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Note 6 - Business Segments
 3 Months Ended
Mar. 31, 2025
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 including pretax earnings 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 unaudited interim condensed consolidated statements of operations by business segment (in thousands):

 

  

Three Months Ended March 31, 2025

 
  

Inpatient
Services

  

Homecare

and Hospice

  

All Other

  

Total

 

Revenues:

                

Net patient revenues

 $325,478  $36,129  $-  $361,607 

Other revenues

  373   -   11,717   12,090 

Net operating revenues

  325,851   36,129   11,717   373,697 
                 

Costs and expenses:

                

Salaries, wages, and benefits

  192,437   22,404   13,289   228,130 

Other operating

  81,870   7,258   3,329   92,457 

Rent

  8,834   608   1,923   11,365 

Depreciation and amortization

  10,062   130   786   10,978 

Total costs and expenses

  293,203   30,400   19,327   342,930 
                 

Income/(loss) from operations

  32,648   5,729   (7,610)  30,767 

Non-operating income

  -   -   4,079   4,079 
Interest expense  (2,106)  -   -   (2,106)

Unrealized gains on marketable equity securities

  -   -   10,982   10,982 
                 

Income/(loss) before income taxes

 $30,542  $5,729  $7,451  $43,722 

 

 

  

Three Months Ended March 31, 2024

 
  

Inpatient
Services

  

Homecare

and Hospice

  

All Other

  

Total

 

Revenues:

                

Net patient revenues

 $252,254  $33,569  $-  $285,823 

Other revenues

  15   -   11,338   11,353 

Net operating revenues

  252,269   33,569   11,338   297,176 
                 

Costs and expenses:

                

Salaries, wages, and benefits

  150,890   21,009   11,239   183,138 

Other operating

  68,683   5,972   2,774   77,429 

Rent

  8,112   566   1,670   10,348 

Depreciation and amortization

  9,630   187   769   10,586 

Total costs and expenses

  237,315   27,734   16,452   281,501 
                 

Income/(loss) from operations

  14,954   5,835   (5,114)  15,675 

Non-operating income

  -   -   5,685   5,685 
Interest expense  (46)  -   -   (46)

Unrealized gains on marketable equity securities

  -   -   14,399   14,399 
                 

Income before income taxes

 $14,908  $5,835  $14,970  $35,713