Delaware | 001-33757 | 33-0861263 | ||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||
27101 Puerta Real, Suite 450, Mission Viejo, CA | 92691 | |||||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 | Press Release of the Company dated August 1, 2012 |
Dated: August 1, 2012 | THE ENSIGN GROUP, INC. | |||
By: | /s/ Suzanne D. Snapper | |||
Suzanne D. Snapper | ||||
Chief Financial Officer | ||||
Exhibit No. | Description | |
99.1 | Press Release of the Company dated August 1, 2012 |
▪ | Adjusted net income climbed 9.8% to $14.6 million, while adjusted earnings per share exceeded the prior year quarter at a record $0.67 per share, compared to $0.63 per share; |
▪ | Same-store occupancy grew by 114 basis points over the prior year quarter to 83.1%, with same-store Medicare days increasing by 3.9% over the prior year quarter; |
▪ | Same-store skilled mix days grew 74 basis points to 30.1%, with same-store skilled revenue reaching 55.0%, a 47 basis-point increase sequentially and just 134 basis points shy of the all-time high set in the second quarter of 2011; |
▪ | Consolidated EBITDAR was $33.7 million, an increase of 2.0% over the prior year quarter, and the same-store EBITDAR margin grew to 17.0%, the second consecutive sequential margin increase since the October 1, 2011 implementation of an 11.1% Medicare cut and changes to therapy regulations which increased therapy costs; and |
▪ | Consolidated revenues were a record $204.3 million, up 9.7%. |
▪ | In Utah, Zion's Way Home Health & Hospice, a thriving home care provider with multiple agencies in Southern Utah and Page, Arizona. |
▪ | In Idaho, Discovery Care Center, a 45-bed skilled nursing and 24-unit assisted living campus in Salmon. |
▪ | Also in Idaho, Owyhee Health & Rehabilitation Center, a 49-bed skilled nursing facility located in Homedale, a suburb of the growing Boise market. |
▪ | In Southern California, Ensign exercised a purchase option to acquire the underlying real estate of Palomar Vista Healthcare Center, a 74-bed skilled nursing facility located in Escondido. An Ensign subsidiary has operated Palomar Vista since 2003 under a lease from the family that founded the facility. |
Three Months Ended June 30, 2012 | Six Months Ended June 30, 2012 | ||||||||||||||||||||
As Reported | Non-GAAP Adj. | As Adjusted | As Reported | Non-GAAP Adj. | As Adjusted | ||||||||||||||||
Revenue | $ | 204,308 | $ | 204,308 | $ | 406,468 | $ | 406,468 | |||||||||||||
Expense: | |||||||||||||||||||||
Cost of services (exclusive of facility rent, general and administrative and depreciation and amortization expense shown separately below) | 162,599 | (2,642)(1)(3) | 159,957 | 323,428 | (2,957)(1)(2)(3) | 320,471 | |||||||||||||||
Facility rent—cost of services | 3,368 | (121)(4) | 3,247 | 6,689 | (292)(4) | 6,397 | |||||||||||||||
General and administrative expense | 8,137 | (593)(5) | 7,544 | 15,834 | (848)(5) | 14,986 | |||||||||||||||
Depreciation and amortization | 7,042 | (123)(6) | 6,919 | 13,966 | (307)(6) | 13,659 | |||||||||||||||
Total expenses | 181,146 | (3,479) | 177,667 | 359,917 | (4,404) | 355,513 | |||||||||||||||
Income from operations | 23,162 | 3,479 | 26,641 | 46,551 | 4,404 | 50,955 | |||||||||||||||
Other income (expense): | |||||||||||||||||||||
Interest expense | (3,114 | ) | (3,114 | ) | (6,039 | ) | (6,039 | ) | |||||||||||||
Interest income | 52 | 52 | 103 | 103 | |||||||||||||||||
