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 2023 Earnings By: National HealthCare Corporation via Business Wire November 03, 2023 at 06:30 AM EDT 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 quarter ended September 30, 2023 totaled $288,485,000 compared to $270,843,000 for the quarter ended September 30, 2022, an increase of 6.5%. Excluding the seven skilled nursing facilities in Massachusetts and New Hampshire in which we ceased operations in September 2022, same-facility net operating revenues increased 11.8% during the third quarter of 2023 compared to the same period a year ago. For the quarter ended September 30, 2023, the reported GAAP net income attributable to NHC was $10,388,000 compared to a net loss of $2,429,000 for the same period in 2022. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended September 30, 2023 was $13,250,000 compared to $7,783,000 for the same period in 2022 (*). The increase in non-GAAP earnings for the quarter ended September 30, 2023 compared to the third quarter of 2022 was primarily due to the continued occupancy increase in our skilled nursing and assisted living facilities, skilled nursing per diem increases from some of our government payors, and the continued reduction of nurse agency staffing expenses within our operations. The GAAP diluted earnings per share was $0.68 for the quarter ended September 30, 2023 compared to a loss per share of $(0.16) for the quarter ended September 30, 2022. Adjusted diluted earnings per share were $0.86 and $0.50 for the quarters ended September 30, 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 Nine Months Ended September 30 September 30 2023 2022 2023 2022 (unaudited) (unaudited) Revenues and grant income: Net patient revenues $ 277,005 $ 260,247 $ 804,617 $ 776,661 Other revenues 11,480 10,596 36,013 33,584 Government stimulus income - - - 10,940 Net operating revenues and grant income 288,485 270,843 840,630 821,185 Costs and expenses: Salaries, wages and benefits 182,664 173,198 525,782 518,828 Other operating 72,490 72,883 217,213 218,279 Facility rent 10,094 10,294 30,087 30,770 Depreciation and amortization 10,135 10,253 30,266 30,011 Interest 77 137 268 451 Total costs and expenses 275,460 266,765 803,616 798,339 Income from operations 13,025 4,078 37,014 22,846 Non-operating income 4,097 2,731 12,116 8,451 Unrealized gains/(losses) on marketable equity securities (3,093 ) (11,056 ) 2,943 (11,479 ) Income/(loss) before income taxes 14,029 (4,247 ) 52,073 19,818 Income tax (provision)/benefit (3,908 ) 1,140 (14,750 ) (5,415 ) Net income/(loss) 10,121 (3,107 ) 37,323 14,403 Net loss attributable to noncontrolling interest 267 678 1,069 1,689 Net income/(loss) attributable to National HealthCare Corporation $ 10,388 $ (2,429 ) $ 38,392 $ 16,092 Net income/(loss) per common share Basic $ 0.68 $ (0.16 ) $ 2.51 $ 1.04 Diluted $ 0.68 $ (0.16 ) $ 2.50 $ 1.04 Weighted average common shares outstanding Basic 15,299,913 15,445,569 15,311,453 15,438,375 Diluted 15,324,511 15,445,569 15,334,269 15,477,103 Dividends declared per common share $ 0.59 $ 0.57 $ 1.75 $ 1.69 Balance Sheet Data September 30 December 31 (in thousands) 2023 2022 (unaudited) Cash, cash equivalents and marketable securities $ 210,494 $ 182,589 Restricted cash, cash equivalents and marketable securities 162,492 158,067 Current assets 382,578 353,932 Property and equipment, net 498,266 506,532 Total assets 1,281,907 1,275,450 Current liabilities 204,694 197,887 Stockholders' equity 887,340 877,514 Selected Operating Statistics Three Months Ended Nine Months Ended September 30 September 30 2023 2022 2023 2022 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 551.82 $ 535.60 $ 552.21 $ 540.30 Managed Care 489.18 429.22 460.20 425.39 Medicaid 256.46 237.61 248.99 230.79 Private Pay and Other 283.49 265.68 279.12 268.13 Average Skilled Nursing Per Diem $ 325.34 $ 302.43 (1) $ 320.09 $ 301.91 (1) Skilled Nursing Patient Days: Medicare 75,215 81,940 239,228 258,961 Managed Care 61,979 52,956 179,992 163,823 Medicaid 290,887 302,500 852,074 919,931 Private Pay and Other 170,857 169,068 492,279 489,477 Total Skilled Nursing Patient Days 598,938 606,464 (1) 1,763,573 1,832,192 (1) (1) For the three and nine months ended September 30, 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 three months ended September 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $295.98 and 35,619 total patient days. For the nine months ended September 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $294.64 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 Nine Months Ended September 30 September 30 2023 2022 2023 2022 (unaudited) (unaudited) Net income/(loss) attributable to National Healthcare Corporation $ 10,388 $ (2,429 ) $ 38,392 $ 16,092 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities 3,093 11,056 (2,943 ) 11,479 Operating results for newly opened operations not at full capacity (2) 66 2,105 1,616 4,033 Stock-based compensation expense 708 639 2,119 1,980 Income tax (benefit)/provision on non-GAAP adjustments (1,005 ) (3,588 ) (206 ) (4,548 ) Non-GAAP Net income $ 13,250 $ 7,783 $ 38,978 $ 29,036 GAAP diluted earnings/(loss) per share $ 0.68 $ (0.16 ) $ 2.51 $ 1.04 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities 0.15 0.53 (0.14 ) 0.56 Operating results for newly opened operations not at full capacity (2) - 0.10 0.07 0.19 Stock-based compensation expense 0.03 0.03 0.10 0.09 Non-GAAP diluted earnings per share $ 0.86 $ 0.50 $ 2.54 $ 1.88 (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/20231103999819/en/Contacts Brian F. Kidd, SVP/Chief Financial Officer 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 2023 Earnings By: National HealthCare Corporation via Business Wire November 03, 2023 at 06:30 AM EDT 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 quarter ended September 30, 2023 totaled $288,485,000 compared to $270,843,000 for the quarter ended September 30, 2022, an increase of 6.5%. Excluding the seven skilled nursing facilities in Massachusetts and New Hampshire in which we ceased operations in September 2022, same-facility net operating revenues increased 11.8% during the third quarter of 2023 compared to the same period a year ago. For the quarter ended September 30, 2023, the reported GAAP net income attributable to NHC was $10,388,000 compared to a net loss of $2,429,000 for the same period in 2022. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended September 30, 2023 was $13,250,000 compared to $7,783,000 for the same period in 2022 (*). The increase in non-GAAP earnings for the quarter ended September 30, 2023 compared to the third quarter of 2022 was primarily due to the continued occupancy increase in our skilled nursing and assisted living facilities, skilled nursing per diem increases from some of our government payors, and the continued reduction of nurse agency staffing expenses within our operations. The GAAP diluted earnings per share was $0.68 for the quarter ended September 30, 2023 compared to a loss per share of $(0.16) for the quarter ended September 30, 2022. Adjusted diluted earnings per share were $0.86 and $0.50 for the quarters ended September 30, 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 Nine Months Ended September 30 September 30 2023 2022 2023 2022 (unaudited) (unaudited) Revenues and grant income: Net patient revenues $ 277,005 $ 260,247 $ 804,617 $ 776,661 Other revenues 11,480 10,596 36,013 33,584 Government stimulus income - - - 10,940 Net operating revenues and grant income 288,485 270,843 840,630 821,185 Costs and expenses: Salaries, wages and benefits 182,664 173,198 525,782 518,828 Other operating 72,490 72,883 217,213 218,279 Facility rent 10,094 10,294 30,087 30,770 Depreciation and amortization 10,135 10,253 30,266 30,011 Interest 77 137 268 451 Total costs and expenses 275,460 266,765 803,616 798,339 Income from operations 13,025 4,078 37,014 22,846 Non-operating income 4,097 2,731 12,116 8,451 Unrealized gains/(losses) on marketable equity securities (3,093 ) (11,056 ) 2,943 (11,479 ) Income/(loss) before income taxes 14,029 (4,247 ) 52,073 19,818 Income tax (provision)/benefit (3,908 ) 1,140 (14,750 ) (5,415 ) Net income/(loss) 10,121 (3,107 ) 37,323 14,403 Net loss attributable to noncontrolling interest 267 678 1,069 1,689 Net income/(loss) attributable to