XML 26 R15.htm IDEA: XBRL DOCUMENT v3.24.3
Note 7 - Business Segments
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

Note 7 – 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 September 30, 2024

  
   

Inpatient
Services

    

Homecare

and Hospice

    

All Other

    

Total

  

Revenues:

                                

Net patient revenues

   $ 293,026     $ 35,648     $ -     $ 328,674  

Other revenues

     370       -       11,154       11,524  

Net operating revenues

     293,396       35,648       11,154       340,198  
                                 

Costs and expenses:

                                

Salaries, wages, and benefits

     175,241       21,456       16,698       213,395  

Other operating

     72,384       6,612       3,513       82,509  

Rent

     8,422       602       1,862       10,886  

Depreciation and amortization

     9,632       172       815       10,619  

Interest

     1,742       -       -       1,742  

Total costs and expenses

     267,421       28,842       22,888       319,151  
                                 

Income/(loss) from operations

     25,975       6,806       (11,734 )     21,047  

Non-operating income

     -       -       4,224       4,224  

Unrealized gains on marketable equity securities

     -       -       32,767       32,767  
                                 

Income before income taxes

   $ 25,975     $ 6,806     $ 25,257     $ 58,038  

 

 

   

Three Months Ended September 30, 2023

  
   

Inpatient
Services

    

Homecare

and Hospice

    

All Other

    

Total

  

Revenues:

                                

Net patient revenues

   $ 243,865     $ 33,140     $ -     $ 277,005  

Other revenues

     297       -       11,183       11,480  

Net operating revenues

     244,162       33,140       11,183       288,485  
                                 

Costs and expenses:

                                

Salaries, wages, and benefits

     151,912       20,066       10,686       182,664  

Other operating

     64,228       5,868       2,394       72,490  

Rent

     8,186       538       1,370       10,094  

Depreciation and amortization

     9,203       185       747       10,135  

Interest

     77       -       -       77  

Total costs and expenses

     233,606       26,657       15,197       275,460  
                                 

Income/(loss) from operations

     10,556       6,483       (4,014 )     13,025  

Non-operating income

     -       -       4,097       4,097  

Unrealized losses on marketable equity securities

     -       -       (3,093 )     (3,093 )
                                 

Income/(loss) before income taxes

   $ 10,556     $ 6,483     $ (3,010 )   $ 14,029  

 

   

Nine Months Ended September 30, 2024

  
   

Inpatient
Services

    

Homecare

and Hospice

    

All Other

    

Total

  

Revenues:

                                

Net patient revenues

   $ 790,664     $ 103,751     $ -     $ 894,415  

Other revenues

     710       -       33,462       34,172  

Government stimulus income

     -       -       9,445       9,445  

Net operating revenues and grant income

     791,374       103,751       42,907       938,032  
                                 

Costs and expenses:

                                

Salaries, wages, and benefits

     474,190       63,761       38,658       576,609  

Other operating

     207,883       18,977       11,232       238,092  

Rent

     24,795       1,736       5,273       31,804  

Depreciation and amortization

     27,646       545       2,352       30,543  

Interest

     1,788       -       -       1,788  

Total costs and expenses

     736,302       85,019       57,515       878,836  
                                 

Income/(loss) from operations

     55,072       18,732       (14,608 )     59,196  

Non-operating income

     -       -       14,865       14,865  

Unrealized gains on marketable equity securities

     -       -       56,290       56,290  
                                 

Income before income taxes

   $ 55,072     $ 18,732     $ 56,547     $ 130,351  

 

 

   

Nine Months Ended September 30, 2023

  
   

Inpatient
Services

    

Homecare

and Hospice

    

All Other

    

Total

  

Revenues:

                                

Net patient revenues

   $ 706,795     $ 97,822     $ -     $ 804,617  

Other revenues

     894       -       35,119       36,013  

Net operating revenues

     707,689       97,822       35,119       840,630  
                                 

Costs and expenses:

                                

Salaries, wages, and benefits

     435,517       60,804       29,461       525,782  

Other operating

     192,473       17,356       7,384       217,213  

Rent

     24,520       1,639       3,928       30,087  

Depreciation and amortization

     27,474       555       2,237       30,266  

Interest

     268       -       -       268  

Total costs and expenses

     680,252       80,354       43,010       803,616  
                                 

Income/(loss) from operations

     27,437       17,468       (7,891 )     37,014  

Non-operating income

     -       -       12,116       12,116  

Unrealized gains on marketable equity securities

     -       -       2,943       2,943  
                                 

Income before income taxes

   $ 27,437     $ 17,468     $ 7,168     $ 52,073