdCare common shareholders in the second quarter of 2014 totaled $3.3 million, or $(0.19) per basic and diluted share, compared with a net loss of $7.0 million, or $(0.47) per basic and diluted share, in the second quarter of 2013. Several non-recurring and non-operational expenses impacted the net loss for both periods, including salary retirement and continuation costs of $1.3 million in the second quarter of 2014, and a $1.9 million non-cash derivative loss and $848,000 in non-recurring expense related to the audit committee's investigation in the second quarter of 2013. For the first six months of 2014, the net loss attributable to AdCare common stockholders was $6.3 million, or $(0.36) per basic and diluted share, compared with a net loss of $9.9 million, or $(0.67) per basic and diluted share, in 2013.
Quarterly Adjusted EBITDAR from continuing operations in the second quarter of 2014 totaled $5.4 million compared with $4.8 million in the second quarter of 2013. Adjusted EBITDAR from continuing operations for the first six months of 2014 totaled $10.8 million compared to $8.8 million for the first six months of 2013 (see "Use of Non-GAAP Financial Information" below for the definition of Adjusted EBITDAR from continuing operations, a non-GAAP financial measure, as well as an important discussion about the use of this measure and its reconciliation to GAAP net loss, the most directly comparable GAAP financial measure).
"Though our reported results reflect meaningful progress to improve Adjusted EBITDAR for continuing operations, we are focused on accelerating the creation of shareholder value by transitioning to the new operating model," commented Ron Fleming, AdCare's chief financial officer. "We subleased, effective July 1, 2014, a skilled nursing and rehabilitation facility in the South Georgia region as the first step in this transition, which we expect to improve our financial position and reduce our execution risk going forward. We believe our progress in the quarter, including the stabilization of our cost of services and reduced general and administrative expenses, will help us execute this transition."
Cash and cash equivalents at June 30, 2014 totaled $11.1 million, as compared with $19.4 million at December 31, 2013. Total debt outstanding at June 30, 2014 totaled $153.2 million (which includes $5.2 million in liabilities of disposal group held for sale and $6.0 million in liabilities of variable interest entity held for sale), as compared with $160.3 million at December 31, 2013 (which includes $6.0 million in liabilities of variable interest entity held for sale).
About AdCare Health Systems
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PRA) is a recognized provider of senior living and healthcare facility management. Since the Company's inception in 1988, it has owned and managed long-term care facilities and retirement communities, and has sought to provide the highest quality of healthcare services to the elderly through its operating subsidiaries, including a broad range of skilled nursing and sub-acute care services. The Company has implemented a strategic plan pursuant to which, through a series of leasing transactions, it will transition from an owner and operator of healthcare facilities to a healthcare property holding and leasing company. For more information about AdCare, visit www.adcarehealth.com.
Important Cautions Regarding Forward-Looking Statements
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of federal law. Such statements can be identified by the use of forward-looking terminology, such as "believes," "expects," "plans," "intends," "anticipates" and variations of such words or similar expressions, but their absence does not mean that the statement is not forward-looking. Statements in this announcement that are forward-looking include, but are not limited to: (i) statements regarding the strategic plan to transition the Company to a facilities holding company; (ii) statements regarding expense reductions, profitability, free cash flow and improved valuations; (iii) statements regarding anticipated dividend payments and shareholder returns; (iv) statements regarding financial and operational improvements; and (v) statements regarding the outlook for financial metrics. Such forward-looking statements reflect management's beliefs and assumptions and are based upon information currently available to management and involve known and unknown risks, results, performance or achievements of AdCare, which may differ materially from those expressed or implied in such statements. Such factors are identified in the public filings made by AdCare with the Securities and Exchange Commission and include, among others, AdCare's ability to secure lines of credit and/or an acquisition credit facility, AdCare's ability to refinance its current debt on more favorable terms, AdCare's ability to expand its borrowing arrangement with certain existing lenders, AdCare's ability to raise equity capital, AdCare's ability to improve operating results, changes in the healthcare industry because of political and economic influences, changes in regulations governing the health care industry, changes in reimbursement levels including those under the Medicare and Medicaid programs and changes in the competitive marketplace. There is no assurance that such factors or other factors will not affect the accuracy of such forward-looking statements. Except where required by law, AdCare undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.
