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    NHC Reports 2024 Year End Earnings

    2/27/25 7:00:00 AM ET
    $NHC
    Hospital/Nursing Management
    Health Care
    Get the next $NHC alert in real time by email

    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, 2024 totaled $1,307,382,000 compared to $1,141,544,000 for the year ended December 31, 2023, an increase of 14.5%. The increase in net operating revenues for the 2024 year compared to the 2023 year was due to a 9.4% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Manor ("White Oak"). The White Oak operations consist of 22 healthcare operations, which includes 15 skilled nursing facilities, two assisted living facilities, four independent living facilities, and a long-term care pharmacy.

    For the year ended December 31, 2024, the reported GAAP net income attributable to NHC was $101,927,000 compared to $66,798,000 for the 2023 year. Excluding the unrealized gains in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the year ended December 31, 2024 was $76,862,000 compared to $54,934,000 for the 2023 year (*), an increase of 39.9%. GAAP diluted earnings per share were $6.53 and $4.34 for the years ended December 31, 2024 and 2023, respectively. Adjusted diluted earnings per share were $4.93 and $3.55 for the years ended December 31, 2024 and 2023, respectively (*).

    For the quarter ended December 31, 2024, the reported GAAP net income attributable to NHC was $6,081,000 compared to $28,406,000 for the same period in 2023. Excluding the unrealized gains or losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended December 31, 2024 was $25,954,000 compared to $15,955,000 for the same period in 2023, an increase of 62.7% (*). The GAAP diluted earnings per share were $0.39 and $1.83 for the quarters ended December 31, 2024 and 2023, respectively. Adjusted diluted earnings per share were $1.66 and $1.03 for the quarters ended December 31, 2024 and 2023, 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 80 skilled nursing facilities with 10,341 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 33 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 Years Ended
    December 31 December 31

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Revenues and grant income:
    Net patient revenues

    $

    357,344

     

    $

    282,997

     

    $

    1,251,759

     

    $

    1,087,614

     

    Other revenues

     

    12,006

     

     

    17,917

     

     

    46,178

     

     

    53,930

     

    Government stimulus income

     

    -

     

     

    -

     

     

    9,445

     

     

    -

     

    Net operating revenues and grant income

     

    369,350

     

     

    300,914

     

     

    1,307,382

     

     

    1,141,544

     

     
    Costs and expenses:
    Salaries, wages and benefits

     

    234,321

     

     

    186,562

     

     

    810,930

     

     

    712,344

     

    Other operating

     

    83,298

     

     

    70,970

     

     

    321,390

     

     

    288,183

     

    Facility rent

     

    11,378

     

     

    11,438

     

     

    43,182

     

     

    41,525

     

    Depreciation and amortization

     

    11,442

     

     

    11,768

     

     

    41,985

     

     

    42,034

     

    Interest

     

    2,347

     

     

    56

     

     

    4,135

     

     

    324

     

    Total costs and expenses

     

    342,786

     

     

    280,794

     

     

    1,221,622

     

     

    1,084,410

     

     
    Income from operations

     

    26,564

     

     

    20,120

     

     

    85,760

     

     

    57,134

     

     
    Non-operating income

     

    4,825

     

     

    4,544

     

     

    19,690

     

     

    16,660

     

    Unrealized gains/(losses) on marketable equity securities

     

    (25,332

    )

     

    12,001

     

     

    30,958

     

     

    14,944

     

     
    Income before income taxes

     

    6,057

     

     

    36,665

     

     

    136,408

     

     

    88,738

     

    Income tax provision

     

    (28

    )

     

    (8,700

    )

     

    (34,322

    )

     

    (23,450

    )

    Net income

     

    6,029

     

     

    27,965

     

     

    102,086

     

     

    65,288

     

     
    Net (income)/loss attributable to noncontrolling interest

     

    52

     

     

    441

     

     

    (159

    )

     

    1,510

     

     
    Net income attributable to National HealthCare Corporation

    $

    6,081

     

    $

    28,406

     

    $

    101,927

     

    $

    66,798

     

     
    Net income per common share
    Basic

    $

    0.39

     

    $

    1.86

     

    $

    6.62

     

    $

    4.36

     

    Diluted

    $

    0.39

     

    $

    1.83

     

    $

    6.53

     

    $

    4.34

     

     
    Weighted average common shares outstanding
    Basic

     

    15,420,658

     

     

    15,306,253

     

     

    15,393,782

     

     

    15,310,142

     

    Diluted

     

    15,665,025

     

     

    15,486,573

     

     

    15,598,528

     

     

    15,377,343

     

     
    Dividends declared per common share

    $

    0.61

     

    $

    0.59

     

    $

    2.42

     

    $

    2.34

     

     
     
    Balance Sheet Data December 31 December 31
    (in thousands)

     

    2024

     

     

    2023

     

     
    Cash, cash equivalents and marketable securities

    $

    216,185

     

