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 2023 Earnings By: National HealthCare Corporation via Business Wire August 04, 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 June 30, 2023 totaled $282,582,000 compared to $271,359,000 for the quarter ended June 30, 2022, an increase of 4.1%. Excluding the government stimulus income and the seven skilled nursing facilities in Massachusetts and New Hampshire in which we ceased operations in September 2022, same-facility net operating revenues increased 11.5% during the second quarter of 2023 compared to the same period a year ago. For the quarter ended June 30, 2023, the reported GAAP net income attributable to NHC was $16,281,000 compared to $3,203,000 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 June 30, 2023 was $13,658,000 compared to $7,172,000 for the same period in 2022 (*). The increase in non-GAAP earnings for the quarter ended June 30, 2023 compared to the second 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 expense within our operations. The GAAP diluted earnings per share was $1.06 for the quarter ended June 30, 2023 compared to $0.21 for the quarter ended June 30, 2022. Adjusted diluted earnings per share were $0.89 and $0.46 for the quarters ended June 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 23 assisted living communities with 1,181 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 Six Months Ended June 30 June 30 2023 2022 2023 2022 (unaudited) (unaudited) Revenues and grant income: Net patient revenues $ 269,605 $ 260,077 $ 527,612 $ 516,414 Other revenues 12,977 10,962 24,533 22,988 Government stimulus income - 320 - 10,940 Net operating revenues and grant income 282,582 271,359 552,145 550,342 Costs and expenses: Salaries, wages and benefits 175,294 174,936 343,118 345,630 Other operating 73,234 71,311 144,723 145,396 Facility rent 9,901 10,411 19,993 20,476 Depreciation and amortization 10,083 10,001 20,131 19,758 Interest 93 149 191 314 Total costs and expenses 268,605 266,808 528,156 531,574 Income from operations 13,977 4,551 23,989 18,768 Non-operating income 3,696 2,521 8,019 5,720 Unrealized gains/(losses) on marketable equity securities 4,650 (3,549 ) 6,036 (423 ) Income before income taxes 22,323 3,523 38,044 24,065 Income tax provision (6,406 ) (1,362 ) (10,842 ) (6,555 ) Net income 15,917 2,161 27,202 17,510 Net loss attributable to noncontrolling interest 364 1,042 802 1,011 Net income attributable to National HealthCare Corporation $ 16,281 $ 3,203 $ 28,004 $ 18,521 Net income per common share Basic $ 1.06 $ 0.21 $ 1.83 $ 1.20 Diluted $ 1.06 $ 0.21 $ 1.83 $ 1.20 Weighted average common shares outstanding Basic 15,297,435 15,452,402 15,317,319 15,434,718 Diluted 15,322,344 15,487,123 15,339,240 15,475,553 Dividends declared per common share $ 0.59 $ 0.57 $ 1.16 $ 1.12 Balance Sheet Data June 30 December 31 (in thousands) 2023 2022 (unaudited) Cash, cash equivalents and marketable securities $ 193,444 $ 182,589 Restricted cash, cash equivalents and marketable securities 167,683 158,067 Current assets 368,734 353,932 Property and equipment, net 501,890 506,532 Total assets 1,280,684 1,275,450 Current liabilities 197,798 197,887 Stockholders' equity 886,358 877,514 Selected Operating Statistics Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 548.74 $ 540.15 $ 552.38 $ 542.48 Managed Care 445.00 413.58 444.97 423.56 Medicaid 253.22 226.40 245.12 227.45 Private Pay and Other 275.11 268.70 276.79 269.42 Average Skilled Nursing Per Diem $ 318.92 $ 297.63 (1) $ 317.38 $ 301.66 (1) Skilled Nursing Patient Days: Medicare 79,981 85,438 164,013 177,021 Managed Care 59,567 55,230 118,013 110,867 Medicaid 284,681 313,171 561,187 617,431 Private Pay and Other 164,000 166,454 321,422 320,409 Total Skilled Nursing Patient Days 588,229 620,293 (1) 1,164,635 1,225,728 (1) (1) For the three and six months ended June 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. NHC exited these seven skilled nursing facilities on September 1, 2022. For the three months ended June 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $297.02 and 52,320 total patient days. For the six months ended June 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $294.20 and 104,486 total patient days. 