NHC Reports Third Quarter 2024 Earnings
National HealthCare (NYSE American: NHC) reported strong financial results for Q3 2024. Net operating revenues and grant income reached $340.2 million, up 17.9% from $288.5 million in Q3 2023. The growth was primarily driven by the August 1, 2024 acquisition of White Oak Manor, which added 21 healthcare facilities. GAAP net income increased to $42.8 million ($2.73 per diluted share) from $10.4 million ($0.68 per share) year-over-year. Adjusted net income rose 50.3% to $19.9 million ($1.27 per diluted share) compared to $13.3 million ($0.86 per share) in Q3 2023.
National HealthCare (NYSE American: NHC) ha riportato risultati finanziari straordinari per il terzo trimestre del 2024. I ricavi operativi netti e i proventi da sovvenzioni hanno raggiunto 340,2 milioni di dollari, in aumento del 17,9% rispetto ai 288,5 milioni di dollari del terzo trimestre del 2023. La crescita è stata principalmente guidata dall'acquisizione del White Oak Manor avvenuta il 1° agosto 2024, che ha aggiunto 21 strutture sanitarie. Il reddito netto GAAP è aumentato a 42,8 milioni di dollari (2,73 dollari per azione diluita) rispetto ai 10,4 milioni di dollari (0,68 dollari per azione) dello stesso periodo dell’anno precedente. Il reddito netto rettificato è cresciuto del 50,3% a 19,9 milioni di dollari (1,27 dollari per azione diluita) rispetto ai 13,3 milioni di dollari (0,86 dollari per azione) nel terzo trimestre del 2023.
National HealthCare (NYSE American: NHC) informó resultados financieros sólidos para el tercer trimestre de 2024. Los ingresos operativos netos y los ingresos por subvenciones alcanzaron 340.2 millones de dólares, un aumento del 17.9% respecto a los 288.5 millones de dólares en el tercer trimestre de 2023. Este crecimiento fue impulsado principalmente por la adquisición de White Oak Manor el 1 de agosto de 2024, que sumó 21 instalaciones de salud. La renta neta GAAP aumentó a 42.8 millones de dólares (2.73 dólares por acción diluida) desde 10.4 millones de dólares (0.68 dólares por acción) en comparación con el año anterior. La renta neta ajustada creció un 50.3% a 19.9 millones de dólares (1.27 dólares por acción diluida) en comparación con 13.3 millones de dólares (0.86 dólares por acción) en el tercer trimestre de 2023.
내셔널 헬스케어(NYSE American: NHC)는 2024년 3분기 강력한 재무 결과를 보고했습니다. 순 운영 수익과 보조금 수익은 3억 4천 2백만 달러에 도달했으며, 이는 2023년 3분기의 2억 8천 8백 5십만 달러보다 17.9% 증가한 수치입니다. 이 성장은 주로 2024년 8월 1일 화이트 오크 매너의 인수에 의해 촉발되었으며, 이는 21개의 의료 시설을 추가했습니다. GAAP 순이익은 1년 전의 1천 4백만 달러(주당 0.68달러)에서 4천 2백 8십만 달러 (주당 2.73달러)로 증가했습니다. 조정된 순이익은 3분기 2023년의 1천 3백 3십만 달러(주당 0.86달러)에 비해 1천 9백 9십만 달러 (주당 1.27달러)로 50.3% 상승했습니다.
National HealthCare (NYSE American: NHC) a rapporté de solides résultats financiers pour le troisième trimestre 2024. Les revenus nets d'exploitation et les revenus de subventions ont atteint 340,2 millions de dollars, soit une augmentation de 17,9% par rapport à 288,5 millions de dollars au troisième trimestre 2023. Cette croissance a été principalement soutenue par l'acquisition de White Oak Manor le 1er août 2024, qui a ajouté 21 établissements de santé. Le bénéfice net selon les normes GAAP a augmenté à 42,8 millions de dollars (2,73 dollars par action diluée) contre 10,4 millions de dollars (0,68 dollars par action) l'année précédente. Le bénéfice net ajusté a augmenté de 50,3% pour atteindre 19,9 millions de dollars (1,27 dollars par action diluée) par rapport à 13,3 millions de dollars (0,86 dollars par action) au troisième trimestre 2023.
