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Note 6 - Business Segments | 9 Months Ended
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Sep. 30, 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 table sets forth the Company’s unaudited interim condensed consolidated statements of operations by business segment (in thousands):
|  | Three Months Ended September 30, 2025 |
|  | Inpatient Services |  |  | Homecare and Hospice |  |  | All Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net patient revenues |  | $ | 331,349 |  |  | $ | 39,640 |  |  | $ | - |  |  | $ | 370,989 |
Other revenues |  |  | 393 |  |  |  | - |  |  |  | 11,279 |  |  |  | 11,672 |
Net operating revenues |  |  | 331,742 |  |  |  | 39,640 |  |  |  | 11,279 |  |  |  | 382,661 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages, and benefits |  |  | 195,745 |  |  |  | 23,788 |  |  |  | 13,643 |  |  |  | 233,176 |
Other operating |  |  | 86,745 |  |  |  | 6,664 |  |  |  | 3,195 |  |  |  | 96,604 |
Rent |  |  | 8,823 |  |  |  | 601 |  |  |  | 1,921 |  |  |  | 11,345 |
Depreciation and amortization |  |  | 10,219 |  |  |  | 141 |  |  |  | 798 |  |  |  | 11,158 |
Total costs and expenses |  |  | 301,532 |  |  |  | 31,194 |  |  |  | 19,557 |  |  |  | 352,283 |
Income/(loss) from operations |  |  | 30,210 |  |  |  | 8,446 |  |  |  | (8,278 | ) |  |  | 30,378 |
Non-operating income |  |  | - |  |  |  | - |  |  |  | 4,660 |  |  |  | 4,660 |
Interest expense |  |  | (1,456 | ) |  |  | - |  |  |  | - |  |  |  | (1,456 | )
Unrealized gains on marketable equity securities |  |  | - |  |  |  | - |  |  |  | 20,827 |  |  |  | 20,827 |
Income before income taxes |  | $ | 28,754 |  |  | $ | 8,446 |  |  | $ | 17,209 |  |  | $ | 54,409 |
|  | 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 and grant income |  |  | 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 |
Total costs and expenses |  |  | 265,679 |  |  |  | 28,842 |  |  |  | 22,888 |  |  |  | 317,409 |
Income/(loss) from operations |  |  | 27,717 |  |  |  | 6,806 |  |  |  | (11,734 | ) |  |  | 22,789 |
Non-operating income |  |  | - |  |  |  | - |  |  |  | 4,224 |  |  |  | 4,224 |
Interest expense |  |  | (1,742 | ) |  |  | - |  |  |  | - |  |  |  | (1,742 | )
Unrealized gains on marketable equity securities |  |  | - |  |  |  | - |  |  |  | 32,767 |  |  |  | 32,767 |
Income before income taxes |  | $ | 25,975 |  |  | $ | 6,806 |  |  | $ | 25,257 |  |  | $ | 58,038 |
|  | Nine Months Ended September 30, 2025 |
|  | Inpatient Services |  |  | Homecare and Hospice |  |  | All Other |  |  | Total |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net patient revenues |  | $ | 981,838 |  |  | $ | 114,107 |  |  | $ | - |  |  | $ | 1,095,945 |
Other revenues |  |  | 1,197 |  |  |  | - |  |  |  | 34,126 |  |  |  | 35,323 |
Net operating revenues |  |  | 983,035 |  |  |  | 114,107 |  |  |  | 34,126 |  |  |  | 1,131,268 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries, wages, and benefits |  |  | 578,824 |  |  |  | 69,375 |  |  |  | 39,641 |  |  |  | 687,840 |
Other operating |  |  | 252,064 |  |  |  | 20,969 |  |  |  | 7,971 |  |  |  | 281,004 |
Rent |  |  | 26,486 |  |  |  | 1,790 |  |  |  | 5,762 |  |  |  | 34,038 |
Depreciation and amortization |  |  | 30,380 |  |  |  | 402 |  |  |  | 2,369 |  |  |  | 33,151 |
Total costs and expenses |  |  | 887,754 |  |  |  | 92,536 |  |  |  | 55,743 |  |  |  | 1,036,033 |
Income/(loss) from operations |  |  | 95,281 |  |  |  | 21,571 |  |  |  | (21,617 | ) |  |  | 95,235 |
Non-operating income |  |  | - |  |  |  | - |  |  |  | 13,871 |  |  |  | 13,871 |
Interest expense |  |  | (5,555 | ) |  |  | - |  |  |  | - |  |  |  | (5,555 | )
Unrealized gains on marketable equity securities |  |  | - |  |  |  | - |  |  |  | 26,748 |  |  |  | 26,748 |
Income before income taxes |  | $ | 89,726 |  |  | $ | 21,571 |  |  | $ | 19,002 |  |  | $ | 130,299 |
|  | 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 |
Total costs and expenses |  |  | 734,514 |  |  |  | 85,019 |  |  |  | 57,515 |  |  |  | 877,048 |
Income/(loss) from operations |  |  | 56,860 |  |  |  | 18,732 |  |  |  | (14,608 | ) |  |  | 60,984 |
Non-operating income |  |  | - |  |  |  | - |  |  |  | 14,865 |  |  |  | 14,865 |
Interest expense |  |  | (1,788 | ) |  |  | - |  |  |  | - |  |  |  | (1,788 | )
Unrealized gains on marketable equity securities |  |  | - |  |  |  | - |  |  |  | 56,290 |  |  |  | 56,290 |
Income before income taxes |  | $ | 55,072 |  |  | $ | 18,732 |  |  | $ | 56,547 |  |  | $ | 130,351 |

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