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NHC Reports Third Quarter 2023 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 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.

 

Contacts

Brian F. Kidd, SVP/Chief Financial Officer

Phone: (615) 890-2020

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