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NHC Reports First 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 March 31, 2021 totaled $250,973,000 compared to $256,124,000 for the quarter ended March 31, 2020, a decrease of 2.0%. The CARES Act funding is intended to partially offset COVID-19 expenses and lost revenues. For the first time since the beginning of the COVID-19 pandemic, the census in our skilled nursing facilities increased approximately 3.5% from the beginning of January 2021 through the end of March 2021.

For the quarter ended March 31, 2021, the reported GAAP net income attributable to NHC was $21,267,000 compared to a GAAP net loss attributable to NHC in the amount of $26,852,000 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 March 31, 2021 was $16,592,000 compared to $17,070,000 for the same period in 2020 (*). GAAP diluted earnings per share was $1.38 for the quarter ended March 31, 2021 compared to a GAAP diluted loss per share of $1.76 for the same period in 2020. Adjusted diluted earnings per share were $1.08 and $1.11 for the quarters ended March 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 9,463 beds. NHC affiliates also operate 24 assisted living communities, five independent living communities, one behavioral health hospital and 35 homecare programs. NHC’s other services include Alzheimer’s and memory care units, hospice services, 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
  March 31
 

2021

 

2020

  (unaudited)
Revenues and grant income:    
Net patient revenues  

$

216,855

 

 

$

244,095

 

Other revenues  

 

11,369

 

 

 

12,029

 

Government stimulus income  

 

22,749

 

 

 

-

 

Net operating revenues and grant income  

 

250,973

 

 

 

256,124

 

     
Costs and expenses:    
Salaries, wages and benefits  

 

145,130

 

 

 

147,469

 

Other operating  

 

70,153

 

 

 

71,668

 

Facility rent  

 

10,063

 

 

 

10,332

 

Depreciation and amortization  

 

10,161

 

 

 

10,438

 

Interest  

 

244

 

 

 

412

 

Total costs and expenses  

 

235,751

 

 

 

240,319

 

     
Income from operations  

 

15,222

 

 

 

15,805

 

     
Non-operating income  

 

6,260

 

 

 

8,146

 

Unrealized gains/(losses) on marketable equity securities  

 

7,059

 

 

 

(60,392

)

     
Income/(loss) before income taxes  

 

28,541

 

 

 

(36,441

)

Income tax (provision)/benefit  

 

(7,233

)

 

 

9,625

 

Net income/(loss)  

 

21,308

 

 

 

(26,816

)

     
Net income attributable to noncontrolling interest  

 

(41

)

 

 

(36

)

     
Net income/(loss) attributable to National HealthCare Corporation  

$

21,267

 

 

$

(26,852

)

     
Net income/(loss) per common share    
Basic  

$

1.39

 

 

$

(1.76

)

Diluted  

$

1.38

 

 

$

(1.76

)

     
Weighted average common shares outstanding    
Basic  

 

15,327,520

 

 

 

15,294,777

 

Diluted  

 

15,390,076

 

 

 

15,294,777

 

     
Dividends declared per common share  

$

0.52

 

 

$

0.52

 

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

2021

 

2020

  (unaudited)  
     
Cash, cash equivalents and marketable securities  

$

318,845

 

 

$

323,445

 

Restricted cash, cash equivalents and marketable securities  

 

166,750

 

 

 

158,162

 

Current assets  

 

464,618

 

 

 

456,755

 

Property and equipment, net  

 

514,484

 

 

 

520,318

 

Total assets  

 

1,355,312

 

 

 

1,362,132

 

Current liabilities  

 

265,846

 

 

 

281,228

 

NHC stockholders' equity  

 

807,064

 

 

 

795,177

 

     
   
Selected Operating Statistics    
  Three Months Ended
  March 31
 

2021

 

2020

  (unaudited)
Skilled Nursing Per Diems:    
Medicare  

$

537.97

 

 

$

506.02

 

Managed Care  

 

415.44

 

 

 

402.78

 

Medicaid  

 

218.08

 

 

 

201.09

 

Private Pay and Other  

 

247.49

 

 

 

251.61

 

   
Average Skilled Nursing Per Diem  

$

298.29

 

 

$

279.07

 

   
Skilled Nursing Patient Days:    
Medicare  

 

91,327

 

 

 

105,543

 

Managed Care  

 

61,911

 

 

 

61,556

 

Medicaid  

 

279,101

 

 

 

344,526

 

Private Pay and Other  

 

132,967

 

 

 

171,307

 

   
Total Skilled Nursing Patient Days  

 

565,306

 

 

 

682,932

 

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

2021

 

2020

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

$

21,267

 

 

$

(26,852

)

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

 

(7,059

)

 

 

60,392

 

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

 

245

 

 

 

203

 

Gain on acquisition of equity method investment  

 

-

 

 

 

(1,707

)

Stock-based compensation expense  

 

496

 

 

 

466

 

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

 

1,643

 

 

 

(15,432

)

Non-GAAP Net income  

$

16,592

 

 

$

17,070

 

   
GAAP diluted earnings/(loss) per share  

$

1.38

 

 

$

(1.76

)

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

 

(0.33

)

 

 

2.92

 

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

 

0.01

 

 

 

0.01

 

Gain on acquisition of equity method investment  

 

-

 

 

 

(0.08

)

Stock-based compensation expense  

 

0.02

 

 

 

0.02

 

Non-GAAP diluted earnings per share  

$

1.08

 

 

$

1.11

 

   
(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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