In addition, each facility mentioned in this press release is operated by a separate, wholly owned, independent operating subsidiary that has its own management, employees and assets.
References to the consolidated Company and its assets and activities, as well as the use of terms such as "we," "us," "our," and similar verbiage, is not meant to imply that AdCare Health Systems, Inc. has direct operating assets, employees or revenue or that any of the facilities, the home health business or other related businesses are operated by the same entity.
Use of Non-GAAP Financial Information
Beginning with the reporting of results for the first quarter of 2011, the Company began to report the measures of Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations. These are measures of operating performance that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). The Company defines: (i) "Adjusted EBITDA from continuing operations" as net income (loss) from continuing operations before interest expense, income tax expense, depreciation and amortization (including amortization of non-cash stock-based compensation), acquisition costs (net of gains), loss on extinguishment of debt, derivative loss or gain, and other non-routine adjustments; and (ii) "Adjusted EBITDAR from continuing operations" as net income (loss) from continuing operations before interest expense, income tax expense, depreciation and amortization (including amortization of non-cash stock-based compensation), acquisition costs (net of gains), loss on extinguishment of debt, derivative loss or gain, rent, and other non-routine adjustments.
Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations should not be considered in isolation or as a substitute for net income, income from operations or cash flows provided by, or used in, operations as determined in accordance with GAAP. Adjusted EBITDA from continuing operations and Adjusted EBITDAR from continuing operations are used by management to focus on operating performance and management without mixing in items of income and expense that relate to the financing and capitalization of the business, fixed rent or lease payments of facilities, derivative loss or gain, and certain acquisition related charges and other non-routine adjustments.
The Company believes these measures are useful to investors in evaluating the Company's performance, results of operations and financial position for the following reasons:
- They are helpful in identifying trends in the Company's day-to-day performance because the items excluded have little or no significance to the Company's day-to-day operations;
- They provide an assessment of controllable expenses and afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance; and
- They provide data that assists management to determine whether or not adjustments to current spending decisions are needed.
AdCare believes that the use of these measures provides a meaningful and consistent comparison of the Company's underlying business between periods by eliminating certain items required by GAAP, which have little or no significance in the Company's day-to-day operations.
ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in 000's, except per share data) (Unaudited) | ||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2014 | 2013 | 2014 | 2013 | |||||
Revenues: | ||||||||
Patient care revenues | $ 55,425 | $ 54,361 | $ 109,875 | $ 108,531 | ||||