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 2023 2022 2023 2022 (unaudited) (unaudited) Net income attributable to National Healthcare Corporation $ 16,281 $ 3,203 $ 28,004 $ 18,521 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities (4,650 ) 3,549 (6,036 ) 423 Operating results for newly opened operations not at full capacity (2) 333 1,185 1,550 1,928 Stock-based compensation expense 772 629 1,411 1,341 Income tax (benefit)/provision on non-GAAP adjustments 922 (1,394 ) 800 (960 ) Non-GAAP Net income $ 13,658 $ 7,172 $ 25,729 $ 21,253 GAAP diluted earnings per share $ 1.06 $ 0.21 $ 1.83 $ 1.20 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities (0.23 ) 0.16 (0.29 ) 0.02 Operating results for newly opened operations not at full capacity (2) 0.02 0.06 0.07 0.09 Stock-based compensation expense 0.04 0.03 0.07 0.06 Non-GAAP diluted earnings per share $ 0.89 $ 0.46 $ 1.68 $ 1.37 (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/20230804761218/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 Second Quarter 2023 Earnings By: National HealthCare Corporation via Business Wire August 04, 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 June 30, 2023 totaled $282,582,000 compared to $271,359,000 for the quarter ended June 30, 2022, an increase of 4.1%. Excluding the government stimulus income and the seven skilled nursing facilities in Massachusetts and New Hampshire in which we ceased operations in September 2022, same-facility net operating revenues increased 11.5% during the second quarter of 2023 compared to the same period a year ago. For the quarter ended June 30, 2023, the reported GAAP net income attributable to NHC was $16,281,000 compared to $3,203,000 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 June 30, 2023 was $13,658,000 compared to $7,172,000 for the same period in 2022 (*). The increase in non-GAAP earnings for the quarter ended June 30, 2023 compared to the second 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 expense within our operations. The GAAP diluted earnings per share was $1.06 for the quarter ended June 30, 2023 compared to $0.21 for the quarter ended June 30, 2022. Adjusted diluted earnings per share were $0.89 and $0.46 for the quarters ended June 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 23 assisted living communities with 1,181 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 Six Months Ended June 30 June 30 2023 2022 2023 2022 (unaudited) (unaudited) Revenues and grant income: Net patient revenues $ 269,605 $ 260,077 $ 527,612 $ 516,414 Other revenues 12,977 10,962 24,533 22,988 Government stimulus income - 320 - 10,940 Net operating revenues and grant income 282,582 271,359 552,145 550,342 Costs and expenses: Salaries, wages and benefits 175,294 174,936 343,118 345,630 Other operating 73,234 71,311 144,723 145,396 Facility rent 9,901 10,411 19,993 20,476 Depreciation and amortization 10,083 10,001 20,131 19,758 Interest 93 149 191 314 Total costs and expenses 268,605 266,808 528,156 531,574 Income from operations 13,977 4,551 23,989 18,768 Non-operating income 3,696 2,521 8,019 5,720 Unrealized gains/(losses) on marketable equity securities 4,650 (3,549 ) 6,036 (423 ) Income before income taxes 22,323 3,523 38,044 24,065 Income tax provision (6,406 ) (1,362 ) (10,842 ) (6,555 ) Net income 15,917 2,161 27,202 17,510 Net loss attributable to noncontrolling interest 364 1,042 802 1,011 Net income attributable to National HealthCare Corporation $ 16,281 $ 3,203 $ 28,004 $ 18,521 Net income per common share Basic $ 1.06 $ 0.21 $ 1.83 $ 1.20 Diluted $ 1.06 $ 0.21 $ 1.83 $ 1.20 Weighted average common shares outstanding Basic 15,297,435 15,452,402 15,317,319 15,434,718 Diluted 15,322,344 15,487,123 15,339,240 15,475,553 Dividends declared per common share $ 0.59 $ 0.57 $ 1.16 $ 1.12 Balance Sheet Data June 30 December 31 (in thousands) 2023 2022 (unaudited) Cash, cash equivalents and marketable securities $ 193,444 $ 182,589 Restricted cash, cash equivalents and marketable securities 167,683 158,067 Current assets 368,734 353,932 Property and equipment, net 501,890 506,532 Total assets 1,280,684 1,275,450 Current liabilities 197,798 197,887 Stockholders' equity 886,358 877,514 Selected Operating Statistics Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 548.74 $ 540.15 $ 552.38 $ 542.48 Managed Care 445.00 413.58 444.97 423.56 Medicaid 253.22 226.40 245.12 227.45 Private Pay and Other 275.11 268.70 276.79 269.42 Average Skilled Nursing Per Diem $ 318.92 $ 297.63 (1) $ 317.38 $ 301.66 (1) Skilled Nursing Patient Days: Medicare 79,981 85,438 164,013 177,021 Managed Care 59,567 55,230 118,013 110,867 Medicaid 284,681 313,171 561,187 617,431 Private Pay and Other 164,000 166,454 321,422 320,409 Total Skilled Nursing Patient Days 588,229 620,293 (1) 1,164,635 1,225,728 (1) (1) For the three and six months ended June 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. NHC exited these seven skilled nursing facilities on September 1, 2022. For the three months ended June 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $297.02 and 52,320 total patient days. For the six months ended June 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $294.20 and 104,486 total patient days. 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 2023 2022 2023 2022 (unaudited) (unaudited) Net income attributable to National Healthcare Corporation $ 16,281 $ 3,203 $ 28,004 $ 18,521 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities (4,650 ) 3,549 (6,036 ) 423 Operating results for newly opened operations not at full capacity (2) 333 1,185 1,550 1,928 Stock-based compensation expense 772 629 1,411 1,341 Income tax (benefit)/provision on non-GAAP adjustments 922 (1,394 ) 800 (960 ) Non-GAAP Net income $ 13,658 $ 7,172 $ 25,729 $ 21,253 GAAP diluted earnings per share $ 1.06 $ 0.21 $ 1.83 $ 1.20 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities (0.23 ) 0.16 (0.29 ) 0.02 Operating results for newly opened operations not at full capacity (2) 0.02 0.06 0.07 0.09 Stock-based compensation expense 0.04 0.03 0.07 0.06 Non-GAAP diluted earnings per share $ 0.89 $ 0.46 $ 1.68 $ 1.37 (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/20230804761218/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 June 30, 2023 totaled $282,582,000 compared to $271,359,000 for the quarter ended June 30, 2022, an increase of 4.1%. Excluding the government stimulus income and the seven skilled nursing facilities in Massachusetts and New Hampshire in which we ceased operations in September 2022, same-facility net operating revenues increased 11.5% during the second quarter of 2023 compared to the same period a year ago. For the quarter ended June 30, 2023, the reported GAAP net income attributable to NHC was $16,281,000 compared to $3,203,000 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 June 30, 2023 was $13,658,000 compared to $7,172,000 for the same period in 2022 (*). The increase in non-GAAP earnings for the quarter ended June 30, 2023 compared to the second 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 expense within our operations. The GAAP diluted earnings per share was $1.06 for the quarter ended June 30, 2023 compared to $0.21 for the quarter ended June 30, 2022. Adjusted diluted earnings per share were $0.89 and $0.46 for the quarters ended June 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 23 assisted living communities with 1,181 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 Six Months Ended June 30 June 30 2023 