National HealthCare (NYSE American: NHC) hat für das dritte Quartal 2024 starke Finanzergebnisse gemeldet. Die Nettobetriebseinnahmen und Zuschusseinnahmen beliefen sich auf 340,2 Millionen Dollar, was einem Anstieg von 17,9% im Vergleich zu 288,5 Millionen Dollar im dritten Quartal 2023 entspricht. Das Wachstum wurde hauptsächlich durch die Übernahme von White Oak Manor am 1. August 2024 vorangetrieben, die 21 Gesundheitseinrichtungen hinzufügte. Der GAAP-Nettoertrag stieg von 10,4 Millionen Dollar (0,68 Dollar pro Aktie) im Vorjahr auf 42,8 Millionen Dollar (2,73 Dollar pro verwässerter Aktie). Der bereinigte Nettoertrag stieg um 50,3% auf 19,9 Millionen Dollar (1,27 Dollar pro verwässerter Aktie) im Vergleich zu 13,3 Millionen Dollar (0,86 Dollar pro Aktie) im dritten Quartal 2023.
- Net operating revenues increased 17.9% YoY to $340.2 million
- GAAP net income grew substantially to $42.8 million from $10.4 million YoY
- Adjusted net income rose 50.3% to $19.9 million
- Strategic expansion through White Oak Manor acquisition, adding 21 healthcare facilities
- Diluted EPS increased to $2.73 from $0.68 YoY
- None.
Insights
The Q3 2024 results demonstrate significant growth driven by strategic expansion.
The adjusted net income of
For the quarter ended September 30, 2024, the reported GAAP net income attributable to NHC was
(*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items.
About NHC
NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,349 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 32 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 |
|||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
(unaudited) |
|
(unaudited) |
|||||||||||||
| Revenues and grant income: | |||||||||||||||
| Net patient revenues | $ |
328,674 |
|
$ |
277,005 |
|
$ |
894,415 |
|
$ |
804,617 |
|
|||
| Other revenues |
|
11,524 |
|
|
11,480 |
|
|
34,172 |
|
|
36,013 |
|
|||
| Government stimulus income |
|
- |
|
|
- |
|
|
9,445 |
|
|
- |
|
|||
| Net operating revenues and grant income |
|
340,198 |
|
|
288,485 |
|
|
938,032 |
|
|
840,630 |
|
|||
| Costs and expenses: | |||||||||||||||
| Salaries, wages and benefits |
|
213,395 |
|
|
182,664 |
|
|
576,609 |
|
|
525,782 |
|
|||
| Other operating |
|
82,509 |
|
|
72,490 |
|
|
238,092 |
|
|
217,213 |
|
|||
| Facility rent |
|
10,886 |
|
|
10,094 |
|
|
31,804 |
|
|
30,087 |
|
|||
| Depreciation and amortization |
|
10,619 |
|
|
10,135 |
|
|
30,543 |
|
|
30,266 |
|
|||
| Interest |
|
1,742 |
|
|
77 |
|
|
1,788 |
|
|
268 |
|
|||
| Total costs and expenses |
|
319,151 |
|
|
275,460 |
|
|
878,836 |
|
|
803,616 |
|
|||
| Income from operations |
|
21,047 |
|
|
13,025 |
|
|
59,196 |
|
|
37,014 |
|
|||
| Non-operating income |
|
4,224 |
|
|
4,097 |
|
|
14,865 |
|
|
12,116 |
|
|||
| Unrealized gains/(losses) on marketable equity securities |
|
32,767 |
|
|
(3,093 |
) |
|
56,290 |
|
|
2,943 |
|
|||
| Income before income taxes |