Management revenues | 304 | 498 | 786 | 1,008 | ||||
Total revenues | 55,729 | 54,859 | 110,661 | 109,539 | ||||
Expenses: | ||||||||
Cost of services (exclusive of facility rent, depreciation and amortization) | 46,364 | 45,851 | 91,815 | 91,857 | ||||
General and administrative expense | 4,179 | 4,505 | 8,740 | 9,433 | ||||
Audit committee investigation expense | — | 848 | — | 1,982 | ||||
Facility rent expense | 1,751 | 1,758 | 3,510 | 3,495 | ||||
Depreciation and amortization | 1,954 | 1,778 | 3,810 | 3,500 | ||||
Salary retirement and continuation costs | 1,282 | 149 | 1,282 | 149 | ||||
Total expenses | 55,530 | 54,889 | 109,157 | 110,416 | ||||
Income (Loss) from Operations | 199 | (30) | 1,504 | (877) | ||||
Other Income (Expense): | ||||||||
Interest expense, net | (2,650) | (3,087) | (5,273) | (6,256) | ||||
Acquisition costs, net of gains | — | (487) | — | (577) | ||||
Derivative (loss) gain | — | (1,947) | — | 189 | ||||
Loss on extinguishment of debt | — | (25) | (583) | (27) | ||||
Loss on disposal of assets | — | (4) | — | (4) | ||||
Other expense | (84) | — | (191) | — | ||||
Total other expense, net | (2,734) | (5,550) | (6,047) | (6,675) | ||||
Loss from Continuing Operations Before Income Taxes | (2,535) | (5,580) | (4,543) | (7,552) | ||||
Income tax expense | — | — | (8) | (78) | ||||
Loss from Continuing Operations | (2,535) | (5,580) | (4,551) | (7,630) | ||||
Loss from Discontinued Operations, Net of Tax | (260) | (1,365) | (767) | (2,065) | ||||
Net Loss | (2,795) | (6,945) | (5,318) | (9,695) | ||||
Net Loss Attributable to Noncontrolling Interests | 157 | 241 | 330 | 433 | ||||
Net Loss Attributable to AdCare Health Systems, Inc. | (2,638) | (6,704) | (4,988) | (9,262) | ||||
Preferred stock dividend | (646) | (306) | (1,292) | (612) | ||||
Net Loss Attributable to AdCare Health Systems, Inc. Common Stockholders | $ (3,284) | $ (7,010) | $ (6,280) | $ (9,874) | ||||
Net loss per Common Share attributable to AdCare Health Systems, Inc. | ||||||||
Common Stockholders - | ||||||||
Basic: | ||||||||
Continuing Operations | $ (0.18) | $ (0.38) | $ (0.32) | $ (0.53) | ||||
Discontinued Operations | (0.01) | (0.09) | (0.04) | (0.14) | ||||
$ (0.19) | $ (0.47) | $ (0.36) | $ (0.67) | |||||
Diluted: | ||||||||
Continuing Operations | $ (0.18) | $ (0.38) | $ (0.32) | $ (0.53) | ||||
Discontinued Operations | (0.01) | (0.09) | (0.04) | (0.14) | ||||
$ (0.19) | $ (0.47) | $ (0.36) | $ (0.67) | |||||
Weighted Average Common Shares Outstanding: | ||||||||
Basic | 17,221 | 14,766 | 17,220 | 14,725 | ||||
Diluted | 17,221 | 14,766 | 17,220 | 14,725 | ||||
ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Amounts in 000's) | ||||
June 30, | December 31, | |||
(Unaudited) | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 11,147 | $ 19,374 | ||
Restricted cash and investments | 207 | 3,801 | ||
Accounts receivable, net of allowance of $5,684 and $4,989 | 26,913 | 23,598 | ||
Prepaid expenses and other | 3,622 | 483 | ||
Assets of disposal group held for use | — | 5,135 | ||
Assets of disposal group held for sale | 6,818 | 400 | ||
Assets of variable interest entity held for sale | 5,894 | 5,945 | ||
Total current assets | 54,601 | 58,736 | ||
Restricted cash and investments | 6,988 | 11,606 | ||
Property and equipment, net | 137,529 | 138,233 | ||
Intangible assets - bed licenses | 2,471 | 2,471 | ||
Intangible assets - lease rights, net | 4,466 | 4,889 | ||
Goodwill | 4,224 | 4,224 | ||