Other expense, net | (3,062 | ) | (3,062 | ) | (5,936 | ) | (5,936 | ) | |||||||||||||
Income before provision for income taxes | 20,100 | 3,479 | 23,579 | 40,615 | 4,404 | 45,019 | |||||||||||||||
Tax Effect on Non-GAAP Adjustments | 1,357(7) | 1,718(7) | |||||||||||||||||||
Tax True-up for Effective Tax Rate | 18(8) | 331(8) | |||||||||||||||||||
Provision for income taxes | 7,821 | 1,375 | 9,196 | 15,508 | 2,049 | 17,557 | |||||||||||||||
Net income | $ | 12,279 | 2,104 | $ | 14,383 | $ | 25,107 | 2,355 | $ | 27,462 | |||||||||||
Less: net loss attributable to noncontrolling interests | (177 | ) | (177 | ) | (253 | ) | (253 | ) | |||||||||||||
Net income attributable to The Ensign Group, Inc. | $ | 12,456 | 2,104 | $ | 14,560 | $ | 25,360 | 2,355 | $ | 27,715 | |||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.58 | $ | 0.68 | $ | 1.19 | $ | 1.30 | |||||||||||||
Diluted | $ | 0.57 | $ | 0.67 | $ | 1.16 | $ | 1.27 | |||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||
Basic | 21,368 | 21,368 | 21,309 | 21,309 | |||||||||||||||||
Diluted | 21,886 | 21,886 | 21,841 | 21,841 | |||||||||||||||||
(1 | ) | Represents acquisition-related costs of $46 and $120 for the three and six months ended June 30, 2012, respectively. | |||||||||||||||||||
(2 | ) | Represents costs of $241 incurred in the first quarter to recognize income tax credits which contributed to decrease in effective tax rate. | |||||||||||||||||||
(3 | ) | Represents the settlement of a class action lawsuit regarding minimum staffing requirements in the state of California of $2,596 during the three months ended June 30, 2012. | |||||||||||||||||||
(4 | ) | Represents straight-line rent amortization for a facility which the Company has begun construction activities, but has not commenced operations of a skilled nursing facility as of June 30, 2012. | |||||||||||||||||||
(5 | ) | Represents legal costs incurred in connection with the ongoing investigation into the billing and reimbursement processes of some of our subsidiaries being conducted by the Department of Justice (DOJ). | |||||||||||||||||||
(6 | ) | Represents amortization costs related to patient base intangible assets acquired. Patient base intangible assets are amortized over a period of four to eight months, depending on the classification of the patients and the level of occupancy in a new acquisition on the acquisition date. | |||||||||||||||||||
(7 | ) | Represents the tax impact of non-GAAP adjustments noted in (1) - (6) at a normalized tax rate of 39.0%. | |||||||||||||||||||
(8 | ) | In FY 2011 and 2010, the Company's effective tax rates were a 38.3% and 39.3%, respectively. Therefore, this represents an adjustment to the provision for income taxes to normalize our current quarter effective tax rate to 39.0%. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Consolidated Statements of Income Data: | |||||||||||||||
Net income | $ | 12,279 | $ | 12,976 | $ | 25,107 | $ | 25,722 | |||||||
Net loss attributable to noncontrolling interests | 177 | — | 253 | — | |||||||||||
Interest expense, net | 3,062 | 2,664 | 5,936 | 5,336 | |||||||||||
Provision for income taxes | 7,821 | 8,478 | 15,508 | 16,772 | |||||||||||
Depreciation and amortization | 7,042 | 5,546 | 13,966 | 10,605 | |||||||||||
EBITDA | $ | 30,381 | $ | 29,664 | $ | 60,770 | $ | 58,435 | |||||||
Facility rent—cost of services | 3,368 | 3,433 | 6,689 | 7,049 | |||||||||||
