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 First Quarter 2024 Earnings By: National HealthCare Corporation via Business Wire May 10, 2024 at 06:00 AM EDT National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues for the quarter ended March 31, 2024 totaled $297,176,000 compared to $269,563,000 for the quarter ended March 31, 2023, an increase of 10.2%. For the quarter ended March 31, 2024, the reported GAAP net income attributable to NHC was $26,213,000 compared to $11,723,000 for the same period in 2023. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended March 31, 2024 was $15,048,000 compared to $12,071,000 for the same period in 2023, an increase of 24.7% (*). The GAAP diluted earnings per share were $1.69 for the quarter ended March 31, 2024 compared to $0.76 for the quarter ended March 31, 2023. Adjusted diluted earnings per share were $0.97 and $0.79 for the quarters ended March 31, 2024 and 2023, 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 65 skilled nursing facilities with 8,421 beds. NHC affiliates also operate 24 assisted living communities with 1,365 units, five independent living communities with 475 units, three behavioral health hospitals, 34 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 March 31 2024 2023 (unaudited) Revenues: Net patient revenues $ 285,823 $ 258,007 Other revenues 11,353 11,556 Net operating revenues 297,176 269,563 Costs and expenses: Salaries, wages and benefits 183,138 167,824 Other operating 77,429 71,489 Facility rent 10,348 10,092 Depreciation and amortization 10,586 10,048 Interest 46 98 Total costs and expenses 281,547 259,551 Income from operations 15,629 10,012 Non-operating income 5,685 4,323 Unrealized gains on marketable equity securities 14,399 1,386 Income before income taxes 35,713 15,721 Income tax provision (9,462 ) (4,436 ) Net income 26,251 11,285 Net (income)/loss attributable to noncontrolling interest (38 ) 438 Net income attributable to National HealthCare Corporation $ 26,213 $ 11,723 Net income per common share Basic $ 1.71 $ 0.76 Diluted $ 1.69 $ 0.76 Weighted average common shares outstanding Basic 15,350,240 15,337,423 Diluted 15,505,096 15,356,335 Dividends declared per common share $ 0.59 $ 0.57 Balance Sheet Data March 31 December 31 (in thousands) 2024 2023 (unaudited) Cash, cash equivalents and marketable securities $ 217,506 $ 223,620 Restricted cash, cash equivalents and marketable securities 180,598 167,971 Current assets 417,586 406,235 Property and equipment, net 488,698 493,329 Total assets 1,319,640 1,310,796 Current liabilities 206,429 214,476 NHC stockholders' equity 924,748 908,752 Selected Operating Statistics Three Months Ended March 31 2024 2023 (unaudited) Skilled Nursing Per Diems: Medicare $ 581.75 $ 555.85 Managed Care 470.56 444.95 Medicaid 265.27 236.78 Private Pay and Other 307.84 278.55 Average Skilled Nursing Per Diem $ 343.48 $ 315.81 Skilled Nursing Patient Days: Medicare 81,156 84,032 Managed Care 65,431 58,446 Medicaid 281,821 276,506 Private Pay and Other 157,443 157,422 Total Skilled Nursing Patient Days 585,851 576,406 The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts): Three Months Ended March 31 2024 2023 (unaudited) Net income attributable to National Healthcare Corporation $ 26,213 $ 11,723 Non-GAAP adjustments Unrealized gains on marketable equity securities (14,399 ) (1,386 ) Operating results for newly opened operations not at full capacity (1) (457 ) 1,217 Gain on sale of unconsolidated company (1,025 ) - Stock-based compensation expense 793 639 Income tax provision on non-GAAP adjustments 3,923 (122 ) Non-GAAP Net income $ 15,048 $ 12,071 GAAP diluted earnings per share $ 1.69 $ 0.76 Non-GAAP adjustments Unrealized gains on marketable equity securities (0.69 ) (0.06 ) Operating results for newly opened operations not at full capacity (1) (0.02 ) 0.06 Gain on sale of unconsolidated company (0.05 ) - Stock-based compensation expense 0.04 0.03 Non-GAAP diluted earnings per share $ 0.97 $ 0.79 (1) The newly opened operations not at full capacity for the 2024 period presented consisted of operations opened from 2022 through 2024. This consisted of two behavioral health hospitals, two homecare agencies and two hospice agencies. The newly opened operations for the 2023 period presented consisted of operations opened from 2021 through 2023. This consisted of two behavioral health hospitals, one homecare agency and two hospice agencies. View source version on businesswire.com: https://www.businesswire.com/news/home/20240510888527/en/Contacts Brian F. Kidd, SVP/CFO 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 First Quarter 2024 Earnings By: National HealthCare Corporation via Business Wire May 10, 2024 at 06:00 AM EDT National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues for the quarter ended March 31, 2024 totaled $297,176,000 compared to $269,563,000 for the quarter ended March 31, 2023, an increase of 10.2%. For the quarter ended March 31, 2024, the reported GAAP net income attributable to NHC was $26,213,000 compared to $11,723,000 for the same period in 2023. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended March 31, 2024 was $15,048,000 compared to $12,071,000 for the same period in 2023, an increase of 24.7% (*). The GAAP diluted earnings per share were $1.69 for the quarter ended March 31, 2024 compared to $0.76 for the quarter ended March 31, 2023. Adjusted diluted earnings per share were $0.97 and $0.79 for the quarters ended March 31, 2024 and 2023, 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 65 skilled nursing facilities with 8,421 beds. NHC affiliates also operate 24 assisted living communities with 1,365 units, five independent living communities with 475 units, three behavioral health hospitals, 34 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 March 31 2024 2023 (unaudited) Revenues: Net patient revenues $ 285,823 $ 258,007 Other revenues 11,353 11,556 Net operating revenues 297,176 269,563 Costs and expenses: Salaries, wages and benefits 183,138 167,824 Other operating 77,429 71,489 Facility rent 10,348 10,092 Depreciation and amortization 10,586 10,048 Interest 46 98 Total costs and expenses 281,547 259,551 Income from operations 15,629 10,012 Non-operating income 5,685 4,323 Unrealized gains on marketable equity securities 14,399 1,386 Income before income taxes 35,713 15,721 Income tax provision (9,462 ) (4,436 ) Net income 26,251 11,285 Net (income)/loss attributable to noncontrolling interest (38 ) 438 Net income attributable to National HealthCare Corporation $ 26,213 $ 11,723 Net income per common share Basic $ 1.71 $ 0.76 Diluted $ 1.69 $ 0.76 Weighted average common shares outstanding Basic 15,350,240 15,337,423 Diluted 15,505,096 15,356,335 Dividends declared per common share $ 0.59 $ 0.57 Balance Sheet Data March 31 December 31 (in thousands) 2024 2023 (unaudited) Cash, cash equivalents and marketable securities $ 217,506 $ 223,620 Restricted cash, cash equivalents and marketable securities 180,598 167,971 Current assets 417,586 406,235 Property and equipment, net 488,698 493,329 Total assets 1,319,640 1,310,796 Current liabilities 206,429 214,476 NHC stockholders' equity 924,748 908,752 Selected Operating Statistics Three Months Ended March 31 2024 2023 (unaudited) Skilled Nursing Per Diems: Medicare $ 581.75 $ 555.85 Managed Care 470.56 444.95 Medicaid 265.27 236.78 Private Pay and Other 307.84 278.55 Average Skilled Nursing Per Diem $ 343.48 $ 315.81 Skilled Nursing Patient Days: Medicare 81,156 84,032 Managed Care 65,431 58,446 Medicaid 281,821 276,506 Private Pay and Other 157,443 157,422 Total Skilled Nursing Patient Days 585,851 576,406 The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts): Three Months Ended March 31 2024 2023 (unaudited) Net income attributable to National Healthcare Corporation $ 26,213 $ 11,723 Non-GAAP adjustments Unrealized gains on marketable equity securities (14,399 ) (1,386 ) Operating results for newly opened operations not at full capacity (1) (457 ) 1,217 Gain on sale of unconsolidated company (1,025 ) - Stock-based compensation expense 793 639 Income tax provision on non-GAAP adjustments 3,923 (122 ) Non-GAAP Net income $ 15,048 $ 12,071 GAAP diluted earnings per share $ 1.69 $ 0.76 Non-GAAP adjustments Unrealized gains on marketable equity securities (0.69 ) (0.06 ) Operating results for newly opened operations not at full capacity (1) (0.02 ) 0.06 Gain on sale of unconsolidated company (0.05 ) - Stock-based compensation expense 0.04 0.03 Non-GAAP diluted earnings per share $ 0.97 $ 0.79 (1) The newly opened operations not at full capacity for the 2024 period presented consisted of operations opened from 2022 through 2024. This consisted of two behavioral health hospitals, two homecare agencies and two hospice agencies. The newly opened operations for the 2023 period presented consisted of operations opened from 2021 through 2023. This consisted of two behavioral health hospitals, one homecare agency and two hospice agencies. View source version on businesswire.com: https://www.businesswire.com/news/home/20240510888527/en/Contacts Brian F. Kidd, SVP/CFO 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 for the quarter ended March 31, 2024 totaled $297,176,000 compared to $269,563,000 for the quarter ended March 31, 2023, an increase of 10.2%. For the quarter ended March 31, 2024, the reported GAAP net income attributable to NHC was $26,213,000 compared to $11,723,000 for the same period in 2023. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended March 31, 2024 was $15,048,000 compared to $12,071,000 for the same period in 2023, an increase of 24.7% (*). The GAAP diluted earnings per share were $1.69 for the quarter ended March 31, 2024 compared to $0.76 for the quarter ended March 31, 2023. Adjusted diluted earnings per share were $0.97 and $0.79 for the quarters ended March 31, 2024 and 2023, 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 65 skilled nursing facilities with 8,421 beds. NHC affiliates also operate 24 assisted living communities with 1,365 units, five independent living communities with 475 units, three behavioral health hospitals, 34 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 March 31 2024 2023 (unaudited) Revenues: Net patient revenues $ 285,823 $ 258,007 Other revenues 11,353 11,556 Net operating revenues 297,176 269,563 Costs and expenses: Salaries, wages and benefits 183,138 167,824 Other operating 77,429 71,489 Facility rent 10,348 10,092 Depreciation and amortization 10,586 10,048 Interest 46 98 Total costs and expenses 281,547 259,551 Income from operations 15,629 10,012 Non-operating income 5,685 4,323 Unrealized gains on marketable equity securities 14,399 1,386 Income before income taxes 35,713 15,721 Income tax provision (9,462 ) (4,436 ) Net income 26,251 11,285 Net (income)/loss attributable to noncontrolling interest (38 ) 438 Net income attributable to National HealthCare Corporation $ 26,213 $ 11,723 Net income per common share Basic $ 1.71 $ 0.76 Diluted $ 1.69 $ 0.76 Weighted average common shares outstanding Basic 15,350,240 15,337,423 Diluted 15,505,096 15,356,335 Dividends declared per common share $ 0.59 $ 0.57 Balance Sheet Data March 31 December 31 (in thousands) 2024 2023 (unaudited) Cash, cash equivalents and marketable securities $ 217,506 $ 223,620 Restricted cash, cash equivalents and marketable securities 180,598 167,971 Current assets 417,586 406,235 Property and equipment, net 488,698 493,329 Total assets 1,319,640 1,310,796 Current liabilities 206,429 214,476 NHC stockholders' equity 924,748 908,752 Selected Operating Statistics Three Months Ended March 31 2024 2023 (unaudited) Skilled Nursing Per Diems: Medicare $ 581.75 $ 555.85 Managed Care 470.56 444.95 Medicaid 265.27 236.78 Private Pay and Other 307.84 278.55 Average Skilled Nursing Per Diem $ 343.48 $ 315.81 Skilled Nursing Patient Days: Medicare 81,156 84,032 Managed Care 65,431 58,446 Medicaid 281,821 276,506 Private Pay and Other 157,443 157,422 Total Skilled Nursing Patient Days 585,851 576,406 The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts): Three Months Ended March 31 2024 2023 (unaudited) Net income attributable to National Healthcare Corporation $ 26,213 $ 11,723 Non-GAAP adjustments Unrealized gains on marketable equity securities (14,399 ) (1,386 ) Operating results for newly opened operations not at full capacity (1) (457 ) 1,217 Gain on sale of unconsolidated company (1,025 ) - Stock-based compensation expense 793 639 Income tax provision on non-GAAP adjustments 3,923 (122 ) Non-GAAP Net income $ 15,048 $ 12,071 GAAP diluted earnings per share $ 1.69 $ 0.76 Non-GAAP adjustments Unrealized gains on marketable equity securities (0.69 ) (0.06 ) Operating results for newly opened operations not at full capacity (1) (0.02 ) 0.06 Gain on sale of unconsolidated company (0.05 ) - Stock-based compensation expense 0.04 0.03 Non-GAAP diluted earnings per share $ 0.97 $ 0.79 (1) The newly opened operations not at full capacity for the 2024 period presented consisted of operations opened from 2022 through 2024. This consisted of two behavioral health hospitals, two homecare agencies and two hospice agencies. The newly opened operations for the 2023 period presented consisted of operations opened from 2021 through 2023. This consisted of two behavioral health hospitals, one homecare agency and two hospice agencies. View source version on businesswire.com: https://www.businesswire.com/news/home/20240510888527/en/