Lease deposits | 1,697 | 1,715 | ||
Deferred loan costs, net | 4,197 | 4,542 | ||
Other assets | 13 | 12 | ||
Total assets | $ 216,186 | $ 226,428 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities: | ||||
Current portion of notes payable and other debt | $ 31,344 | $ 12,027 | ||
Current portion of convertible debt, net of discounts | 10,500 | 11,389 | ||
Revolving credit facilities and lines of credit | 2,625 | 2,738 | ||
Accounts payable | 19,933 | 23,783 | ||
Accrued expenses | 13,703 | 13,264 | ||
Liabilities of disposal group held for sale | 5,197 | — | ||
Liabilities of variable interest entity held for sale | 5,953 | 6,034 | ||
Total current liabilities | 89,255 | 69,235 | ||
Notes payable and other debt, net of current portion: | ||||
Senior debt, net of discounts | 77,495 | 107,858 | ||
Bonds, net of discounts | 7,003 | 6,996 | ||
Revolving credit facilities | 5,613 | 5,765 | ||
Convertible debt | 7,500 | 7,500 | ||
Other liabilities | 1,809 | 1,589 | ||
Deferred tax liability | 191 | 191 | ||
Total liabilities | 188,866 | 199,134 | ||
Commitments and contingency | ||||
Preferred stock, no par value; 5,000 shares authorized; 950 shares issued and outstanding, redemption amount $23,750 at both June 30, 2014 and December 31, 2013, respectively | 20,392 | 20,442 | ||
Stockholders' equity: | ||||
Common stock and additional paid-in capital, no par value; 55,000 shares authorized; 17,513 and 16,016 issued and outstanding at June 30, 2014 and December 31, 2013, respectively | 55,056 | 48,370 | ||
Accumulated deficit | (46,164) | (39,884) | ||
Total stockholders' equity | 8,892 | 8,486 | ||
Noncontrolling interest in subsidiary | (1,964) | (1,634) | ||
Total equity | 6,928 | 6,852 | ||
Total liabilities and equity | $ 216,186 | $ 226,428 | ||
ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS TRAILING FIVE QUARTERS (Amounts in 000's) (Unaudited) | ||||||||||
For Three Months Ended | ||||||||||
6/30/2013 | 9/30/2013 | 12/31/2013 | 3/31/2014 | 6/30/2014 | ||||||
Revenues: | ||||||||||
Patient care revenues | $54,361 | $53,733 | $53,949 | $54,450 | $55,425 | |||||
Management revenue | 498 | 521 | 568 | 482 | 304 | |||||
Total revenues | 54,859 | 54,254 | 54,517 | 54,932 | 55,729 | |||||
Expenses: | ||||||||||
Cost of services (exclusive of facility rent, depreciation and amortization) | 45,851 | 44,427 | 44,576 | 45,450 | 46,364 | |||||
General and administrative expenses | 4,505 | 4,583 | 5,016 | 4,560 | 4,179 | |||||
Audit committee investigation expense | 848 | 302 | 102 | - | - | |||||
Facility rent expense | 1,758 | 1,761 | 1,772 | 1,759 | 1,751 | |||||
Depreciation and amortization | 1,778 | 1,796 | 2,465 | 1,857 | 1,954 | |||||
Salary retirement and continuation costs | 149 | 5 | - | - | 1,282 | |||||
Total expenses | 54,889 | 52,874 | 53,931 | 53,626 | 55,530 | |||||
(Loss) Income from Operations | (30) | 1,380 | 586 | 1,306 | 199 | |||||
Other Income (Expense): | ||||||||||
Interest expense, net | (3,087) | (3,204) | (2,891) | (2,622) | (2,650) | |||||
Acquisition costs, net of gains | (487) | (33) | 45 | - | - | |||||
Derivative (loss) gain | (1,947) | 1,989 | 829 | - | - | |||||
Loss on extinguishment of debt | (25) | (6) | (77) | (583) | - | |||||
Loss on disposal of assets | (4) | (5) | - | - | - | |||||
Other income (expense) | - | 15 | (321) | (108) | (84) | |||||
Total other expense, net | (5,550) | (1,244) | (2,415) | (3,313) | (2,734) | |||||