EBITDAR | $ | 33,749 | $ | 33,097 | $ | 67,459 | $ | 65,484 |
June 30, 2012 | December 31, 2011 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 32,785 | $ | 29,584 | |||
Accounts receivable—less allowance for doubtful accounts of $12,232 and $12,782 at June 30, 2012 and December 31, 2011, respectively | 96,452 | 86,311 | |||||
Investments—current | 4,737 | — | |||||
Prepaid income taxes | 2,616 | 5,882 | |||||
Prepaid expenses and other current assets | 6,912 | 7,667 | |||||
Deferred tax asset—current | 10,620 | 11,195 | |||||
Total current assets | 154,122 | 140,639 | |||||
Property and equipment, net | 420,028 | 403,862 | |||||
Insurance subsidiary deposits and investments | 17,840 | 16,752 | |||||
Escrow deposits | 210 | 175 | |||||
Deferred tax asset | 4,913 | 3,514 | |||||
Restricted and other assets | 11,952 | 10,418 | |||||
Intangible assets, net | 5,078 | 2,321 | |||||
Goodwill | 22,180 | 17,177 | |||||
Other indefinite-lived intangibles | 10,598 | 1,481 | |||||
Total assets | $ | 646,921 | $ | 596,339 | |||
Liabilities and equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 21,077 | $ | 21,169 | |||
Accrued wages and related liabilities | 33,926 | 41,958 | |||||
Accrued self-insurance liabilities—current | 16,259 | 12,369 | |||||
Other accrued liabilities | 18,534 | 18,577 | |||||
Current maturities of long-term debt | 7,080 | 6,314 | |||||
Total current liabilities | 96,876 | 100,387 | |||||
Long-term debt—less current maturities | 194,069 | 181,556 | |||||
Accrued self-insurance liabilities—less current portion | 33,492 | 31,904 | |||||
Fair value of interest rate swap | 2,723 | 2,143 | |||||
Deferred rent and other long-term liabilities | 3,312 | 2,864 | |||||
Total liabilities | 330,472 | 318,854 | |||||
Temporary equity - redeemable noncontrolling interest | 11,506 | — | |||||
Total equity | 304,943 | 277,485 | |||||
Total liabilities and equity | $ | 646,921 | $ | 596,339 |
Six Months Ended June 30, | |||||||
2012 | 2011 | ||||||
(In thousands) | |||||||
Net cash provided by operating activities | $ | 25,060 | $ | 27,446 | |||
Net cash used in investing activities | (35,830 | ) | (58,245 | ) | |||
Net cash provided by (used in) financing activities | 13,971 | (3,178 | ) | ||||
Net increase (decrease) in cash and cash equivalents | 3,201 | (33,977 | ) | ||||
Cash and cash equivalents at beginning of period | 29,584 | 72,088 | |||||
Cash and cash equivalents at end of period | $ | 32,785 | $ | 38,111 |
Three Months Ended June 30, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Revenue | $ | 204,308 | $ | 186,326 | $ | 17,982 | 9.7 | % | ||||||
Number of facilities at period end | 105 | 87 | 18 | 20.7 | % | |||||||||
Actual patient days | 855,782 | 746,995 | 108,787 | 14.6 | % | |||||||||
Occupancy percentage — Operational beds | 79.2 | % | 79.2 | % | — | % | ||||||||
Skilled mix by nursing days | 26.1 | % | 26.3 | % | (0.2 | )% | ||||||||
Skilled mix by nursing revenue | 50.4 | % | 52.7 | % | (2.3 | )% |
Three Months Ended June 30, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Revenue | $ | 141,016 | $ | 142,930 | $ | (1,914 | ) | (1.3 | )% | |||||
Number of facilities at period end | 62 | 62 | — | — | % | |||||||||
Actual patient days | 537,061 | 531,330 | 5,731 | 1.1 | % | |||||||||
Occupancy percentage — Operational beds | 83.1 | % | 81.9 | % | 1.2 | % | ||||||||
Skilled mix by nursing days | 30.1 | % | 29.4 | % | 0.7 | % | ||||||||
