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NHC Reports 2021 Year End Earnings

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 year ended December 31, 2021 totaled $1,074,302,000 compared to $1,028,217,000 for the year ended December 31, 2020, an increase of 4.5%. The net operating revenues increase in 2021 was primarily driven by the June 2021 controlling equity interest acquisition of Caris Healthcare, a hospice provider with 28 agencies.

For the year ended December 31, 2021, the reported GAAP net income attributable to NHC was $138,590,000 compared to $41,871,000 for the 2020 year. Excluding the unrealized gains and losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the year ended December 31, 2021 was $62,645,000 compared to $58,543,000 for the 2020 year, which is a 7.0% increase (*). GAAP diluted earnings per share were $8.99 compared to $2.72 for the years ended December 31, 2021 and 2020, respectively. Adjusted diluted earnings per share were $4.06 compared to $3.81 for the years ended December 31, 2021 and 2020, respectively (*).

For the quarter ended December 31, 2021, the reported GAAP net income attributable to NHC was $15,788,000 compared to $27,550,000 for the same period in 2020. Excluding the unrealized gains and losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended December 31, 2021 was $15,801,000 compared to $13,822,000 for the same period in 2020, an increase of 14.3% (*). The GAAP diluted earnings per share were $1.02 compared to $1.79 for the quarters ended December 31, 2021 and 2020, respectively. Adjusted diluted earnings per share were $1.02 and $0.90 for the quarters ended December 31, 2021 and 2020, 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 9,473 beds. NHC affiliates also operate 24 assisted living communities, five independent living communities, one behavioral health hospital, 34 homecare agencies, and 28 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 Year Ended
December 31 December 31

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues and grant income:
Net patient revenues

$

256,894

 

$

234,646

 

$

965,542

 

$

931,795

 

Other revenues

 

11,484

 

 

14,454

 

 

45,400

 

 

48,917

 

Government stimulus income

 

15,056

 

 

10,725

 

 

63,360

 

 

47,505

 

Net operating revenues and grant income

 

283,434

 

 

259,825

 

 

1,074,302

 

 

1,028,217

 

 
Costs and expenses:
Salaries, wages and benefits

 

168,433

 

 

153,359

 

 

629,672

 

 

609,306

 

Other operating

 

76,910

 

 

73,429

 

 

303,145

 

 

286,845

 

Facility rent

 

10,381

 

 

9,522

 

 

40,818

 

 

40,494

 

Depreciation and amortization

 

10,151

 

 

10,487

 

 

40,672

 

 

42,018

 

Interest

 

188

 

 

249

 

 

845

 

 

1,399

 

Impairment of assets

 

8,225

 

 

-

 

 

8,225

 

 

-

 

Total costs and expenses

 

274,288

 

 

247,046

 

 

1,023,377

 

 

980,062

 

 
Income from operations

 

9,146

 

 

12,779

 

 

50,925

 

 

48,155

 

 
Non-operating income

 

2,529

 

 

7,656

 

 

17,774

 

 

26,527

 

Gain on acquisitions of equity method investments

 

-

 

 

-

 

 

95,202

 

 

1,707

 

Unrealized gains/(losses) on marketable equity securities

 

9,364

 

 

16,614

 

 

(13,863

)

 

(23,966

)

 
Income before income taxes

 

21,039

 

 

37,049

 

 

150,038

 

 

52,423

 

Income tax provision

 

(5,044

)

 

(9,633

)

 

(10,951

)

 

(10,433

)

Net income

 

15,995

 

 

27,416

 

 

139,087

 

 

41,990

 

 
Net (income)/loss attributable to noncontrolling interest

 

(207

)

 

134

 

 

(497

)

 

(119

)

 
Net income attributable to National HealthCare Corporation

$

15,788

 

$

27,550

 

$

138,590

 

$

41,871

 

 
Net income per common share
Basic

$

1.03

 

$

1.80

 

$

9.03

 

$

2.74

 

Diluted

$

1.02

 

$

1.79

 

$

8.99

 

$

2.72

 

 
Weighted average common shares outstanding
Basic

 

15,364,302

 

 

15,311,947

 

 

15,347,129

 

 

15,306,174

 

Diluted

 

15,440,633

 

 

15,371,718

 

 

15,416,716

 

 

15,369,523

 

 
Dividends declared per common share

$

0.55

 

$

0.52

 

$

2.11

 

$

2.08

 

 
 