(Loss) Income from Continuing Operations Before Income Taxes | (5,580) | 136 | (1,829) | (2,007) | (2,535) | |||||
Income tax (expense) benefit | - | 54 | (118) | (8) | - | |||||
(Loss) Income from Continuing Operations | (5,580) | 190 | (1,947) | (2,015) | (2,535) | |||||
Loss from Discontinued Operations, Net of Tax | (1,365) | (603) | (1,308) | (508) | (260) | |||||
Net Loss | (6,945) | (413) | (3,255) | (2,523) | (2,795) | |||||
Net Loss Attributable to Noncontrolling Interest | 241 | 195 | 168 | 173 | 157 | |||||
Net Loss Attributable to AdCare Health Systems, Inc. | (6,704) | (218) | (3,087) | (2,350) | (2,638) | |||||
Preferred stock dividend | (306) | (306) | (646) | (646) | (646) | |||||
Net Loss Attributable to AdCare Health Systems, Inc. Common Stockholders | ($7,010) | ($524) | ($3,733) | ($2,996) | ($3,284) | |||||
ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA FROM CONTINUING OPERATIONS AND ADJUSTED EBITDAR FROM CONTINUING OPERATIONS (Amounts in 000's) (Unaudited) | ||||||||||
For Three Months Ended | ||||||||||
6/30/2013 | 9/30/2013 | 12/31/2013 | 3/31/2014 | 6/30/2014 | ||||||
Net Loss | ($6,945) | ($413) | ($3,255) | ($2,523) | ($2,795) | |||||
Impact of discontinued operations | 1,365 | 603 | 1,308 | 507 | 260 | |||||
Net (loss) income from continuing operations | (5,580) | 190 | (1,947) | (2,016) | (2,535) | |||||
Interest expense, net | 3,087 | 3,204 | 2,891 | 2,623 | 2,650 | |||||
Income tax (benefit) expense | - | (54) | 118 | 8 | - | |||||
Amortization of stock-based compensation | 291 | 186 | 360 | 513 | 226 | |||||
Depreciation and amortization | 1,778 | 1,796 | 2,465 | 1,856 | 1,954 | |||||
Acquisition costs, net of gains | 487 | 33 | (45) | - | - | |||||
Derivative loss (gain) | 1,947 | (1,989) | (829) | - | - | |||||
Loss on extinguishment of debt | 25 | 6 | 77 | 583 | - | |||||
Loss on disposal of assets | 4 | 5 | - | - | - | |||||
Audit committee investigation expense | 848 | 302 | 102 | - | - | |||||
Reincorporation - Georgia | - | - | 91 | - | - | |||||
Salary retirement and continuation costs | 149 | 5 | - | - | 1,282 | |||||
Other (income) expense | - | (15) | 321 | 107 | 84 | |||||
Adjusted EBITDA from continuing operations | 3,036 | 3,669 | 3,604 | 3,674 | 3,661 | |||||
Facility rent expense | 1,758 | 1,761 | 1,772 | 1,759 | 1,751 | |||||
Adjusted EBITDAR from continuing operations | $4,794 | $5,430 | $5,376 | $5,433 | $5,412 | |||||
ADCARE HEALTH SYSTEMS, INC. AND SUBSIDIARIES SUPPLEMENTARY SCHEDULES (Unaudited) | ||||||||||
2013 | 2014 | |||||||||
End of Period Data | Q1 | Q2 | 6 Mo. YTD | Q3 | 9 Mo. YTD | Q4 | 12 Mo. YTD | Q1 | Q2 | 6 Mo. YTD |
Number of Facilities | ||||||||||
SNF | ||||||||||
Owned | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
Leased | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
Managed | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 3 | 3 | 3 |
ALF | ||||||||||
Owned | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
IL | ||||||||||
Managed | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Total | 45 | 45 | 45 | 45 | 45 | 45 | 45 | 38 | 38 | 38 |
Number of Operational Beds | ||||||||||
SNF | ||||||||||
Owned | 2,458 | 2,458 | 2,458 | 2,458 | 2,458 | 2,458 | 2,458 | 2,458 | 2,458 | 2,458 |
Leased | 1,090 | 1,090 | 1,090 | 1,090 | 1,090 | 1,090 | 1,090 | 1,090 | 1,090 | 1,090 |
Managed | 813 | 813 | 813 | 813 | 813 | 813 | 813 | 510 | 510 | 510 |
ALF | ||||||||||
Owned | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 | 112 |
