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Note 6 - Business Segments
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 6 – Business Segments

 

The Company has two reportable operating segments: (1) inpatient services, which includes the operation of skilled nursing facilities, assisted and independent living facilities, and behavioral health hospitals; and (2) homecare and hospice services. These reportable operating segments are consistent with information used by the Company’s Chief Executive Officer, as chief operating decision maker (“CODM”), to assess performance and allocate resources. The Company also reports an “all other” category that includes revenues from rental income, management and accounting services fees, insurance services, and costs of the corporate office.

 

The Company’s CODM evaluates performance and allocates capital resources to each segment based on an operating model that is designed to improve the quality of patient care and profitability of the Company while enhancing long-term shareholder value. The CODM does not review assets by segment in his resource allocation and therefore, assets by segment are not disclosed below.

 

The following table sets forth the Company’s unaudited interim condensed consolidated statements of operations by business segment (in thousands):

 

  

Three Months Ended June 30, 2024

 
  

Inpatient
Services

  

Homecare

and Hospice

  

All Other

  

Total

 

Revenues:

                

Net patient revenues

 $245,385  $34,533  $-  $279,918 

Other revenues

  324   -   10,971   11,295 
Government stimulus income  -   -   9,445   9,445 

Net operating revenues and grant income

  245,709   34,533   20,416   300,658 
                 

Costs and expenses:

                

Salaries, wages, and benefits

  148,059   21,296   10,721   180,076 

Other operating

  66,813   6,394   4,947   78,154 

Rent

  8,262   567   1,741   10,570 

Depreciation and amortization

  8,383   186   769   9,338 

Interest

  -   -   -   - 

Total costs and expenses

  231,517   28,443   18,178   278,138 
                 

Income from operations

  14,192   6,090   2,238   22,520 

Non-operating income

  -   -   4,956   4,956 

Unrealized gains on marketable equity securities

  -   -   9,124   9,124 
                 

Income before income taxes

 $14,192  $6,090  $16,318  $36,600 

 

 

  

Three Months Ended June 30, 2023

 
  

Inpatient
Services

  

Homecare

and Hospice

  

All Other

  

Total

 

Revenues:

                

Net patient revenues

 $236,760  $32,845  $-  $269,605 

Other revenues

  326   -   12,651   12,977 

Net operating revenues

  237,086   32,845   12,651   282,582 
                 

Costs and expenses:

                

Salaries, wages, and benefits

  144,666   20,494   10,134   175,294 

Other operating

  64,535   5,990   2,709   73,234 

Rent

  7,857   543   1,501   9,901 

Depreciation and amortization

  9,153   184   746   10,083 

Interest

  93   -   -   93 

Total costs and expenses

  226,304   27,211   15,090   268,605 
                 

Income/(loss) from operations

  10,782   5,634   (2,439)  13,977 

Non-operating income

  -   -   3,696   3,696 

Unrealized gains on marketable equity securities

  -   -   4,650   4,650 
                 

Income before income taxes

 $10,782  $5,634  $5,907  $22,323 

 

  

Six Months Ended June 30, 2024

 
  

Inpatient
Services

  

Homecare

and Hospice

  

All Other

  

Total

 

Revenues:

                

Net patient revenues

 $497,638  $68,103  $-  $565,741 

Other revenues

  339   -   22,309   22,648 
Government stimulus income  -   -   9,445   9,445 

Net operating revenues and grant income

  497,977   68,103   31,754   597,834 
                 

Costs and expenses:

                

Salaries, wages, and benefits

  298,949   42,305   21,960   363,214 

Other operating

  135,496   12,367   7,720   155,583 

Rent

  16,374   1,133   3,411   20,918 

Depreciation and amortization

  18,013   374   1,537   19,924 

Interest

  46   -   -   46 

Total costs and expenses

  468,878   56,179   34,628   559,685 
                 

Income/(loss) from operations

  29,099   11,924   (2,874)  38,149 

Non-operating income

  -   -   10,641   10,641 

Unrealized gains on marketable equity securities

  -   -   23,523   23,523 
                 

Income before income taxes

 $29,099  $11,924  $31,290  $72,313 

 

 

  

Six Months Ended June 30, 2023

 
  

Inpatient
Services

  

Homecare

and Hospice

  

All Other

  

Total

 

Revenues:

                

Net patient revenues

 $462,929  $64,683  $-  $527,612 

Other revenues

  597   -   23,936   24,533 

Net operating revenues

  463,526   64,683   23,936   552,145 
                 

Costs and expenses:

                

Salaries, wages, and benefits

  283,605   40,737   18,776   343,118 

Other operating

  128,245   11,488   4,990   144,723 

Rent

  15,709   1,101   3,183   19,993 

Depreciation and amortization

  18,271   369   1,491   20,131 

Interest

  191   -   -   191 

Total costs and expenses

  446,021   53,695   28,440   528,156 
                 

Income/(loss) from operations

  17,505   10,988   (4,504)  23,989 

Non-operating income

  -   -   8,019   8,019 

Unrealized gains on marketable equity securities

  -   -   6,036   6,036 
                 

Income before income taxes

 $17,505  $10,988  $9,551  $38,044