Skilled mix by nursing revenue | 55.0 | % | 56.4 | % | (1.4 | )% |
Three Months Ended June 30, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Revenue | $ | 35,606 | $ | 34,986 | $ | 620 | 1.8 | % | ||||||
Number of facilities at period end | 20 | 20 | — | — | % | |||||||||
Actual patient days | 163,215 | 160,262 | 2,953 | 1.8 | % | |||||||||
Occupancy percentage — Operational beds | 74.3 | % | 72.9 | % | 1.4 | % | ||||||||
Skilled mix by nursing days | 16.8 | % | 16.4 | % | 0.4 | % | ||||||||
Skilled mix by nursing revenue | 36.7 | % | 38.1 | % | (1.4 | )% |
Three Months Ended June 30, | |||||||||||||
2012 | 2011 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Recently Acquired Facility Results(3): | |||||||||||||
Revenue | $ | 27,686 | $ | 8,410 | $ | 19,276 | NM | ||||||
Number of facilities at period end | 23 | 5 | 18 | NM | |||||||||
Actual patient days | 155,506 | 55,403 | 100,103 | NM | |||||||||
Occupancy percentage — Operational beds | 72.7 | % | 74.6 | % | NM | ||||||||
Skilled mix by nursing days | 17.5 | % | 17.4 | % | NM | ||||||||
Skilled mix by nursing revenue | 38.6 | % | 39.1 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2009. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2009 to December 31, 2010. |
(3) | Recently Acquired Facility (or “Acquisitions”) results represent all facilities purchased on or subsequent to January 1, 2011. |
Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Total Facility Results: | ||||||||||||||
Revenue | $ | 406,468 | $ | 369,269 | $ | 37,199 | 10.1 | % | ||||||
Number of facilities at period end | 105 | 87 | 18 | 20.7 | % | |||||||||
Actual patient days | 1,707,293 | 1,478,480 | 228,813 | 15.5 | % | |||||||||
Occupancy percentage — Operational beds | 79.5 | % | 79.9 | % | (0.4 | )% | ||||||||
Skilled mix by nursing days | 26.2 | % | 26.3 | % | (0.1 | )% | ||||||||
Skilled mix by nursing revenue | 50.5 | % | 52.8 | % | (2.3 | )% |
Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Same Facility Results(1): | ||||||||||||||
Revenue | $ | 282,329 | $ | 286,264 | $ | (3,935 | ) | (1.4 | )% | |||||
Number of facilities at period end | 62 | 62 | — | — | % | |||||||||
Actual patient days | 1,077,326 | 1,064,867 | 12,459 | 1.2 | % | |||||||||
Occupancy percentage — Operational beds | 83.3 | % | 82.5 | % | 0.8 | % | ||||||||
Skilled mix by nursing days | 30.0 | % | 29.4 | % | 0.6 | % | ||||||||
Skilled mix by nursing revenue | 54.8 | % | 56.5 | % | (1.7 | )% |
Six Months Ended June 30, | ||||||||||||||
2012 | 2011 | |||||||||||||
(Dollars in thousands) | Change | % Change | ||||||||||||
Transitioning Facility Results(2): | ||||||||||||||
Revenue | $ | 71,449 | $ | 69,295 | $ | 2,154 | 3.1 | % | ||||||
Number of facilities at period end | 20 | 20 | — | — | % | |||||||||
Actual patient days | 325,198 | 321,537 | 3,661 | 1.1 | % | |||||||||
Occupancy percentage — Operational beds | 74.0 | % | 73.6 | % | 0.4 | % | ||||||||
Skilled mix by nursing days | 17.3 | % | 15.9 | % | 1.4 | % | ||||||||
Skilled mix by nursing revenue | 37.4 | % | 37.2 | % | 0.2 | % |
Six Months Ended June 30, | |||||||||||||
2012 | 2011 | ||||||||||||
(Dollars in thousands) | Change | % Change | |||||||||||
Recently Acquired Facility Results(3): | |||||||||||||
Revenue | $ | 52,690 | $ | 13,710 | $ | 38,980 | NM | ||||||
Number of facilities at period end | 23 | 5 | 18 | NM | |||||||||
Actual patient days | 304,769 | 92,076 | 212,693 | NM | |||||||||