IL | ||||||||||
Managed | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 |
Total at Period End | 4,556 | 4,556 | 4,556 | 4,556 | 4,556 | 4,556 | 4,556 | 4,253 | 4,253 | 4,253 |
Total Weighted Average (d) | 3,660 | 3,660 | 3,660 | 3,660 | 3,660 | 3,660 | 3,660 | 3,660 | 3,660 | 3,660 |
SNF + ALF % Owned | 70.2% | 70.2% | 70.2% | 70.2% | 70.2% | 70.2% | 70.2% | 70.2% | 70.2% | 70.2% |
SNF + ALF % Leased | 29.8% | 29.8% | 29.8% | 29.8% | 29.8% | 29.8% | 29.8% | 29.8% | 29.8% | 29.8% |
Revenue Mix % (b) | ||||||||||
Skilled (c) | 32.8% | 31.9% | 32.3% | 29.3% | 31.3% | 29.1% | 30.8% | 31.8% | 32.7% | 32.3% |
Medicaid | 51.9% | 53.0% | 52.5% | 53.5% | 52.8% | 53.1% | 52.9% | 52.2% | 51.7% | 52.0% |
Private + Other | 15.3% | 15.1% | 15.2% | 17.2% | 15.9% | 17.8% | 16.3% | 16.0% | 15.6% | 15.7% |
Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Patient Days (b) | ||||||||||
Skilled (c) | 40,263 | 39,716 | 79,979 | 35,406 | 115,385 | 35,005 | 150,390 | 38,147 | 39,779 | 77,926 |
Medicaid | 174,003 | 179,659 | 353,662 | 182,886 | 536,548 | 179,693 | 716,241 | 177,323 | 179,030 | 356,353 |
Private + Other | 40,073 | 39,507 | 79,580 | 42,381 | 121,961 | 46,152 | 168,113 | 40,852 | 42,214 | 83,066 |
Total | 254,339 | 258,882 | 513,221 | 260,673 | 773,894 | 260,850 | 1,034,744 | 256,322 | 261,023 | 517,345 |
Patient Day Mix % (a) | ||||||||||
Skilled (c) | 16.4% | 15.9% | 16.1% | 14.1% | 15.4% | 13.9% | 15.0% | 15.4% | 15.9% | 15.7% |
Medicaid | 70.2% | 71.1% | 70.7% | 71.8% | 71.1% | 70.8% | 71.0% | 71.0% | 70.5% | 70.7% |
Private + Other | 13.4% | 13.0% | 13.2% | 14.1% | 13.5% | 15.3% | 14.0% | 13.6% | 13.6% | 13.6% |
Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Revenue Rates Per Patient Day (a) | ||||||||||
Skilled (c) | $441.07 | $436.10 | $438.61 | $444.21 | $440.33 | $448.93 | $442.33 | $453.82 | $456.19 | $455.03 |
Medicaid | $162.30 | $160.96 | $161.62 | $157.97 | $160.38 | $160.00 | $160.28 | $161.12 | $160.95 | $161.04 |
Private + Other | $177.30 | $176.11 | $176.72 | $176.89 | $176.78 | $177.66 | $177.02 | $181.17 | $177.84 | $179.49 |
Weighted Average Total | $217.57 | $214.58 | $216.06 | $210.46 | $214.17 | $211.55 | $213.51 | $217.45 | $217.73 | $217.59 |
Average Daily Census (b) | ||||||||||
Skilled (c) | 447 | 436 | 442 | 385 | 423 | 380 | 412 | 424 | 437 | 431 |
Medicaid | 1,933 | 1,974 | 1,954 | 1,988 | 1,965 | 1,953 | 1,962 | 1,970 | 1,967 | 1,969 |
Private + Other | 446 | 435 | 439 | 460 | 447 | 502 | 461 | 454 | 464 | 458 |
Total Average Daily Census | 2,826 | 2,845 | 2,835 | 2,833 | 2,835 | 2,835 | 2,835 | 2,848 | 2,868 | 2,858 |
Occupancy (b) | 77.2% | 77.7% | 77.5% | 77.4% | 77.5% | 77.5% | 77.5% | 77.8% | 78.4% | 78.1% |
(in thousands) | ||||||||||
Total Revenue (b) | $54,680 | $54,859 | $109,539 | $54,254 | $163,793 | $54,517 | $218,310 | $54,932 | $55,729 | $110,661 |
Adjusted EBITDAR (b) | $4,006 | $4,794 | $8,800 | $5,430 | $14,229 | $5,376 | $19,605 | $5,433 | $5,412 | $10,845 |
Adjusted EBITDA (b) | $2,269 | $3,036 | $5,305 | $3,668 | $8,973 | $3,605 | $12,577 | $3,674 | $3,661 | $7,335 |
(a) Skilled nursing only - excludes managed facilities | ||||||||||
(b) AdCare consolidated incorporating discontinued operations | ||||||||||
(c) Skilled is defined as Medicare A + Managed Care RUGS | ||||||||||
(d) Consists of weighted average beds of SNF + ALF owned and leased facilities | ||||||||||
SOURCE AdCare Health Systems, Inc.