|
58,038 |
|
|
14,029 |
|
|
130,351 |
|
|
52,073 |
|
|||
| Income tax provision |
|
(15,338 |
) |
|
(3,908 |
) |
|
(34,294 |
) |
|
(14,750 |
) |
|||
| Net income |
|
42,700 |
|
|
10,121 |
|
|
96,057 |
|
|
37,323 |
|
|||
| Net (income)/loss attributable to noncontrolling interest |
|
89 |
|
|
267 |
|
|
(211 |
) |
|
1,069 |
|
|||
| Net income attributable to National HealthCare Corporation | $ |
42,789 |
|
$ |
10,388 |
|
$ |
95,846 |
|
$ |
38,392 |
|
|||
| Net income per common share | |||||||||||||||
| Basic | $ |
2.78 |
|
$ |
0.68 |
|
$ |
6.23 |
|
$ |
2.51 |
|
|||
| Diluted | $ |
2.73 |
|
$ |
0.68 |
|
$ |
6.15 |
|
$ |
2.50 |
|
|||
| Weighted average common shares outstanding | |||||||||||||||
| Basic |
|
15,411,680 |
|
|
15,299,913 |
|
|
15,384,758 |
|
|
15,311,453 |
|
|||
| Diluted |
|
15,667,321 |
|
|
15,324,511 |
|
|
15,576,294 |
|
|
15,334,269 |
|
|||
| Dividends declared per common share | $ |
0.61 |
|
$ |
0.59 |
|
$ |
1.81 |
|
$ |
1.75 |
|
|||
| Balance Sheet Data | September 30 |
|
December 31 |
||||||||||||
| (in thousands) |
|
2024 |
|
|
|
2023 |
|
||||||||
(unaudited) |
|
|
|||||||||||||
| Cash, cash equivalents and marketable securities | $ |
249,561 |
|
$ |
223,620 |
|
|||||||||
| Restricted cash, cash equivalents and marketable securities |
|
177,179 |
|
|
167,971 |
|
|||||||||
| Current assets |
|
445,726 |
|
|
406,235 |
|
|||||||||
| Property and equipment, net |
|
686,425 |
|
|
493,329 |
|
|||||||||
| Total assets |
|
1,562,707 |
|
|
1,310,796 |
|
|||||||||
| Current liabilities, excluding long-term debt due within one year |
|
240,446 |
|
|
214,476 |
|
|||||||||
| Current and long-term debt |
|
147,000 |
|
|
- |
|
|||||||||
| NHC stockholders' equity |
|
983,468 |
|
|
908,752 |
|
|||||||||
| Selected Operating Statistics | ||||||||||||||||
Three Months Ended |
|
Nine Months Ended |
||||||||||||||
September 30 |
|
September 30 |
||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
||
(unaudited) |
|
(unaudited) |
||||||||||||||
| Skilled Nursing Per Diems: | ||||||||||||||||
| Medicare | $ |
578.12 |
|
$ |
551.82 |
|
$ |
579.24 |
|
$ |
552.21 |
|
||||
| Managed Care |
|
459.94 |
|
|
489.18 |
|
|
459.64 |
|
|
460.20 |
|
||||
| Medicaid |
|
290.00 |
|
|
256.46 |
|
|
274.44 |
|
|
248.99 |
|
||||
| Private Pay and Other |
|
323.36 |
|
|
283.49 |
|
|
315.09 |
|
|
279.12 |
|
||||
| Average Skilled Nursing Per Diem | $ |
350.85 |
|
$ |
325.34 |
|
(1) |
$ |
344.76 |
|
(1) |
$ |
320.09 |
|
(1) |
|
| Skilled Nursing Patient Days: | ||||||||||||||||
| Medicare |
|
79,957 |
|
|
75,215 |
|
|
235,715 |
|
|
239,228 |
|
||||
| Managed Care |
|
70,635 |
|
|
61,979 |
|
|
199,023 |
|
|
179,992 |
|
||||
| Medicaid |
|
344,940 |
|
|
290,887 |
|
|
906,265 |
|
|
852,074 |
|
||||
| Private Pay and Other |
|
177,846 |
|
|
170,857 |
|
|
485,523 |
|
|
492,279 |
|
||||
| Total Skilled Nursing Patient Days |
|
673,378 |
|
|
598,938 |
|
(1) |
|
1,826,526 |
|
(1) |