2022 2023 2022 (unaudited) (unaudited) Revenues and grant income: Net patient revenues $ 269,605 $ 260,077 $ 527,612 $ 516,414 Other revenues 12,977 10,962 24,533 22,988 Government stimulus income - 320 - 10,940 Net operating revenues and grant income 282,582 271,359 552,145 550,342 Costs and expenses: Salaries, wages and benefits 175,294 174,936 343,118 345,630 Other operating 73,234 71,311 144,723 145,396 Facility rent 9,901 10,411 19,993 20,476 Depreciation and amortization 10,083 10,001 20,131 19,758 Interest 93 149 191 314 Total costs and expenses 268,605 266,808 528,156 531,574 Income from operations 13,977 4,551 23,989 18,768 Non-operating income 3,696 2,521 8,019 5,720 Unrealized gains/(losses) on marketable equity securities 4,650 (3,549 ) 6,036 (423 ) Income before income taxes 22,323 3,523 38,044 24,065 Income tax provision (6,406 ) (1,362 ) (10,842 ) (6,555 ) Net income 15,917 2,161 27,202 17,510 Net loss attributable to noncontrolling interest 364 1,042 802 1,011 Net income attributable to National HealthCare Corporation $ 16,281 $ 3,203 $ 28,004 $ 18,521 Net income per common share Basic $ 1.06 $ 0.21 $ 1.83 $ 1.20 Diluted $ 1.06 $ 0.21 $ 1.83 $ 1.20 Weighted average common shares outstanding Basic 15,297,435 15,452,402 15,317,319 15,434,718 Diluted 15,322,344 15,487,123 15,339,240 15,475,553 Dividends declared per common share $ 0.59 $ 0.57 $ 1.16 $ 1.12 Balance Sheet Data June 30 December 31 (in thousands) 2023 2022 (unaudited) Cash, cash equivalents and marketable securities $ 193,444 $ 182,589 Restricted cash, cash equivalents and marketable securities 167,683 158,067 Current assets 368,734 353,932 Property and equipment, net 501,890 506,532 Total assets 1,280,684 1,275,450 Current liabilities 197,798 197,887 Stockholders' equity 886,358 877,514 Selected Operating Statistics Three Months Ended Six Months Ended June 30 June 30 2023 2022 2023 2022 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 548.74 $ 540.15 $ 552.38 $ 542.48 Managed Care 445.00 413.58 444.97 423.56 Medicaid 253.22 226.40 245.12 227.45 Private Pay and Other 275.11 268.70 276.79 269.42 Average Skilled Nursing Per Diem $ 318.92 $ 297.63 (1) $ 317.38 $ 301.66 (1) Skilled Nursing Patient Days: Medicare 79,981 85,438 164,013 177,021 Managed Care 59,567 55,230 118,013 110,867 Medicaid 284,681 313,171 561,187 617,431 Private Pay and Other 164,000 166,454 321,422 320,409 Total Skilled Nursing Patient Days 588,229 620,293 (1) 1,164,635 1,225,728 (1) (1) For the three and six months ended June 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. NHC exited these seven skilled nursing facilities on September 1, 2022. For the three months ended June 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $297.02 and 52,320 total patient days. For the six months ended June 30, 2022, the exited Massachusetts and New Hampshire skilled nursing facilities had an average skilled nursing per diem of $294.20 and 104,486 total patient days. 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 2023 2022 2023 2022 (unaudited) (unaudited) Net income attributable to National Healthcare Corporation $ 16,281 $ 3,203 $ 28,004 $ 18,521 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities (4,650 ) 3,549 (6,036 ) 423 Operating results for newly opened operations not at full capacity (2) 333 1,185 1,550 1,928 Stock-based compensation expense 772 629 1,411 1,341 Income tax (benefit)/provision on non-GAAP adjustments 922 (1,394 ) 800 (960 ) Non-GAAP Net income $ 13,658 $ 7,172 $ 25,729 $ 21,253 GAAP diluted earnings per share $ 1.06 $ 0.21 $ 1.83 $ 1.20 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities (0.23 ) 0.16 (0.29 ) 0.02 Operating results for newly opened operations not at full capacity (2) 0.02 0.06 0.07 0.09 Stock-based compensation expense 0.04 0.03 0.07 0.06 Non-GAAP diluted earnings per share $ 0.89 $ 0.46 $ 1.68 $ 1.37 (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/20230804761218/en/