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Note 6 - Business Segments | 12 Months Ended
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Dec. 31, 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 tables set forth the Company’s consolidated statements of operations by business segment (in thousands):
|  | Year Ended December 31, 2024 |
|  | Inpatient Services |  |  | Homecare and Hospice |  |  | All Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net patient revenues |  | $ | 1,111,300 |  |  | $ | 140,459 |  |  | $ | – |  |  | $ | 1,251,759 |
Other revenues |  |  | 1,315 |  |  |  | – |  |  |  | 44,863 |  |  |  | 46,178 |
Government grant income |  |  | – |  |  |  | – |  |  |  | 9,445 |  |  |  | 9,445 |
Net operating revenues and grant income |  |  | 1,112,615 |  |  |  | 140,459 |  |  |  | 54,308 |  |  |  | 1,307,382 |
Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages and benefits |  |  | 668,029 |  |  |  | 85,712 |  |  |  | 57,189 |  |  |  | 810,930 |
Other operating |  |  | 280,867 |  |  |  | 25,927 |  |  |  | 14,596 |  |  |  | 321,390 |
Facility rent |  |  | 33,787 |  |  |  | 2,295 |  |  |  | 7,100 |  |  |  | 43,182 |
Depreciation and amortization |  |  | 37,988 |  |  |  | 737 |  |  |  | 3,260 |  |  |  | 41,985 |
Interest |  |  | 4,135 |  |  |  | – |  |  |  | – |  |  |  | 4,135 |
Total costs and expenses |  |  | 1,024,806 |  |  |  | 114,671 |  |  |  | 82,145 |  |  |  | 1,221,622 |
Income (loss) before non-operating income |  |  | 87,809 |  |  |  | 25,788 |  |  |  | (27,837 | ) |  |  | 85,760 |
Non-operating income |  |  | – |  |  |  | – |  |  |  | 19,690 |  |  |  | 19,690 |
Unrealized gains on marketable equity securities |  |  | – |  |  |  | – |  |  |  | 30,958 |  |  |  | 30,958 |
Income before income taxes |  | $ | 87,809 |  |  | $ | 25,788 |  |  | $ | 22,811 |  |  | $ | 136,408 |
|  | Year Ended December 31, 2023 |
|  | Inpatient Services |  |  | Homecare and Hospice |  |  | All Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net patient revenues |  | $ | 956,077 |  |  | $ | 131,537 |  |  | $ | – |  |  | $ | 1,087,614 |
Other revenues |  |  | 1,141 |  |  |  | – |  |  |  | 52,789 |  |  |  | 53,930 |
Net operating revenues |  |  | 957,218 |  |  |  | 131,537 |  |  |  | 52,789 |  |  |  | 1,141,544 |
Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages and benefits |  |  | 589,279 |  |  |  | 80,610 |  |  |  | 42,455 |  |  |  | 712,344 |
Other operating |  |  | 254,559 |  |  |  | 23,529 |  |  |  | 10,095 |  |  |  | 288,183 |
Facility rent |  |  | 32,542 |  |  |  | 2,172 |  |  |  | 6,811 |  |  |  | 41,525 |
Depreciation and amortization |  |  | 38,172 |  |  |  | 786 |  |  |  | 3,076 |  |  |  | 42,034 |
Interest |  |  | 324 |  |  |  | – |  |  |  | – |  |  |  | 324 |
Total costs and expenses |  |  | 914,876 |  |  |  | 107,097 |  |  |  | 62,437 |  |  |  | 1,084,410 |
Income (loss) before non-operating income |  |  | 42,342 |  |  |  | 24,440 |  |  |  | (9,648 | ) |  |  | 57,134 |
Non-operating income |  |  | – |  |  |  | – |  |  |  | 16,660 |  |  |  | 16,660 |
Unrealized gains on marketable equity securities |  |  | – |  |  |  | – |  |  |  | 14,944 |  |  |  | 14,944 |
Income before income taxes |  | $ | 42,342 |  |  | $ | 24,440 |  |  | $ | 21,956 |  |  | $ | 88,738 |
|  | Year Ended December 31, 2022 |
|  | Inpatient Services |  |  | Homecare and Hospice |  |  | All Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net patient revenues |  | $ | 900,231 |  |  | $ | 128,854 |  |  | $ | – |  |  | $ | 1,029,085 |
Other revenues |  |  | 136 |  |  |  | – |  |  |  | 45,060 |  |  |  | 45,196 |
Government grant income |  |  | 11,457 |  |  |  | – |  |  |  | – |  |  |  | 11,457 |
Net operating revenues and grant income |  |  | 911,824 |  |  |  | 128,854 |  |  |  | 45,060 |  |  |  | 1,085,738 |
Costs and Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages and benefits |  |  | 580,707 |  |  |  | 77,688 |  |  |  | 27,774 |  |  |  | 686,169 |
Other operating |  |  | 251,355 |  |  |  | 26,319 |  |  |  | 11,698 |  |  |  | 289,372 |
Facility rent |  |  | 32,526 |  |  |  | 2,327 |  |  |  | 6,124 |  |  |  | 40,977 |
Depreciation and amortization |  |  | 36,522 |  |  |  | 691 |  |  |  | 3,276 |  |  |  | 40,489 |
Interest |  |  | 563 |  |  |  | – |  |  |  | – |  |  |  | 563 |
Recovery of assets |  |  | – |  |  |  | – |  |  |  | (3,728 | ) |  |  | (3,728 | )
Total costs and expenses |  |  | 901,673 |  |  |  | 107,025 |  |  |  | 45,144 |  |  |  | 1,053,842 |
Income before non-operating income |  |  | 10,151 |  |  |  | 21,829 |  |  |  | (84 | ) |  |  | 31,896 |
Non-operating income |  |  | – |  |  |  | – |  |  |  | 11,141 |  |  |  | 11,141 |
Unrealized losses on marketable equity securities |  |  | – |  |  |  | – |  |  |  | (15,806 | ) |  |  | (15,806 | )
Income (loss) before income taxes |  | $ | 10,151 |  |  | $ | 21,829 |  |  | $ | (4,749 | ) |  | $ | 27,231 |

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- Definition The entire disclosure for reporting segments including data and tables. 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