Balance Sheet Data Dec. 31 Dec. 31
(in thousands)

 

2021

 

 

2020

 

 
Cash, cash equivalents and marketable securities

$

256,025

 

$

323,445

 

Restricted cash, cash equivalents and marketable securities

 

175,884

 

 

158,162

 

Current assets

 

426,638

 

 

456,755

 

Property and equipment, net

 

520,996

 

 

520,318

 

Total assets

 

1,403,396

 

 

1,362,132

 

Current liabilities

 

263,201

 

 

281,228

 

NHC stockholders' equity

 

903,004

 

 

795,177

 

Selected Operating Statistics
Three Months Ended Year Ended
December 31 December 31

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Skilled Nursing Per Diems:
Medicare

$

530.32

 

$

533.95

 

$

529.03

 

$

518.46

 

Managed Care

 

439.61

 

 

418.14

 

 

414.11

 

 

408.92

 

Medicaid

 

224.61

 

 

258.47

 

 

225.40

 

 

220.50

 

Private Pay and Other

 

259.96

 

 

250.54

 

 

255.60

 

 

249.61

 

 
Average Skilled Nursing Per Diem

$

297.62

 

$

317.94

 

$

297.19

 

$

290.10

 

 
Skilled Nursing Patient Days:
Medicare

 

91,056

 

 

96,943

 

 

362,080

 

 

387,540

 

Managed Care

 

56,133

 

 

58,085

 

 

239,726

 

 

223,629

 

Medicaid

 

317,610

 

 

290,979

 

 

1,213,565

 

 

1,289,435

 

Private Pay and Other

 

158,577

 

 

140,288

 

 

597,802

 

 

625,313

 

 
Total Skilled Nursing Patient Days

 

623,376

 

 

586,295

 

 

2,413,173

 

 

2,525,917

 

 
 
The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):
Three Months Ended Year Ended
December 31 December 31

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 
Net income attributable to National Healthcare Corporation

$

15,788

 

$

27,550

 

$

138,590

 

$

41,871

 

Non-GAAP adjustments
Unrealized loss (gains) on marketable equity securities

 

(9,364

)

 

(16,614

)

 

13,863

 

 

23,966

 

Impairment of assets

 

8,225

 

 

-

 

 

8,225

 

 

-

 

Gains on acquisitions of equity method investments

 

-

 

 

-

 

 

(95,202

)

 

(1,707

)

Gain on sale of real estate/healthcare facilities

 

-

 

 

(2,784

)

 

-

 

 

(2,784

)

Operating results for newly opened facilities not at full capacity (1)

 

442

 

 

200

 

 

922

 

 

602

 

Stock-based compensation expense

 

715

 

 

646

 

 

2,620

 

 

2,453

 

Income tax (benefit)/provision on non-GAAP adjustments

 

(5

)

 

4,824

 

 

(6,373

)

 

(5,858

)

Non-GAAP Net income

$

15,801

 

$

13,822

 

$

62,645

 

$

58,543

 

 
GAAP diluted earnings per share

$

1.02

 

$

1.79

 

$

8.99

 

$

2.72

 

Non-GAAP adjustments
Unrealized loss (gains) on marketable equity securities

 

(0.45

)

 

(0.80

)

 

0.67

 

 

1.15

 

Impairment of assets

 

0.40

 

 

-

 

 

0.39

 

 

-

 

Gains on acquisitions of equity method investments

 

-

 

 

-

 

 

(6.16

)

 

(0.08

)

Gain on sale of real estate/healthcare facilities

 

-

 

 

(0.13

)

 

-

 

 

(0.13

)

Operating results for newly opened facilities not at full capacity (1)

 

0.02

 

 

0.01

 

 

0.04

 

 

0.03

 

Stock-based compensation expense

 

0.03

 

 

0.03

 

 

0.13

 

 

0.12

 

Non-GAAP diluted earnings per share

$

1.02

 

$

0.90

 

$

4.06

 

$

3.81

 

 
(1) The newly opened facilities not at full capacity for the 2021 periods presented consist of operations opened from 2019 through 2021. The newly opened facilities for the 2020 periods presented consist of operations opened from 2018 through 2020. For the 2021 periods, there is one memory care facility included and two behavioral health hospitals that are opening in the first quarter of 2022. For the 2020 periods, there was one memory care facility included in the results.

 

Contacts

Brian F. Kidd, SVP/Controller

Phone: (615) 890-2020

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