NHC(NHC) - 2024 Q3 - Quarterly Results

Financial Performance - For Q3 2024, National HealthCare Corporation reported net operating revenues of $340,198,000, a 17.9% increase from $288,485,000 in Q3 2023, primarily due to the acquisition of White Oak Manor[1] - GAAP net income attributable to NHC for Q3 2024 was $42,789,000, compared to $10,388,000 in Q3 2023, marking a significant increase[2] - Adjusted net income for Q3 2024 was $19,910,000, up 50.3% from $13,250,000 in Q3 2023[2] - Diluted earnings per share for Q3 2024 were $2.73, compared to $0.68 for Q3 2023, reflecting strong earnings growth[2] - Net income attributable to National Healthcare Corporation for the three months ended September 30, 2024, was $42,789,000, compared to $10,388,000 for the same period in 2023, representing a significant increase[9] - Non-GAAP net income for the nine months ended September 30, 2024, was $50,909,000, up from $38,978,000 for the same period in 2023, indicating a growth of approximately 30%[9] - GAAP diluted earnings per share for the three months ended September 30, 2024, was $2.73, compared to $0.68 for the same period in 2023, reflecting a substantial increase[9] - Non-GAAP diluted earnings per share for the nine months ended September 30, 2024, was $3.27, compared to $2.54 for the same period in 2023, showing an increase of about 28.7%[9] Operational Metrics - The company operates 80 skilled nursing facilities with a total of 10,349 beds, alongside various assisted and independent living communities[4] - Total skilled nursing patient days for Q3 2024 reached 673,378, an increase from 598,938 in Q3 2023[8] - Average skilled nursing per diem for Medicare increased to $578.12 in Q3 2024 from $551.82 in Q3 2023[8] - The company reported operating results for newly opened operations not at full capacity, contributing $120,000 for the three months ended September 30, 2024[9] - The company has two hospice agencies and other healthcare operations that are still in the start-up phase, impacting overall capacity and performance metrics[9] Assets and Dividends - The company’s total assets as of September 30, 2024, were $1,562,707,000, up from $1,310,796,000 in December 2023[7] - NHC declared dividends of $0.61 per common share for Q3 2024, compared to $0.59 in Q3 2023[7] Non-GAAP Measures - The company emphasizes the importance of non-GAAP financial measures to provide a clearer view of its operational performance[5] - Unrealized gains/losses on marketable equity securities for the three months ended September 30, 2024, were $(32,767,000), compared to $3,093,000 for the same period in 2023[9] - Stock-based compensation expense for the three months ended September 30, 2024, was $1,093,000, up from $708,000 for the same period in 2023[9] - Acquisition-related expenses for the three months ended September 30, 2024, were $637,000, while there were no such expenses reported for the same period in 2023[9] - The income tax provision on non-GAAP adjustments for the three months ended September 30, 2024, was $8,038,000, compared to $(1,005,000) for the same period in 2023[9]