Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries NHC Reports Third Quarter 2022 Earnings By: NHC via Business Wire November 03, 2022 at 18:45 PM EDT 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006385/en/Contacts Brian F. Kidd, SVP/Controller Phone: (615) 890-2020 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
NHC Reports Third Quarter 2022 Earnings By: NHC via Business Wire November 03, 2022 at 18:45 PM EDT 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006385/en/Contacts Brian F. Kidd, SVP/Controller Phone: (615) 890-2020
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. View source version on businesswire.com: https://www.businesswire.com/news/home/20221103006385/en/