    $

    223,620

     

    Restricted cash, cash equivalents and marketable securities

     

    163,795

     

     

    167,971

     

    Current assets

     

    424,408

     

     

    406,235

     

    Property and equipment, net

     

    684,289

     

     

    493,329

     

    Total assets

     

    1,524,429

     

     

    1,310,796

     

    Current liabilities, excluding long-term debt due within one year

     

    227,297

     

     

    214,476

     

    Current and long-term debt

     

    137,000

     

     

    -

     

    NHC stockholders' equity

     

    980,161

     

     

    908,752

     

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

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Skilled Nursing Per Diems:
    Medicare

    $

    607.67

     

    $

    579.84

     

    $

    586.76

     

    $

    559.07

     

    Managed Care

     

    490.41

     

     

    478.51

     

     

    468.23

     

     

    464.89

     

    Medicaid

     

    279.02

     

     

    268.58

     

     

    275.78

     

     

    253.95

     

    Private Pay and Other

     

    321.12

     

     

    290.85

     

     

    316.80

     

     

    282.14

     

     
    Average Skilled Nursing Per Diem

    $

    350.72

     

    $

    337.57

     

    (1)

    $

    346.46

     

    (1)

    $

    324.53

     

    (1)

     
    Skilled Nursing Patient Days:
    Medicare

     

    84,809

     

     

    79,025

     

     

    320,524

     

     

    318,253

     

    Managed Care

     

    76,996

     

     

    62,031

     

     

    276,019

     

     

    242,023

     

    Medicaid

     

    374,755

     

     

    288,538

     

     

    1,281,020

     

     

    1,140,612

     

    Private Pay and Other

     

    191,926

     

     

    170,916

     

     

    677,449

     

     

    663,195

     

     
    Total Skilled Nursing Patient Days

     

    728,486

     

     

    600,510

     

    (1)

     

    2,555,012

     

    (1)

     

    2,364,083

     

    (1)

     
    (1) NHC exited three skilled nursing facilities in Missouri on March 1, 2024. For the first quarter of 2024, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $259.56 and 20,267 patient days. For the three months ended December 31, 2023, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $253.84 and 31,761 patient days. For the year ended December 31, 2023, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $249.85 and 126,791 patient days.
     
    The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts):
    Three Months Ended Years Ended
    December 31 December 31

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

     
    Net income attributable to National Healthcare Corporation

    $

    6,081

     

    $

    28,406

     

    $

    101,927

     

    $

    66,798

     

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

     

    25,332

     

     

    (12,001

    )

     

    (30,958

    )

     

    (14,944

    )

    Gain on sale of property and equipment

     

    -

     

     

    (6,230

    )

     

    -

     

     

    (6,230

    )

    Gain on sale of unconsolidated company

     

    -

     

     

    -

     

     

    (1,024

    )

     

    -

     

    Operating results for newly opened operations not at full capacity (2)

     

    (10

    )

     

    742

     

     

    130

     

     

    2,359

     

    Stock-based compensation expense

     

    1,098

     

     

    663

     

     

    4,160

     

     

    2,782

     

    Acquisition-related expenses (3)

     

    435

     

     

    -

     

     

    3,266

     

     

    -

     

    Employee retention credit

     

    -

     

     

    -

     

     

    (9,445

    )

     

    -

     

    Income tax provision on non-GAAP adjustments

     

    (6,982

    )

     

    4,375

     

     

    8,806

     

     

    4,169

     

    Non-GAAP Net income

    $

    25,954

     

    $

    15,955

     

    $

    76,862

     

    $

    54,934

     

     
    GAAP diluted earnings per share

    $

    0.39

     

    $

    1.83

     

    $

    6.53

     

    $

    4.34

     

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

     

    1.20

     

     

    (0.57

    )

     

    (1.47

    )

     

    (0.72

    )

    Gain on sale of property and equipment

     

    -

     

     

    (0.30

    )

     

    -

     

     

    (0.30

    )

    Gain on sale of unconsolidated company

     

    -

     

     

    -

     

     

    (0.05

    )

     

    -

     

    Operating results for newly opened operations not at full capacity (2)

     

    -

     

     

    0.04

     

     

    0.01

     

     

    0.10

     

    Stock-based compensation expense

     

    0.05

     

     

    0.03

     

     

    0.20

     

     

    0.13

     

    Acquisition-related expenses (3)

     

    0.02

     

     

    -

     

     

    0.16

     

     

    -

     

    Employee retention credit

     

    -

     

     

    -

     

     

    (0.45

    )

     

    -

     

    Non-GAAP diluted earnings per share

    $

    1.66

     

    $

    1.03

     

    $

    4.93

     

    $

    3.55

     

     
    (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 fourth quarter and year ended December 31, 3024. For the fourth quarter and year ended December 31, 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/20250227122228/en/

    Brian F. Kidd, SVP/CFO

    Phone: (615) 890-2020

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