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NHC Reports Second Quarter 2021 Earnings

National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues and CARES Act income for the quarter ended June 30, 2021 totaled $263,158,000 compared to $261,642,000 for the quarter ended June 30, 2020. The census in our skilled nursing facilities for the second quarter of 2021 increased approximately 4% from the beginning of April 2021 through the end of June 2021. The census in our skilled nursing facilities increased approximately 7.5% from the beginning of January 2021 through the end of June 2021.

For the quarter ended June 30, 2021, the reported GAAP net income attributable to NHC was $104,883,000 compared to $28,324,000 for the same period in 2020. The large increase in our reported GAAP net income for the second quarter of 2021 is primarily due to the gain recorded from the acquisition of Caris HealthCare, L.P., a hospice provider. Excluding the gain on the Caris HealthCare, L.P. acquisition, as well as the unrealized gains and losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended June 30, 2021 was $15,077,000 compared to $14,177,000 for the same period in 2020 (*). GAAP diluted earnings per share was $6.80 for the quarter ended June 30, 2021 compared to $1.84 for the same period in 2020. Adjusted diluted earnings per share were $0.98 and $0.92 for the quarters ended June 30, 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, 35 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 Six Months Ended
June 30 June 30

2021

 

2020

 

2021

 

2020

(unaudited) (unaudited)
Revenues and grant income:   
Net patient revenues

$ 236,976

 

$ 225,671

 

$ 453,831

 

$ 469,766

Other revenues

11,056

 

11,323

 

22,425

 

23,352

Government stimulus income

15,126

 

24,648

 

37,875

 

24,648

Net operating revenues and grant income

263,158

 

261,642

 

514,131

 

517,766

    
Costs and expenses:   
Salaries, wages and benefits

156,804

 

156,914

 

301,934

 

304,383

Other operating

72,043

 

70,861

 

142,196

 

142,529

Facility rent

10,170

 

10,320

 

20,233

 

20,652

Depreciation and amortization

10,131

 

10,545

 

20,292

 

20,983

Interest

215

 

453

 

459

 

865

Total costs and expenses

249,363

 

249,093

 

485,114

 

489,412

    
Income from operations

13,795

 

12,549

 

29,017

 

28,354

    
Non-operating income

5,586

 

5,954

 

11,846

 

12,392

Gains on acquisitions of equity method investments

95,202

 

-

 

95,202

 

1,708

Unrealized gains/(losses) on marketable equity securities

(6,489)

 

20,053

 

570

 

(40,339)

    
Income before income taxes

108,094

 

38,556

 

136,635

 

2,115

Income tax provision

(2,764)

 

(10,034)

 

(9,997)

 

(409)

Net income

105,330

 

28,522

 

126,638

 

1,706

    
Net income attributable to noncontrolling interest

(447)

 

(198)

 

(488)

 

(234)

    
Net income attributable to National HealthCare Corporation

$ 104,883

 

$ 28,324

 

$ 126,150

 

$ 1,472

    
Net income per common share   
Basic

$ 6.83

 

$ 1.85

 

$ 8.22

 

$ 0.10

Diluted

$ 6.80

 

$ 1.84

 

$ 8.19

 

$ 0.10

    
Weighted average common shares outstanding   
Basic

15,349,162

 

15,307,105

 

15,338,400

 

15,300,941

Diluted

15,419,012

 

15,372,430

 

15,404,634

 

15,367,464

    
Dividends declared per common share

$ 0.52

 

$ 0.52

 

$ 1.04

 

$ 1.04

    
    
Balance Sheet DataJune 30 Dec. 31  
(in thousands)

2021

 

2020

  
(unaudited)   
    
Cash, cash equivalents and marketable securities

$ 297,009

 

$ 323,445

  
Restricted cash, cash equivalents and marketable securities

173,764

 

158,162

  
Current assets

465,907

 

456,755

  
Property and equipment, net

519,617

 

520,318

  
Total assets

1,457,369

 

1,362,132

  
Current liabilities

273,012

 

281,228

  
NHC stockholders' equity

906,841

 

795,177

  
Selected Operating Statistics
Three Months EndedSix Months Ended
June 30June 30

2021

2020

2021

2020

(unaudited)(unaudited)
Skilled Nursing Per Diems:
Medicare

$ 523.70

$ 513.22

$ 530.80

$ 509.35

Managed Care

418.21

401.39

416.85

402.15

Medicaid

226.75

209.60

222.57

205.28

Private Pay and Other

256.58

247.48

252.28

249.60

 
Average Skilled Nursing Per Diem

$ 299.55

$ 277.85

$ 298.94

$ 278.48

 
Skilled Nursing Patient Days:
Medicare

92,163

90,896

183,490

196,439

Managed Care

64,196

50,669

126,107

112,225

Medicaid

300,875

333,196

579,976

677,722

Private Pay and Other

148,247

161,877

281,214

333,184

 
Total Skilled Nursing Patient Days

605,481

636,638

1,170,787

1,319,570

 
 
The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):
Three Months EndedSix Months Ended
June 30June 30

2021

2020

2021

2020

(unaudited)(unaudited)
 
Net income attributable to National Healthcare Corporation

$ 104,883

$ 28,324

$ 126,150

$ 1,472

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

6,489

(20,053)

(570)

40,339

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

120

112

365

314

Gains on acquisitions of equity method investments

(95,202)

-

(95,202)

(1,708)

Stock-based compensation expense

683

823

1,179

1,289

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

(1,896)

4,971

(253)

(10,461)

Non-GAAP Net income

$ 15,077

$ 14,177

$ 31,669

$ 31,245

 
GAAP diluted earnings per share

$ 6.80

$ 1.84

$ 8.19

$ 0.10

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

0.31

(0.97)

(0.03)

1.94

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

0.01

0.01

0.02

0.02

Gains on acquisitions of equity method investments

(6.17)

-

(6.18)

(0.08)

Stock-based compensation expense

0.03

0.04

0.06

0.05

Non-GAAP diluted earnings per share

$ 0.98

$ 0.92

$ 2.06

$ 2.03

 
(1) The newly opened facilities not at full capacity for the 2021 period presented consist of operations opened from 2019 through 2021. The newly opened facilities for the 2020 period presented consist of operations opened from 2018 through 2020. For both of the periods presented, one memory care facility was opened during these years.

Contacts:

Brian F. Kidd, SVP/Controller
Phone: (615) 890-2020

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