|
1,763,573 |
|
(1) |
|
| (1) NHC exited three skilled nursing facilities in |
||||||||||||||||
| 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 |
||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
||
(unaudited) |
|
(unaudited) |
||||||||||||||
| Net income attributable to National Healthcare Corporation | $ |
42,789 |
|
$ |
10,388 |
|
$ |
95,846 |
|
$ |
38,392 |
|
||||
| Non-GAAP adjustments | ||||||||||||||||
| Unrealized (gains)/losses on marketable equity securities |
|
(32,767 |
) |
|
3,093 |
|
|
(56,290 |
) |
|
(2,943 |
) |
||||
| Operating results for newly opened operations not at full capacity (2) |
|
120 |
|
|
66 |
|
|
140 |
|
|
1,616 |
|
||||
| Stock-based compensation expense |
|
1,093 |
|
|
708 |
|
|
3,062 |
|
|
2,119 |
|
||||
| Gain on sale of unconsolidated company |
|
- |
|
|
- |
|
|
(1,024 |
) |
|
- |
|
||||
| Acquisition-related expenses (3) |
|
637 |
|
|
- |
|
|
2,831 |
|
|
- |
|
||||
| Employee retention credit |
|
- |
|
|
- |
|
|
(9,445 |
) |
|
- |
|
||||
| Income tax provision on non-GAAP adjustments |
|
8,038 |
|
|
(1,005 |
) |
|
15,789 |
|
|
(206 |
) |
||||
| Non-GAAP Net income | $ |
19,910 |
|
$ |
13,250 |
|
$ |
50,909 |
|
$ |
38,978 |
|
||||
| GAAP diluted earnings per share | $ |
2.73 |
|
$ |
0.68 |
|
$ |
6.15 |
|
$ |
2.51 |
|
||||
| Non-GAAP adjustments | ||||||||||||||||
| Unrealized (gains)/losses on marketable equity securities |
|
(1.55 |
) |
|
0.15 |
|
|
(2.67 |
) |
|
(0.14 |
) |
||||
| Operating results for newly opened operations not at full capacity (2) |
|
0.01 |
|
|
- |
|
|
0.01 |
|
|
0.07 |
|
||||
| Stock-based compensation expense |
|
0.05 |
|
|
0.03 |
|
|
0.15 |
|
|
0.10 |
|
||||
| Gain on sale of unconsolidated company |
|
- |
|
|
- |
|
|
(0.05 |
) |
|
- |
|
||||
| Acquisition-related expenses (3) |
|
0.03 |
|
|
- |
|
|
0.13 |
|
|
- |
|
||||
| Employee retention credit |
|
- |
|
|
- |
|
|
(0.45 |
) |
|
- |
|
||||
| Non-GAAP diluted earnings per share | $ |
1.27 |
|
$ |
0.86 |
|
$ |
3.27 |
|
$ |
2.54 |
|
||||
| (2) The operating results for newly opened facilities or agencies not at full capacity include healthcare operations that are still considered in the start-up phase, which are two hospice agencies for the three and nine months ended September 30, 3024. For the three and nine months ended September 30, 2023, included are two behavioral health hospitals, two homecare agencies, and two hospice agencies. | ||||||||||||||||
| (3) Represents expenses incurred to acquire the White Oak operations that are not capitalizable. | ||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241108826694/en/
Brian F. Kidd, SVP/CFO
Phone: (615) 890-2020
Source: National HealthCare Corporation
FAQ
What was NHC's revenue growth in Q3 2024?
How many facilities did NHC acquire from White Oak Manor in 2024?
What was NHC's adjusted earnings per share in Q3 2024?
How much did NHC's adjusted net income increase in Q3 2024?