Occupancy percentage — Operational beds | 73.5 | % | 75.0 | % | NM | ||||||||
Skilled mix by nursing days | 17.7 | % | 16.6 | % | NM | ||||||||
Skilled mix by nursing revenue | 39.5 | % | 38.1 | % | NM |
(1) | Same Facility results represent all facilities purchased prior to January 1, 2009. |
(2) | Transitioning Facility results represents all facilities purchased from January 1, 2009 to December 31, 2010. |
(3) | Recently Acquired Facility (or “Acquisitions”) results represent all facilities purchased on or subsequent to January 1, 2011. |
Three Months Ended June 30, | ||||||||||||||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | % | ||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | Change | ||||||||||||||||||||||||||
Skilled Nursing Average Daily Revenue Rates: | ||||||||||||||||||||||||||||||||||
Medicare | $ | 559.93 | $ | 639.66 | $ | 484.06 | $ | 543.96 | $ | 472.17 | $ | 474.38 | $ | 539.42 | $ | 618.96 | (12.9 | )% | ||||||||||||||||
Managed care | 370.28 | 368.52 | 407.56 | 432.48 | 382.55 | 497.78 | 374.15 | 374.75 | (0.2 | )% | ||||||||||||||||||||||||
Other skilled | 580.47 | 518.68 | 586.21 | 477.75 | — | — | 581.21 | 515.61 | 12.7 | % | ||||||||||||||||||||||||
Total skilled revenue | 491.21 | 529.10 | 471.46 | 514.41 | 456.98 | 476.15 | 486.00 | 526.05 | (7.6 | )% | ||||||||||||||||||||||||
Medicaid | 169.38 | 167.55 | 162.64 | 162.23 | 146.28 | 149.38 | 165.63 | 165.84 | (0.1 | )% | ||||||||||||||||||||||||
Private and other payors | 195.86 | 186.24 | 174.28 | 173.53 | 165.59 | 166.05 | 182.28 | 181.33 | 0.5 | % | ||||||||||||||||||||||||
Total skilled nursing revenue | $ | 268.78 | $ | 275.64 | $ | 216.27 | $ | 221.52 | $ | 206.98 | $ | 211.84 | $ | 251.31 | $ | 262.43 | (4.2 | )% |
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | % | ||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | Change | ||||||||||||||||||||||||||
Skilled Nursing Average Daily Revenue Rates: | ||||||||||||||||||||||||||||||||||
Medicare | $ | 560.16 | $ | 638.79 | $ | 484.80 | $ | 534.32 | $ | 474.46 | $ | 463.40 | $ | 539.85 | $ | 617.29 | (12.5 | )% | ||||||||||||||||
Managed care | 367.79 | 368.00 | 409.57 | 429.41 | 409.72 | 488.74 | 373.31 | 373.48 | — | % | ||||||||||||||||||||||||
Other skilled | 574.56 | 526.69 | 577.75 | 495.29 | — | — | 574.97 | 524.57 | 9.6 | % | ||||||||||||||||||||||||
Total skilled revenue | 489.85 | 528.52 | 471.17 | 508.57 | 464.02 | 465.40 | 485.44 | 524.83 | (7.5 | )% | ||||||||||||||||||||||||
Medicaid | 169.64 | 167.07 | 163.28 | 160.21 | 145.22 | 141.24 | 165.96 | 164.85 | 0.7 | % | ||||||||||||||||||||||||
Private and other payors | 197.77 | 186.58 | 173.22 | 172.03 | 164.11 | 163.55 | 182.89 | 181.14 | 1.0 | % | ||||||||||||||||||||||||
Total skilled nursing revenue | $ | 268.49 | $ | 275.55 | $ | 217.93 | $ | 217.08 | $ | 208.16 | $ | 202.85 | $ | 251.80 | $ | 261.34 | (3.7 | )% |
Three Months Ended June 30, | |||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Percentage of Skilled Nursing Revenue: | |||||||||||||||||||||||
Medicare | 35.3 | % | 38.2 | % | 25.8 | % | 29.1 | % | 33.1 | % | 36.0 | % | 33.6 | % | 36.7 | % | |||||||
Managed care | 15.4 | 15.1 | 8.0 | 7.9 | 5.5 | 3.1 | 13.1 | 13.5 | |||||||||||||||
Other skilled | 4.3 | 3.1 | 2.9 | 1.1 | — | — | 3.7 | 2.5 | |||||||||||||||
Skilled mix | 55.0 | 56.4 | 36.7 | 38.1 | 38.6 | 39.1 | 50.4 | 52.7 | |||||||||||||||
