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 Second Quarter 2022 Earnings By: National HealthCare Corporation via Business Wire August 05, 2022 at 05:09 AM 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 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005037/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 Second Quarter 2022 Earnings By: National HealthCare Corporation via Business Wire August 05, 2022 at 05:09 AM 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 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005037/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 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20220805005037/en/