National HealthCare Corporation $ 10,388 $ (2,429 ) $ 38,392 $ 16,092 Net income/(loss) per common share Basic $ 0.68 $ (0.16 ) $ 2.51 $ 1.04 Diluted $ 0.68 $ (0.16 ) $ 2.50 $ 1.04 Weighted average common shares outstanding Basic 15,299,913 15,445,569 15,311,453 15,438,375 Diluted 15,324,511 15,445,569 15,334,269 15,477,103 Dividends declared per common share $ 0.59 $ 0.57 $ 1.75 $ 1.69 Balance Sheet Data September 30 December 31 (in thousands) 2023 2022 (unaudited) Cash, cash equivalents and marketable securities $ 210,494 $ 182,589 Restricted cash, cash equivalents and marketable securities 162,492 158,067 Current assets 382,578 353,932 Property and equipment, net 498,266 506,532 Total assets 1,281,907 1,275,450 Current liabilities 204,694 197,887 Stockholders' equity 887,340 877,514 Selected Operating Statistics Three Months Ended Nine Months Ended September 30 September 30 2023 2022 2023 2022 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 551.82 $ 535.60 $ 552.21 $ 540.30 Managed Care 489.18 429.22 460.20 425.39 Medicaid 256.46 237.61 248.99 230.79 Private Pay and Other 283.49 265.68 279.12 268.13 Average Skilled Nursing Per Diem $ 325.34 $ 302.43 (1) $ 320.09 $ 301.91 (1) Skilled Nursing Patient Days: Medicare 75,215 81,940 239,228 258,961 Managed Care 61,979 52,956 179,992 163,823 Medicaid 290,887 302,500 852,074 919,931 Private Pay and Other 170,857 169,068 492,279 489,477 Total Skilled Nursing Patient Days 598,938 606,464 (1) 1,763,573 1,832,192 (1) (1) For the three and nine months ended September 30, 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 three months ended September 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $295.98 and 35,619 total patient days. For the nine months ended September 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $294.64 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 Nine Months Ended September 30 September 30 2023 2022 2023 2022 (unaudited) (unaudited) Net income/(loss) attributable to National Healthcare Corporation $ 10,388 $ (2,429 ) $ 38,392 $ 16,092 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities 3,093 11,056 (2,943 ) 11,479 Operating results for newly opened operations not at full capacity (2) 66 2,105 1,616 4,033 Stock-based compensation expense 708 639 2,119 1,980 Income tax (benefit)/provision on non-GAAP adjustments (1,005 ) (3,588 ) (206 ) (4,548 ) Non-GAAP Net income $ 13,250 $ 7,783 $ 38,978 $ 29,036 GAAP diluted earnings/(loss) per share $ 0.68 $ (0.16 ) $ 2.51 $ 1.04 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities 0.15 0.53 (0.14 ) 0.56 Operating results for newly opened operations not at full capacity (2) - 0.10 0.07 0.19 Stock-based compensation expense 0.03 0.03 0.10 0.09 Non-GAAP diluted earnings per share $ 0.86 $ 0.50 $ 2.54 $ 1.88 (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/20231103999819/en/Contacts Brian F. Kidd, SVP/Chief Financial Officer 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 grant income for the quarter ended September 30, 2023 totaled $288,485,000 compared to $270,843,000 for the quarter ended September 30, 2022, an increase of 6.5%. Excluding the seven skilled nursing facilities in Massachusetts and New Hampshire in which we ceased operations in September 2022, same-facility net operating revenues increased 11.8% during the third quarter of 2023 compared to the same period a year ago. For the quarter ended September 30, 2023, the reported GAAP net income attributable to NHC was $10,388,000 compared to a net loss of $2,429,000 for the same period in 2022. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended September 30, 2023 was $13,250,000 compared to $7,783,000 for the same period in 2022 (*). The increase in non-GAAP earnings for the quarter ended September 30, 2023 compared to the third quarter of 2022 was primarily due to the continued occupancy increase in our skilled nursing and assisted living facilities, skilled nursing per diem increases from some of our government payors, and the continued reduction of nurse agency staffing expenses within our operations. The GAAP diluted earnings per share was $0.68 for the quarter ended September 30, 2023 compared to a loss per share of $(0.16) for the quarter ended September 30, 2022. Adjusted diluted earnings per share were $0.86 and $0.50 for the quarters ended September 30, 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 Nine Months Ended September 30 September 30 2023 2022 2023 2022 (unaudited) (unaudited) Revenues and grant income: Net patient revenues $ 277,005 $ 260,247 $ 804,617 $ 776,661 Other revenues 11,480 10,596 36,013 33,584 Government stimulus income - - - 10,940 Net operating revenues and grant income 288,485 270,843 840,630 821,185 Costs and expenses: Salaries, wages and benefits 182,664 173,198 525,782 518,828 Other operating 72,490 72,883 217,213 218,279 Facility rent 10,094 10,294 30,087 30,770 Depreciation and amortization 10,135 10,253 30,266 30,011 Interest 77 137 268 451 Total costs and expenses 275,460 266,765 803,616 798,339 Income from operations 13,025 4,078 37,014 22,846 Non-operating income 4,097 2,731 12,116 8,451 Unrealized gains/(losses) on marketable equity securities (3,093 ) (11,056 ) 2,943 (11,479 ) Income/(loss) before income taxes 14,029 (4,247 ) 52,073 19,818 Income tax (provision)/benefit (3,908 ) 1,140 (14,750 ) (5,415 ) Net income/(loss) 10,121 (3,107 ) 37,323 14,403 Net loss attributable to noncontrolling interest 267 678 1,069 1,689 Net income/(loss) attributable to National HealthCare Corporation $ 10,388 $ (2,429 ) $ 38,392 $ 16,092 Net income/(loss) per common share Basic $ 0.68 $ (0.16 ) $ 2.51 $ 1.04 Diluted $ 0.68 $ (0.16 ) $ 2.50 $ 1.04 Weighted average common shares outstanding Basic 15,299,913 15,445,569 15,311,453 15,438,375 Diluted 15,324,511 15,445,569 15,334,269 15,477,103 Dividends declared per common share $ 0.59 $ 0.57 $ 1.75 $ 1.69 Balance Sheet Data September 30 December 31 (in thousands) 2023 2022 (unaudited) Cash, cash equivalents and marketable securities $ 210,494 $ 182,589 Restricted cash, cash equivalents and marketable securities 162,492 158,067 Current assets 382,578 353,932 Property and equipment, net 498,266 506,532 Total assets 1,281,907 1,275,450 Current liabilities 204,694 197,887 Stockholders' equity 887,340 877,514 Selected Operating Statistics Three Months Ended Nine Months Ended September 30 September 30 2023 2022 2023 2022 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 551.82 $ 535.60 $ 552.21 $ 540.30 Managed Care 489.18 429.22 460.20 425.39 Medicaid 256.46 237.61 248.99 230.79 Private Pay and Other 283.49 265.68 279.12 268.13 Average Skilled Nursing Per Diem $ 325.34 $ 302.43 (1) $ 320.09 $ 301.91 (1) Skilled Nursing Patient Days: Medicare 75,215 81,940 239,228 258,961 Managed Care 61,979 52,956 179,992 163,823 Medicaid 290,887 302,500 852,074 919,931 Private Pay and Other 170,857 169,068 492,279 489,477 Total Skilled Nursing Patient Days 598,938 606,464 (1) 1,763,573 1,832,192 (1) (1) For the three and nine months ended September 30, 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 three months ended September 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $295.98 and 35,619 total patient days. For the nine months ended September 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $294.64 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 Nine Months Ended September 30 September 30 2023 2022 2023 2022 (unaudited) (unaudited) Net income/(loss) attributable to National Healthcare Corporation $ 10,388 $ (2,429 ) $ 38,392 $ 16,092 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities 3,093 11,056 (2,943 ) 11,479 Operating results for newly opened operations not at full capacity (2) 66 2,105 1,616 4,033 Stock-based compensation expense 708 639 2,119 1,980 Income tax (benefit)/provision on non-GAAP adjustments (1,005 ) (3,588 ) (206 ) (4,548 ) Non-GAAP Net income $ 13,250 $ 7,783 $ 38,978 $ 29,036 GAAP diluted earnings/(loss) per share $ 0.68 $ (0.16 ) $ 2.51 $ 1.04 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities 0.15 0.53 (0.14 ) 0.56 Operating results for newly opened operations not at full capacity (2) - 0.10 0.07 0.19 Stock-based compensation expense 0.03 0.03 0.10 0.09 Non-GAAP diluted earnings per share $ 0.86 $ 0.50 $ 2.54 $ 1.88 (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/20231103999819/en/