Private and other payors | 7.0 | 7.0 | 11.6 | 10.6 | 26.5 | 26.6 | 9.7 | 8.2 | |||||||||||||||
Quality mix | 62.0 | 63.4 | 48.3 | 48.7 | 65.1 | 65.7 | 60.1 | 60.9 | |||||||||||||||
Medicaid | 38.0 | 36.6 | 51.7 | 51.3 | 34.9 | 34.3 | 39.9 | 39.1 | |||||||||||||||
Total skilled nursing | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Percentage of Skilled Nursing Days: | |||||||||||||||||||||||
Medicare | 17.0 | % | 16.5 | % | 11.5 | % | 11.9 | % | 14.5 | % | 16.1 | % | 15.7 | % | 15.5 | % | |||||||
Managed care | 11.1 | 11.2 | 4.2 | 4.0 | 3.0 | 1.3 | 8.8 | 9.4 | |||||||||||||||
Other skilled | 2.0 | 1.7 | 1.1 | 0.5 | — | — | 1.6 | 1.4 | |||||||||||||||
Skilled mix | 30.1 | 29.4 | 16.8 | 16.4 | 17.5 | 17.4 | 26.1 | 26.3 | |||||||||||||||
Private and other payors | 9.5 | 10.4 | 14.5 | 13.5 | 33.1 | 34.0 | 13.3 | 11.8 | |||||||||||||||
Quality mix | 39.6 | 39.8 | 31.3 | 29.9 | 50.6 | 51.4 | 39.4 | 38.1 | |||||||||||||||
Medicaid | 60.4 | 60.2 | 68.7 | 70.1 | 49.4 | 48.6 | 60.6 | 61.9 | |||||||||||||||
Total skilled nursing | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Percentage of Skilled Nursing Revenue: | |||||||||||||||||||||||
Medicare | 35.4 | % | 38.2 | % | 26.4 | % | 28.8 | % | 33.9 | % | 34.9 | % | 33.8 | % | 36.6 | % | |||||||
Managed care | 15.2 | 15.1 | 8.3 | 7.4 | 5.6 | 3.2 | 13.2 | 13.5 | |||||||||||||||
Other skilled | 4.2 | 3.2 | 2.7 | 1.0 | — | — | 3.5 | 2.7 | |||||||||||||||
Skilled mix | 54.8 | 56.5 | 37.4 | 37.2 | 39.5 | 38.1 | 50.5 | 52.8 | |||||||||||||||
Private and other payors | 7.1 | 7.1 | 10.6 | 10.7 | 26.7 | 28.1 | 9.5 | 8.2 | |||||||||||||||
Quality mix | 61.9 | 63.6 | 48.0 | 47.9 | 66.2 | 66.2 | 60.0 | 61.0 | |||||||||||||||
Medicaid | 38.1 | 36.4 | 52.0 | 52.1 | 33.8 | 33.8 | 40.0 | 39.0 | |||||||||||||||
Total skilled nursing | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
Same Facility | Transitioning | Acquisitions | Total | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Percentage of Skilled Nursing Days: | |||||||||||||||||||||||
Medicare | 17.0 | % | 16.5 | % | 11.9 | % | 11.7 | % | 14.9 | % | 15.3 | % | 15.8 | % | 15.5 | % | |||||||
Managed care | 11.1 | 11.3 | 4.4 | 3.7 | 2.8 | 1.3 | 8.9 | 9.4 | |||||||||||||||
Other skilled | 1.9 | 1.7 | 1.0 | 0.5 | — | — | 1.5 | 1.4 | |||||||||||||||
Skilled mix | 30.0 | 29.5 | 17.3 | 15.9 | 17.7 | 16.6 | 26.2 | 26.3 | |||||||||||||||
Private and other payors | 9.7 | 10.5 | 13.3 | 13.5 | 33.8 | 34.9 | 13.2 | 11.9 | |||||||||||||||
Quality mix | 39.7 | 40.0 | 30.6 | 29.4 | 51.5 | 51.5 | 39.4 | 38.2 | |||||||||||||||
Medicaid | 60.3 | 60.0 | 69.4 | 70.6 | 48.5 | 48.5 | 60.6 | 61.8 | |||||||||||||||
Total skilled nursing | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||
Medicaid | $ | 73,641 | 36.0 | % | $ | 67,080 | 36.0 | % | $ | 147,224 | 36.2 | % | $ | 133,306 | 36.1 | % | ||||||||||||
Medicare | 70,396 | 34.5 | 68,964 | 37.0 | 140,190 | 34.5 | 136,605 | 37.0 | ||||||||||||||||||||
Medicaid—skilled | 6,413 | 3.1 | 4,296 | 2.3 | 12,274 | 3.0 | 8,706 | 2.4 | ||||||||||||||||||||
Total | 150,450 | 73.6 | 140,340 | 75.3 | 299,688 | 73.7 | 278,617 | 75.5 | ||||||||||||||||||||
Managed Care | 25,730 | 12.6 | 24,175 | 13.0 | 51,422 | 12.7 | 48,317 | 13.1 | ||||||||||||||||||||
Private and Other | 28,128 | 13.8 | 21,811 | 11.7 | 55,358 | 13.6 | 42,335 | 11.4 | ||||||||||||||||||||
Total revenue | $ | 204,308 | 100.0 | % | $ | 186,326 | 100.0 | % | $ | 406,468 | 100.0 | % | $ | 369,269 | 100.0 | % |